I love those tax refunds!! If you haven’t yet read my Tax Secrets Report, please go to my FREE GIFT page to get it. If you HAVE read it, you will know that I believe EVERYONE should have a Home Based Business in order to get the BEST TAX BENEFITS!
Many years ago, my husband gave me a book called “The Wealthy Barber”, by David Chilton. This was the start of my journey of CANI (Constant and Never-ending Improvement. Anyway, I basically started reading books about money, mindset, business, and so on. One of those books suggested getting a Home Based Business – you get to start and run your own business for low cost and low risk – and benefit from tax deductions, even before you start earning money. I thought that sounded like a grand idea, so I thought about what kind of business I could start. Well, I am creative in some ways, but definitely not in the crafty way, so no “arts and crafts I can sell for money” business for me. I also did not want a home daycare, anything to do with pets, or pretty much anything I would have to start from scratch. So I dug into my “catalogue drawer” and found Tupperware, Avon, and Discovery Toys among the Sears catalogues (pretty much extinct now). At the time I had small children, so Discovery Toys was a perfect fit – educational toys for the kids, tax deductions for me. It was perfect! And it really was – I did quite well in the toy business, and found some other amazing benefits I hadn’t expected: a group of amazing friends with positive attitudes, fantastic trips, wonderful support, and yes, income! And my children got to grow up with educational toys and a Mom who played with them. This was alongside my nursing job, and it actually fit in quite well.
But, once my children grew up and I got busy with my other interests, Discovery Toys was not such a good fit any more. But I still wanted to have those tax benefits, and I really enjoyed having a group of like-minded friends with goals and dreams (don’t always get that at work – between shift work, short-staffing and negativity). So I was on the lookout for something else. When I learned about my current business, I really liked the concept. Not only do I get paid for doing my everyday shopping, I also get paid to recommend things I like to others (have you ever recommended a movie or a restaurant – and gotten paid for it?). Plus I can actually benefit from shopping around the globe – while supporting small business owners and two great charities. If you would like to learn more, click HERE to explore what joining our team would mean.
And now you’re still wondering about that tax refund, right? Well, here are some things I do anyway that I now get to claim on my income tax (a portion relative to the business use):
- home expenses like heating, electricity, internet, maintenance, insurance
- car expenses like gas, oil changes, parking, maintenance, insurance
- phone expenses
- bank fees, accounting, tax preparation
- computer related expenses
- personal travel if you do some business
And then the items that I might not buy if I wasn’t in business, but I am happy to spend the money on:
- trips for business (I love to travel)
- conferences, meetings
- any expense to help me promote my business (this website for instance)
Plus, my husband also started a business that he worked partially from home (for a while when he first retired). So some of the above expenses were claimed twice (2 home offices).
And how does this translate into a huge tax refund? Well, before you start earning a lot of money, your income will be a negative number (at least on paper – because of the expenses). This offsets and reduces your taxable income. As a nurse, my taxable income is pretty high, and I pay a lot in taxes each year. So I get a sweet refund each year. And when my income gets higher (it’s on the way) I will be happy to pay some taxes because that means I am super successful. And I love to help other people do the same thing.
Here is something to think about – how about you start a home-based business NOW! You benefit from tax deductions, you start to earn money alongside your current job. Then when you retire you have income to supplement your pension (if you are lucky enough to have a pension), you get to be part of a positive group of people, and get a great sense of purpose so you still have something to get out of bed for (but better – no shift-work, no commute, no boss).
Sound interesting? If you are open to learning more, please contact me. There are lots of options. I’m pretty excited about my business but maybe there is something that is a better fit for you. No worries, I just really think everyone should have a home business.