Cut Your Taxes And Receive a $5000+ Refund - Start A Home Based BusinessWritten by Theresa Johnson
I want to let you in on a little secret that not too many people are aware of: Owning a home-based business or any type of business can virtually cut amount of taxes you owe each year. The amazing part about this is your business does not have to make a profit in order for you to declare deductions. According to an article written by Jeff Schnepper, "All you have to do is establish a "profit motive." Under Internal Revenue Code, a "profit motive" is presumed if you earn any net income in any three out of five business years. It's recognized and expected that new businesses probably won't make a profit in early years. In fact, in early years, you can insist that IRS defer any challenge for first five years as to legitimacy of your business by filing Form 5213. Remember you don't have to show a profit -- just a "profit motive." In one case, despite 20 years of losses, court found a profit objective and allowed deduction of business losses in full for one company. The case was not unusual. The test for deductibility is whether you have an actual and honest profit objective. You need not have a reasonable expectation of a profit. While Tax Court requires a primary or dominant profit motive, U.S. Claims Court has held that having a reasonable chance to make a profit, apart from tax considerations, will suffice." To read entire article "The ultimate tax shelter: owning your own business" click here. The following are some tips to starting your own home-based business: Determine What Type Of Business You Would Like to Own. There are literally thousands of home based businesses that can be started for FREE.Imagine that! What do you like to do in your spare time? Do you have hobby? Can you turn your hobby into a money-making vehicle? If you don't have an idea of what type of business you would like to start, I have listed a few businesses below: Entrepreneur Magazine - www.entrepreneurmag.com
| | The art of backend sellingWritten by Doug Titchmarsh
The backend sale can be more rewarding than original sale. And it can also be much easier.What exactly is a backend sale? After you have sold something to somebody you are in an excellent position to sell them something else which complements first sale. You already know customer has an interest in a certain type of product or service, so they are prequalified leads for a backend sale. Take a store selling fishing tackle, as they have just sold you a rod, reel, and line they know you are going fishing, so they also offer you bait you will need. The customer who has just bought is also in a buying mood, and has his wallet, credit card or cash out. While he/she is there, there is a good chance they will be open to another purchase from you, as they already trusted you once.
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