There are many advantages to starting a Home-Based Business. My personal favorite is the tax advantage. It is no secret that the two most guaranteed ways to financial independence in this country comes through either ownership of property, or the ownership of a business. The truth of the matter is that from sole proprietor to the corporation, the IRS has specific codes in place to protect your interests (profits and losses) just for going through the trouble. The trick then is to create your status as a business owner and then to take advantage of EVERY opportunity that is allowed by the Federal Government. I don't know about you, but I feel that any and every tax break available to me is a gift that is more than welcomed.
Now, the obvious question tends to be "Well what kind of business could I start?" And typically the immediate question after that tends to be "...and how much would it cost?" The beauty is that it doesn't matter what kind of business you start or register, just start it and use the opportunity to forge a "partnership" between yourself and the Federal Government that will pay you dividends for a long time to come. I chose the travel industry. The reason was simply that by default it is one industry that we all contribute to, regardless of age, class, disposition, etc. By registering myself as a business owner in the travel industry, I not only would receive the obvious benefits of cut-rate travel and booking, but also I could claim these expenses as costs to do business on my tax return. For me that meant that that trip to Vegas for myself and my girlfriend, that rented car and hotel room, and even the food we ate were all losses I could claim on my taxes and get reimbursed for at tax season. I know that conventional knowledge pledges that you should NEVER mix business with pleasure but I beg to differ. I found it very effortless to tell a few people with whom I had interacted about my low costs to get there and the tax benefit that I would be receiving in the future just for being there with my girlfriend. Hell, I even handed out about 5 business cards (I was there for 4 days). This is an example of both being in the business and conducting legitimate business, according to the requirements of the IRS. And we're not going to even get into the cell phone bill, internet access, gas, and other things that I write off when I'm NOT traveling.
In a nutshell, it doesn't really matter what business you own or register. It doesn't even matter where it is based. What matters most is that you go through the simple process of legitimizing yourself in one endeavor or another and qualify yourself for a better quality of life. This can usually get accomplished in as little as a 2 step process. The costs and processes involved will vary from person to person as they choose the best businesses that work for them. Businessmen, politicians, and community officials have been doing it for generations. Many of them have upwards of 10 different companies that they claim losses for every year, just for the tax breaks that keep them financially independent. At any rate, one could go it alone or realize that there are many people out here that would be happy to show them how to improve their quality of life in the same easy ways. I am one of them. Or maybe you already know some people who could help you. The point is to contact these people, get the information you need, and launch the business that you can make work for you, irregardless of a so-called profit. When all else fails you can reap your profits every April when Uncle Sam kicks in on your business endeavors. Do it sooner than later. Start collecting and saving receipts today! Your pocket and government will thank you for it later....
*Feel free to email me with any questions regarding this article or how to start your own Home-Based Travel Business
Ian A Taylor
ianstravelbusiness@yahoo.com
www.ytbtravel.com/iantaylor
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