Back to School Blues
This is a great time of the year for many parents. For teachers and students alike this may be a time of transition. However, this time of the year reminds me of something very important to business. This season breeds learning new things and getting back to the disciplines of life. Your business as well as mine needs this to occur periodically.
The current entrepreneur and anyone considering entering into the entrepreneurial world should take this time of year as an example. During this time the entrepreneur should reload on their personal development library; schedule to attend educational events (i.e. teleseminars, conferences, etc.) and network with other entrepreneurs in your area.
In addition you must know your learning style. I am an Aural learner. Therefore I order many audiobooks instead of purchasing the actual to read. These are convenient for me as I can download them to my computer or mobile audio player and listen to them in the car or in the office. Teleseminars are also a great fit for my hectict schedule can be. What is your learning style? Whatever it is, begin to educate yourself through books (audio or text) and attend seminars.
Networking with other entrepreneurs in your area is another great source of encouragement. It is important to build a team around you. Some times this team will need you and other times you will need the team for encouragement.
Accomplishing these points can greatly contribute to the success of any entrepreneur.
Friday, August 28, 2009
Tuesday, August 25, 2009
What Can I Do To Produce More Money?
In today’s economy many people find themselves asking this very question. However there are numerous ways even in this distressed financial market to earn additional income. Here are five options to consider:
(1) Clean out your home of unwanted items and sell them on Ebay. There is old saying that “one man’s junk is another man’s treasure.” Why not rid yourself of unwanted things and make a profit at the same time.
(2) Turn your hobby into a business venture. Hobbies are not considered business by the IRS mainly because people are not engaged in hobbies to make a profit. What hobbies do you currently engage in? Could there be a market for this service or product? If so launch your business before the end of this year.
(3) Cut your expenses. Take some time in the next two or three days to write down your weekly and monthly expenses. Examine the list, is there anything that can be scaled back or eliminated? Usually entertainment related expenses like cable television, video games and movies can be scaled down or eliminated altogether.
(4) Change your withholdings on your job. If you are a W2 income earner and you usually receive a rather large tax refund you are able to receive that refund early. You may ask how? Sit down with a tax professional to examine your W4 status. By changing your W4 status it is possible to receive a raise from your job.
(5) Enter the direct sales industry. The direct sales industry is booming! Millionaires are literally being created by this industry every month. This industry is perfect for those with limited time and a limited budget. If you are eager to be successful and very teachable then this might be the option for you. Some direct sales companies maybe a better fit for you than others, so take a close look at these companies before selecting one.
These are just five very simple ways to earn additional income. There are others that you may think of as well. The bottom line here is to identify a stream of income and begin to work on it. Your success is directly linked to your activity, not luck or fate!
In today’s economy many people find themselves asking this very question. However there are numerous ways even in this distressed financial market to earn additional income. Here are five options to consider:
(1) Clean out your home of unwanted items and sell them on Ebay. There is old saying that “one man’s junk is another man’s treasure.” Why not rid yourself of unwanted things and make a profit at the same time.
(2) Turn your hobby into a business venture. Hobbies are not considered business by the IRS mainly because people are not engaged in hobbies to make a profit. What hobbies do you currently engage in? Could there be a market for this service or product? If so launch your business before the end of this year.
(3) Cut your expenses. Take some time in the next two or three days to write down your weekly and monthly expenses. Examine the list, is there anything that can be scaled back or eliminated? Usually entertainment related expenses like cable television, video games and movies can be scaled down or eliminated altogether.
(4) Change your withholdings on your job. If you are a W2 income earner and you usually receive a rather large tax refund you are able to receive that refund early. You may ask how? Sit down with a tax professional to examine your W4 status. By changing your W4 status it is possible to receive a raise from your job.
(5) Enter the direct sales industry. The direct sales industry is booming! Millionaires are literally being created by this industry every month. This industry is perfect for those with limited time and a limited budget. If you are eager to be successful and very teachable then this might be the option for you. Some direct sales companies maybe a better fit for you than others, so take a close look at these companies before selecting one.
These are just five very simple ways to earn additional income. There are others that you may think of as well. The bottom line here is to identify a stream of income and begin to work on it. Your success is directly linked to your activity, not luck or fate!
Friday, August 21, 2009
Are Things Really Improving?
