While anyone can start a business, not everyone can make it a successful one. Entrepreneurs don’t think like everyone else. They see everything outside the mainstream mindset, with a new idea at the start of each day. If you want to be successful in life or work or starting your own business, you might want to start thinking like an entrepreneur.
Many dream of earning a living doing what they already love to do. What if you could turn that hobby from being a costly personal expense into a money-generating side hustle, or even your main business? The IRS no longer allows deductions for hobby expenses, but business expenses are eligible. Statistics suggest that one out of every five Americans will start their own business in the coming year. If you want to be one of those entrepreneurs, there are a few things to keep in mind to get it right.
In order to save money you may do your own personal income tax every spring. While that might seem like good money management, there are a lot of ways you can pay too much without knowing it. Read on to learn a few signs that may indicate whether you are paying more than you need to.
In my work with nonprofits I see that any organization without a substantial base of operating cash can experience cash flow problems. Small to mid-size nonprofits are often localized in an area without a large number of resources to draw from. The most important way to make the most of the resources your nonprofit has is to manage your cash flow.
Are you a landlord or real estate investor who pays too much in taxes? Most rental property owners already have experience owning their own homes or other business. They might be surprised by how many tax deductions and other actions they can take to reduce the tax burden for investment property like rental property.
I find that many small business owners who wait to deal with their income taxes do so out of fear of an audit. Procrastination does not help! A much better strategy is to face your business taxes without fear by avoiding some common triggers which could lead to an audit.
During this "giving season" many nonprofit organizations participate in fund raising activities. When I talk with nonprofit financial leaders, I emphasize the importance of strategically seeking appropriate funds. Why? Not all revenue sources are relevant to the mission - some actually add cost to the programs.
I tell all my clients that the true key to building wealth lies in building assets. Regardless of how much money you make, you can build wealth over time through assets. Think about how much of your life involves bills, taxes, purchases, contracts, etc. When it comes to financial planning, why not take advantage of the time you spend preparing for your tax filing and reconnect with your CPA to develop a financial plan for building wealth.