Why do people start a homebased business? Depending on whom you talk to your answers will vary. People will start a business to make some extra money, they’re tired of working for someone else, they want to spend more time with their family, or they can’t find a good job. Though these all sound like great reasons, did you know that most self-made millionaires started a business to lower their taxable income? Do they know something that most of us don’t? Apparently so. They did it first and foremost to make money but the initial benefit is the lowering of their taxable income trough the creation of business expenses!
To be deductible, an expense must be both ordinary and necessary. An ordinary expense is an expense that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate in your trade or business.
-Pub 535 /irs.gov
W2 wage earners are the most heavily tax group of people in our country and the IRS tax structure favors business owners by providing tax breaks for them to run their business. In other words a person can use their job as leverage by writing off expenses created by their business against their taxes! Having a business is great way of lowering your taxes and keeping more of your hard earned money. What you do with this money is important to wealth building and our Cash Money 101 workshops will help guide you to the best way of utilizing this newfound money.
In staying within our guidelines of being low-cost, Cash Money Concepts has brought to you a few low cost business opportunities! We picked this business because just about everyone can afford it, no products to sell or inventory to keep, and can create over thousands of dollars a month in residual income without putting in long hours of work.
Combined with our tax education a W2 wage earner can see an increase of $100 - $500 a month in their take home pay instantly before they make a dime in the business!
The purpose of creating a business is to make money but as we stated before, our emphasis is on education and our first course is tax savings. How many people do you know would start a low cost business if they knew they could put $200 or more back in their pockets each month? Can $200 help you create a savings or pay off some debt? How hard did you work? Remember we haven’t even made a dime in the business yet!
Welcome, you just learned the first step of working smarter not harder, information the wealthy thrive on!
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