If you have been watching the news of late you will realize that many of the Wall Street professionals are “willing” the market upwards. Can it be said that the market is on an upturn simply because a few companies have announced profits during the first two quarters of 2009? Definitely not! There are several factors that alert us things are really not improving: (1) unemployment is still high, (2) house prices are still dropping in many markets and (3) the government is intervening in this “apparent” upswing a bit too much.
At best the upswing is artificial. It’s designed to convince the general public that it is safe to come outside and spend, spend, spend! After your family’s monthly obligations are met do you have excess income? If so it is best to invest in something that will produce income, whether short or long term. Opportunities may include a business venture or some other type of investment.
With Christmas coming, this artificial upswing will seem to be real. The goal here again is to get the public to spend money in order for the economy to turn. Be wise you’re your spending in this upcoming holiday season.
If you have been watching the news of late you will realize that many of the Wall Street professionals are “willing” the market upwards. Can it be said that the market is on an upturn simply because a few companies have announced profits during the first two quarters of 2009? Definitely not! There are several factors that alert us things are really not improving: (1) unemployment is still high, (2) house prices are still dropping in many markets and (3) the government is intervening in this “apparent” upswing a bit too much.
At best the upswing is artificial. It’s designed to convince the general public that it is safe to come outside and spend, spend, spend! After your family’s monthly obligations are met do you have excess income? If so it is best to invest in something that will produce income, whether short or long term. Opportunities may include a business venture or some other type of investment.
With Christmas coming, this artificial upswing will seem to be real. The goal here again is to get the public to spend money in order for the economy to turn. Be wise you’re your spending in this upcoming holiday season.
Thursday, August 20, 2009
Direct Sales May Have A Bull’s Eye On Its Back
The direct sales industry has received a bad wrap over the years because of some of the unscrupulous people who have taken advantage of others. However this industry is touted by many as being the key to success for middle class America. Many may or may not agree with either of these statements. Nonetheless, the direct sales industry as well as other entrepreneurial industries may be the next target of the IRS and state tax authorities.
Members in the direct sales industry must be sure to keep all of their receipts for the year. With the current economic downturn the IRS and state tax departments will be looking to generate revenue. These entities generate revenue by auditing returns – taking a closer look at things.
Here is what I suggest to protect you from audits:
(1) Be sure you are in business to make money and not just for a tax deduction. The best way to do this is to be active in your business, generate some revenue.
(2) Keep all receipts. Take them out of the shoe box. Develop a system where you are able to scan your receipts and develop a short narrative for each receipt.
(3) Seek a professional to prepare your tax return. Don’t try to compute your return on your own. You might find that it will cost you more to prepare your own return in the long run. I recently had a person prepare their own return, to save money. The person made a mistake and they now have to pay for the amended return to be prepared along with owing the IRS and their state more money. In addition your preparer might be able to recognize deductions that you aren’t able to.
(4) Engage in your business. More than likely your activity will produce income and it will also produce tax deductions as well.
(5) Engage in tax planning with your preparer, if that service is offered. You are in business so you should plan for taxes just like you plan for a vacation. Many of my clients know exactly what their tax status is several months before the end of the year.
The direct sales industry has received a bad wrap over the years because of some of the unscrupulous people who have taken advantage of others. However this industry is touted by many as being the key to success for middle class America. Many may or may not agree with either of these statements. Nonetheless, the direct sales industry as well as other entrepreneurial industries may be the next target of the IRS and state tax authorities.
Members in the direct sales industry must be sure to keep all of their receipts for the year. With the current economic downturn the IRS and state tax departments will be looking to generate revenue. These entities generate revenue by auditing returns – taking a closer look at things.
Here is what I suggest to protect you from audits:
(1) Be sure you are in business to make money and not just for a tax deduction. The best way to do this is to be active in your business, generate some revenue.
(2) Keep all receipts. Take them out of the shoe box. Develop a system where you are able to scan your receipts and develop a short narrative for each receipt.
(3) Seek a professional to prepare your tax return. Don’t try to compute your return on your own. You might find that it will cost you more to prepare your own return in the long run. I recently had a person prepare their own return, to save money. The person made a mistake and they now have to pay for the amended return to be prepared along with owing the IRS and their state more money. In addition your preparer might be able to recognize deductions that you aren’t able to.
(4) Engage in your business. More than likely your activity will produce income and it will also produce tax deductions as well.
(5) Engage in tax planning with your preparer, if that service is offered. You are in business so you should plan for taxes just like you plan for a vacation. Many of my clients know exactly what their tax status is several months before the end of the year.
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