Need A Second Income? $500 Per Month Minimum Strategy
If you are looking for a second income, you are like millions of other Americans. Over the last couple of years, this sucking economy has raped and pillaged the jobs, 401k’s, retirement, real estate, and futures of many Americans. I was one of those people a couple years back when the economy took a toll on my manufacturers rep business in the building trades. Guess what??? I decided not to participate and started looking for a second income to supplement, and you can too. I am going to show you how you can put $500 in your pocket starting next month.
A Second Income Can Have Serious Impact
What can an extra $500 do for the average family? LOTS! Do you know how many divorces could be avoided if the average family had a second income coming in? We are talking about car payments, medical expenses, insurances, and utilities being paid for with the help of an additional income stream.
A few months ago I attended a conference in which Dr. Ron Meuller spoke about the tax deductions home business owners can use. I thought that I was up to speed on the deductions available to me as a home based business owner, but I learned a lot, and I want to pass that on to you.
Home Business Good Choice For Second Income
A home based business is the best choice for a second income because the U.S. Government gives home based businesses the largest class of tax deductions period. More deductions are available to home business owners than any other type of business. Laws have been passed to make it very attractive for people to start and run home businesses because it is good for the economy. These tax deductions are basically in place to be able to help people afford and run their business.
Tax deductions for home based businesses are not loop holes or gray areas. The government promotes home businesses in case someone loses their full time job, if they have a home business they can ramp up, it keeps there from being a drag on the economy.
Tax Deductions Provide Means For A Second Income
Here are several tax deductions that will GUARANTEE extra income for you next month:
Home Office Deduction The home office deduction allows one to write off a percentage of their home for use as a home office. Utilities, yard care, maid service, and repairs can also be deducted according to the percentage of square footage of the office.
Mileage Deduction Convert many of your personal miles traveled in your vehicle to business miles. This allows for approximately .55 cent deduction per mile. If you aren’t taking this deduction you are basically throwing one dollar out the window every mile you drive…now that will put it in perspective.
Health Care Reimbursement Hire you spouse to work in your business and give them a perk to cover all out of pocket health care for the family. This could be huge if you have high medical expenses.
Hire Children Instead of giving your kids money, hire them to do tasks. This becomes a business expense and is deductible. This money can be used for anything from underwear to college!
Meals and Entertainment This one can be huge! If the purpose of a meal is for business, 1/2 the cost can be deducted. Many events can also be deducted if centered around business. Convert many of your personal outings to work your business…Voila! Cash in your pocket!
Add these deductions together, and conservatively you are looking at close to $1500 per month in deductions, which at a 30% tax bracket will put $500 in your pocket starting next month. There is a law in place that allows you to change your W4 at your place of employment if your tax situation changes. Change your W4 and use this cash to start your business, then the balance will go in your pocket every month.
P.S. If you need a home business to take advantage of all the tax advantages available to home business owners…CLICK HERE!
Filed under: Provision Rx Home Based Business
Like this post? Subscribe to my RSS feed and get loads more!