Last time we talked about a tax saving tip of opening up a home-based business. Many people are intimidated by doing this, but it's easier than you think. Our preferred way of doing this is to organize an LLC in your state, because the LLC is the easiest entity to maintain as far as paperwork, taxes, etc. Filing Articles of Organization (three pages) with the state allows you to be in business, then you just need to learn some of the tax benefits you get being self-employed.
To learn these benefits and how to use them properly, I suggest three resources:
www.moneymastery.com (you can find a very useful book they published Money: What the Financial Experts Won't Tell You)
http://www.taxreductioninstitute.com/ (Sandy Botkin is a world renowned tax expert)
www.larrycoxcpa.com (my CPA, who has saved me TONS in the past and helped me with taxes for many years)
So, just get started. Make sure to get a competent CPA to help you utilize our tax system to lessen your tax burden if possible and be smarter with your money. This country was built on self-employed entrepreneurs who acted on ideas and changed the world. Figure out your passion in life and turn it into a business. You'll find you love "working" when it's something you love, and if you can save some taxes and make money, why not? Go get it!
