Category Archives: Tax Deductions

My Toastmasters Speech #7: Top 5 Tax Deductions for a Home Based Business Ep. 53

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Top 5 Tax Deductions
“If you don’t build your dream, someone else will hire you to help them build theirs,”
1. Mileage and vehicle maintenance: Any time you go to a prospect’s house or you are running errands for the business, all that is tax deductions. Once you leave your primary work to go to someone’s house or business to work on your home based business, that’s a tax deduction. Keep track of all your mileage, but at the same time, keep track of your maintenance. Now, sometimes you have to choose one or the other. Now, I personally use mileage, mainly because of the areas I go to trying to spread out to as many people as possible. Also because we have our “Super Saturday” we have our events, that’s a ways off, mileage adds up. The IRS has pretty good mileage rates so definitely go with mileage, in my opinion.
2. Travel related expenditures: Not just mileage. For example, I went to the Eric Wory’s Go-Pro Network Mastery event. Of course, I flew out there, that’s travel, I got to stay at Bali’s that’s travel, the event itself counts also. All of those travel expenditures count as tax deductions. Now, you’ve also got food, 50% of food counts, if you are paying for somebody else’s, if you are doing a business expense, that counts also, so if you are going for work, if you are going for that secondary home based business, then, that’s a tax deduction. Now, they don’t say but you had fun on the side. No, no, they say if you are going somewhere for a business, you get to pay or you get to use that as a tax deduction. So, keep that in mind as one of my favorite ones because I love to travel and I love spreading my ideas and savings I can get other people.
3. Personal insurance: If you are able to go through and keep your home based business as your primary business use of health care and your personal insurance, then you can work with the IRS and use that as a tax deduction. This also works for social security.
4. Computers and other electronics: If you are buying programs just for your home office, if you are buying a computer, if you are purchasing laptops, if you are getting special projectors, whatever, if that falls into it, again, tax deduction. If you’ve got a special program that you are a member of, then you want to use that as a tax deduction. You want to be able to say, “I spend this much on my business’ laptop, or ipad or iphone or whatever it is. Now, also, thrown in there, your telephone bill can be thrown in there also as a tax deduction.
5. Training and training materials: Warren Buffet was asked, “What’s the major investment that people need to make?” Without hesitation, the main investment should be in yourself. If you invest in yourself you will reap benefits and rewards for yourself for years to come.

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Top 5 Tax Deductions From a Home Business

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You can make money from a home based business and tax deductions are another way to put money back into your pocket.

Put these ideas to use and contact me to find out how we can get your home business going.

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Robert Kiyosaki on Oprah

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This is a great bio and explanation of Robert Kiyosaki and his outlook on his way of making money: The why and how.

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6 More Benefits of More Cash Flow

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Good afternoon and welcome again. I have 6 More Benefits of More Cash Flow. Recently, I was working on my personal business outlook and found some sites to expand and re-enforce my belief in everyone owning a home based business. Times are changing and will continue to change. More intelligent people than I am have explained how business is changing. People like Jim Rohn, Robert Kiyosaki, Warren Buffet and Eric Worre have said for years, a major way to get financial freedom is to have a home based business. Beyond the money, there are more benefits to owning a home based business.

  1. Flexibility – My father letters signs and vehicles on the side. He’s done this for years and has a big following and a reputation for getting the sign or vehicle done for his clients. He was able to have a home based business while he worked his 40 hour a week job and used his painting business to make ends meet and save up for the vacations our family would take growing up. The flexibility allowed him to do both his primary and secondary jobs. He made his own hours for the signs and his clients. You can do this also.
  2. Keep the Money – It’s your business and you keep the money you make. It’s not going to your boss or the corporation you work for. I had a friend tell me once; “Yeah, you make the money, but you still have to pay taxes on it”. True, but there will be tax deductions and plus, it’s still YOUR money. You earn it and you keep it and spend it for you and your family.
  3. No Area Restrictions – I have a friend who is a nurse. Like most of you, she has to work in the same place all day, however, her home based business allows her to go out and meet people from all walks of life and work with them anywhere. She’s not trapped by location in her home based business. Most of my co-workers and I have a set schedule to go by and a cubicle to work in, but our home based business lets me go out and work with others outside my office. And remember what my friend Mike Sims says, “Home based doesn’t mean home bound. You have to leave to make it work.”
  4. Scalability – The ability to grow and not be held down. Or you can shrink when you need to. You aren’t held to a set size. If you have office space or a store front, you are locked into a long term lease. You can’t cut back on rent or utilities. With a home based business, you can change easily and adjust to the circumstances. If you get sick and can’t make it to the office, that is wasted rent and upkeep. With a home based business, you can adjust quickly and make it work.
  5. No One to Answer to – This is a double edged sword. No one to tell you what to do. No one to set your schedule and no one looking over your shoulder or breathing down you neck. All great things. You have freedom and You are the BOSS. But you also need discipline. You only have yourself to answer to and for some, this could be a deal breaker, but I have faith in you. Be your own boss. Be what it takes to grow your future.
  6. Tax Benefits – I love this one. I really do. I’ve written entire articles on this one topic. (Really, it’s right here) Did you drive for your business? Mileage deduction. The mileage counts for 55.5 cents a mile according to the IRS.com. Did you use a room for office space? That percentage of your mortgage is your business expense. Did you travel to work with someone? Mileage, food and motel costs are deductible. Did you buy business cards, fliers, training material or anything else exclusively for your business? Deductions. As always, save all questions for your personal accountant. I talk to mine every month.

