This is show was not only informative, but can save you alot of money. Sandra Lynch joined me today as we talked about how small business owners can keep more money in their pocket.
- To qualify as a business according to the IRS, you need to have the intent to be profitable, work regular and consistent hours (it can be as little as 45 minutes a day 4-5 days a week), and operate as a business (keep records, have a separate bank account for business, etc)
- Keep good records! Sandra has a great software program that will help you manage your records in no time at all.
- Keep a log of your mileage, in 2008 mileage is worth .50 a mile. Anytime you travel ANYWHERE (bank, supply store, post office, etc) for business keep track.
- Hire your significant other and children, there are huge tax advantages (listen to the show for Sandra’s explanation)
Until next time, enjoy the journey to self and everything in between.
Filed under: Show Notes |