Tax Secrets for the Advanced Entrepreneur

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IM is fun, but I want to contribute something else to the forum and don't know where to do it, so this is my choice.
I feature some advanced tax strategies on my site that not every home business owner is ready for but I figure many of the forum members are already somewhat successful so I will go to a different level with you.

Looking for meaningful tax deductions is fun, and I like to share them. By meaningful, I mean deductions that could save you thousands per year. Not just the little stuff. It has been an interesting challenge putting these on a site and marketing them. Everybody needs them, but most only talk about them in April.

I'm a firm believer that to be successful in any home-based business, a person needs a solid business foundation. Once the benefits are understood and used, they will never want to be without again.

With that said, I will start by asking you a question. "Did you know you could incorporate your home business and get more deductions than major corporations?"

As I explain in my site, using video and fun articles, I would never use a corp for holding assets but to manage other entities, like LLC's or LP's that hold the assets and working businesses.

Without going into depth, this structure opens up a whole myriad of other options for more fringe benefits, expanded deductions and even some tax-free money if you know where to look. This is no top of all the home business deductions and if used properly, will give you better asset protection, personal and business. (All compliments of the U.S.Congress.)

Obviously, there is a lot going unsaid here because this is not the place, but I'm hoping to get you a little more curious so you will at least look into it. It's not as hard as some attorneys make it out to be and well worth a little extra effort.

Also, for those outside the U.S. you can structure here also, if you do business here and have a little know-how.
#home business #set up #structure #taxes
  • Profile picture of the author sloanjim
    OK so where's you home page?
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    • Profile picture of the author jmcmullin
      Hi there: Sorry I have been gone for a few days to a family reunion with no cell reception or internet at the ocean.
      My site is www.homebusinessandtaxsolutions.com/taxes
      We are just starting to get it out to the public on a mass level. The corp structure is a little more advanced for the newbie.
      Usually a person starts out as a sole proprietor and then to an LLC as the business takes hold.
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  • Profile picture of the author JustinDupre
    Yeah, there is always a loop holes in those area. I'll look into it! Give us the link to your homepage.
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  • Profile picture of the author rahulr
    You can register a LLC in Delaware.You would get a lot of tax benefits that way.
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    • Profile picture of the author jmcmullin
      One more thing. Years ago Delaware was the State to structure in. You still can if you are involved in interstate commerce and don't live there, but there are better choices since Delaware signed an information sharing agreement with the IRS several years ago.
      Nevada is still touted a lot as a no tax state, but I prefer Wyoming. Nevada gets too much attention for me. Wyoming is quiet and has great laws also. Alaska is also a good state to structure in. A little more expensive and I have never had a need to use it.
      Once again, as long as you are involved in interstate commerce, you can structure anywhere you want to.
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  • Profile picture of the author jmcmullin
    Just finished putting the site in Joomla.
    www.homebusinessandtaxsolutions.com
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