Here are some other sites that may help: SciTechDaily, AllBusiness, Investopedia, kevindonaldsononline, and Lara Sodon.

“Work hard at your job and you can make a living. Work hard on yourself and you can make a fortune.”

― Jim Rohn

You may Contact Me or email me at SteveBrown@BrownSupport.com. I will get back with you as soon as possible.

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Here is My Story

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We all need a story. It’s a huge mistake to not tell enough stories. Stories open up rapport. Stories bind. Facts tell, but Stories Sell. Stories are what get people’s attention and motivate them to what the future brings. Don’t fall in love with facts when you want to attract others. Well, here is my story: My name is Steve Brown and I’ve had 2 primary jobs in my life. I was a police office for 8 and a half years and for the past 9 years I’ve been in the I.T. field for a company based out of Bowling Green, KY. This business has about 5,000 people and I’m responsible for helping our employees do their job by keeping their computers running. I’m used to helping people and being responsible for their production and through my experiences I’ve heard many options for making money part-time. So when a friend showed me what she found, I studied it and found it was different. I also realized I can do it. Matter of fact, I saw where I and my family can immediately save money, but when I saw the money making opportunity that really got me excited and I took it seriously. I saw where in the next 12 to 18 months I can add a significant amount of money part time. With most people’s retirement falling short of rising inflation and the uncertainty of the job market, we all need to have at least a second source of income. Maybe even a third. I have a way to help save on expenses and put money back in your pocket. Join me and become part of my story. Develop your own story and grow for your future and your family. If you are looking for a way to save money or make additional income on a part time basis, Contact Me for details.

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Why Did You Decide To Start Your Own Business?

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Why Did You Decide To Start Your Own Business? I’ve been asked this a few times. I can explain the Tax Deductions or I can explain the money, but then I can explain the savings I have to offer and I can explain helping others. But I always have to explain the big WHY! Because I’m tired of watching my yearly money shrink. With inflation going thru the roof, we worry about gas prices going up every day and health care taking a bigger bite from our paycheck every time the insurance companies decide they need more money. And don’t forget, we are never guaranteed another week at our Primary job. “Why Did You Decide To Start Your Own Business?” I want more than what a regular 9-5 paycheck offers. I want to share my belief with everyone. We can save and we can earn for us. We can show others how to have control again of their future and their fortune.

There are a few things I want to do, but there are a few things I don’t want that my own business provides. I don’t want to worry about money so much. I don’t want to tell my kids “I can’t afford that.” I don’t want to feel I can’t find a way to make things happen. I don’t want to live paycheck to paycheck. A second job helps to fill those gaps. It’s not easy, but it’s worth it. It’s hard, but it’s possible. Don’t let them tell you it won’t work. Ask me how. Ask me what I have to offer. Ask me “Why did you decide to start your own business?” and I’ll explain more.

Is it easy? No, but nothing worth doing ever is. However, I believe you can do it. I believe we can share in our success and I believe your hard work and a great plan will get us there. Contact me and find out what I have for you, your family, and small business.

Tony Robbins has a great plan for Financial Freedom.

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When Is A Great Time to Start a Business? It’s Early…Get Started Now!

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When is a Great Time to Start a Business? It’s Early…Get Started Now! Or maybe it’s too late? Don’t lie to yourself, it’s very rarely too late. Can we wait for the perfect time to start a business? Can we wait to lose that weight? Can we put off till tomorrow that change we know is needed? Believe we can’t wait. I say, Now is the time. Now is happening. Nike says, “Just Do It.” They are right. Get out there and do whatever it is you want. Make it happen. Tomorrow never gets here, but we can plan for our future by doing today. NOW!

I believe now is the time to start. I believe we can profit from savings and earnings along with our primary job. I’ve discussed Tax Deductions, I’ve discussed following our dreams. I believe we need a Second Income to help us and our family. I feel strongly that we will make a difference in people’s lives if we just share what we have. Join my team and learn what it takes to save money and earn for your family and business. Start today. If you hesitate, you lose, but if you jump to the challenge, you will win or at least learn to win. We fail because we aim too low and hit our target.

Contact me today and I’ll share my beliefs for savings and earnings.

Here is a video of one of the great legends in motivational speakers. Listen and realize, you can do it. “It’s Possible!” – Les Brown

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Tax Deductions

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Did you know your home business can cut your taxes? The Tax Deductions are out there, but you have to put yourself out there with a home business and follow what the IRS has laid out. Bankrate.com has a great article for you to check out, but here are a few high lights. Also, be sure to work with your personal accountant and IRS.gov to make sure everything is correct for your situation.

  1. Home Office: Be sure the office space is devoted to your business and absolutely nothing else.
  2. Furniture and Office Supplies: This should be a given. When you buy them, save every receipt and save the records. It’s amazing the allowances on this.
  3. Computers and Electronics: Again, save all receipts and records. This also covers software and application subscriptions.
  4. Mileage and Vehicle Maintenance: This is another choice. This requires you to keep records of your travels and all mileage. The mileage counts for 55.5 cents a mile according to the IRS.com.
  5. Travel for the Job: Do anything for the job, even travel. It can pay for itself.
  6. Personal Insurance: This is a deeper topic and I advise checking the article for more details. If you are paying all of your insurance and your retirement plan through your full time job, it’s 100% deductible. Again, check the original article and your accountant.
  7. Social Security: This one is a question for your personal accountant, also.

There are many ways your home business can reward you and help you in these tough economic times. We all need extra savings and an extra income. Please contact me and I’ll share with you a great way to do both.

Resources used:

  2. Dana Dratch The author of “A dozen deductions for your small business”
  3. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed
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