Here is an interesting subject. Tax Write offs are a sure way, to help your business make money. A tax write off, is an item or service that you used for your business and can claim on your taxes, to get a deduction. An example would be; You drive to staples to pick up a laser printer, some paper for the printer, and some pens. Did you know, that you can write off, everything you bought at staples, as a tax deduction? You can even write off the mileage on your car, you used to get there. If you bought a new computer, you could even write that off as a tax deduction.

Tax write off deductions, are probably the best way you can reassure that your business will succeed. It is crucial, for you to keep all receipts, for everything, involving your business through the year. I can’t stress this enough. When tax day comes bring the receipts. Depending on your state and how much you made; You may get to write everything off on your taxes as a deduction. That means, everything you bought for your business this year, was free. Uncle SAM paid for everything, even your brand new business car.

If you don’t have tax numbers & license for your business, you are only hurting yourself. All those boxes and packing supplies,even the tape you used, through the year. All tax write offs. You could even buy a brand new car, slap your business name on the car, and “BAM”, your car is now a tax write off. There are so many tricks and loopholes in the tax laws, that home businesses can thrive on. Its amazing how many people run a home business and don’t do it legally. Did you know, a worldwide survey showed that 70% of all online business, is done without proper business or tax id information. That means 70% of all online businesses are running illegally. No wonder the government wants to put so many restrictions on online sales.

There are so many advantages to having a legal business. The disadvantages of not having a legal business are overwhelming! Why are all these people still doing it the wrong way? If I didn’t claim taxes on my business, my business would have failed a long time ago. The IRS, actually helps a home business owner when it comes to tax time.

If you don’t claim taxes on your business and the IRS sees you making all that money. You can get in lots of trouble. The IRS can take away anything you own, to collect what is owed to them. If you made 50 grand last year and the IRS audits you. Guess what, if you don’t have the money owed to them when they audit you. You’ll probably lose your house or any and all of your cars, to the IRS. Possibly, jail time along with it. If you don’t have any collateral or money to pay them, jail time is certain. Your bank account can closely monitored by several federal branches, at any given time. All they need is reason to suspect. The IRS doesn’t take kindly to people stealing from them. You might as well commit treason. Why would you risk all that?

I hope I can change some of your minds out there, about starting your business legally. It’s really not worth it, to hide from uncle SAM.

If you want to learn more way to run a successful business, come back tomorrow.

Thanks,

Lisa