Taxes-You Must Be Your Own Expert Whether You Like It or Not
tsamasterblog.com Now I know you don’t like the title of this one, but it’s the truth. Like Dave said in his last post here, you must treat your business like a business and part of that requires adding a CPA who specializes in home-based businesses and if necessary, a tax attorney to your mastermind team. Yes, these individuals are experts in these fields, but like Robert Kiyosaki often says you don’t want to rely solely on those professionals. You need to have a good understanding yourself since you are the one with all the cards and all the planned game plays, and you’re the one sailing the ship. In order to take full responsibility for your financial life and legacy, you must educate yourself on all aspects of your business and taxes is sure one of the most important aspects to control. What happens if your CPA is not as familiar with home-based business tax law as you thought and forgets any one of the following (These items may or may not apply to your tax situation, but that should be considered in case they would beneficially apply for you. Also I have to indicate that this is based on US Tax Law only. I apologize to all non-US readers.) To take a partial deduction of your sofa, TV and DVR you use for your business presentation To add, into your business portion square footage, a reasonable amount of walking space around your business-only bookcase and copier To suggest that you hire your kids to work in your home-based business – the wage expense is deductible …
This article was published at Accounting Services of Charlotte, NC
yorindavortexAugust 30, 2011 at 5:40 pm
Hi Dawn,
great advice!
In New Zealand the tax accountants are still learning about the Homebased Business.
Yes we need to be the Expert.
Thanks for the Video.
To your Success!
Yorinda