Categories
Make It Simple

What business expenses are deductible?

IRS tax deduction explanation
2015 was the first year with speaking revenue.

 

How long does it take to start a business?

Personally, it took six years of spending (on average $1,000/month) without making a dime. In year seven (2015) i finally made my first dime.

i told my tax professional i have carried a deep fear the IRS would tell me, “You have been deducting expenses for six years without any income. Is this a hobby or a business?”

In year seven, 2015, i was blessed to not only have income, but have enough income that removed any doubt whether it’s a hobby or a business.

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is one that is common and accepted in your field of business.

A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary.

 

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Categories
Inspiration

Work that takes so long and is so hard that it is never finished or never begun

Mid Life Celebration check book
Haven’t written enough checks in five years to move to a second booklet… feels good

 

Turned in 2013 paperwork for Mid Life Celebration’s tax preparation yesterday April 3, 2014.

Not many checks get written, but the Visa card gets a serious monthly workout.

What are we called to do?

For the past 63 months (five years worth plus Jan-Mar this year), MLC has spent $1,000/month in building a platform and a solid foundation on which to raise money for a cure.

Some would ask cynically, why not just donate $63,000 to CCFA?

A low risk ,short term approach thinks this way.

A bold, crazy mind thinks about impossible.

Very few breakthroughs come without hard work. Long work.

Work that takes so long and is so hard that it is never finished or never begun.

Make no small plans.

Life is not a dress rehearsal.

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