People will put tremendous effort into making money through their stay at home business. Focusing on revenue is extremely important but it is also important to minimize the outflow of cash. I am always amazed when an accounting client will tell me that they do not know what they can expense through their business or even what they have expensed through their business. Both these items are very important.
Our businesses pay income tax based on its net income. So when we reduce net income then we reduce our income tax payment. Therefore we must make sure that we are taking every tax deduction within the law. If you don’t know what you can deduct from your income then you should contact a trusted tax advisor. Alternately, there is much literature out there that will help you learn. The internet and library are great, free resources. If you complete your own tax returns, then your tax software will have lots of useful information. If you are not minimizing your taxes, then you are just giving away your money. In One of Robert Kiyosaki’s Rich Dad series of books he mentions that you may be able to give yourself a raise simply by lowering your taxes. If you...
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