Home
>
Tax
>
Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions

Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions

Adding Your First Additional Stream of Income

Most new wealth builders currently have a full-time job. After realizing that means "Just ----Over Broke" they commit to quitting their job and starting their own business.

tax secrets of the rich found here

The concept is good, but let's turn it around some. One of the philosophies of the wealthy is to reduce risk. In this scenario, that means keeping your job until your business has been firmly established. That's because the biggest stress point for new businesses is cash flow. Even if the owner has a viable business strategy, it takes time to get the machine operating smoothly. In the meantime, income can be sporatic. Cash flow shortages, even temporary, can create havoc for the small business owner.

Use your salary as your core business income. In other words, if your job brings in $50,000 a year, treat that in your mind as if you have one client that brings in that much cash flow. Be frugal with it, manage it carefully.

tax secrets of the rich found here

Now use your business to generate a "second" client and a "third" client. Continue to build your business until the business income matches your salary.

At that point, you can make an intelligent decision about timing the move to full time businessperson.

The mistake some people make is to leave their job too soon. Three to six months later, there is a shortfall of cash. Without sufficient cash, bill don't get paid and the pressure mounts. Creditors start calling and the downhill spiral begins. While you build your business, keep your job resentment in check. View your job as an opportunity to finance the development of your own business without unnecessary pressure. Then, as your business grows, avoid the temptation to spend the additional income on fun and games. Instead, invest the additional income back into the business to help it grow. Build the systems that allow you to delegate lower level activity. Add the computers and data base programs to make things run smoother. Focus on marketing your business and attract new customers.

Expect to re-invest at least 50% of the additional income in growing your new business.

tax secrets of the rich found here

Now, as your net business income meets and exceeds your job income, you can transition yourself into a full-time business owner.

Sincerely,
Drew Miles, The Tax Saving Attorney

Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.

Batchtown Chicago prom limo .. Lockport Chicago limo O’Hare

In The News:

A virtual private network can help ensure your information remains security and your privacy remains intact. Kurt the CyberGuy explains.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Artificial intelligence-based cameras are giving air defense operators unprecedented capabilities in monitoring and protecting airspace.

Apple's iOS 18.1 Inactivity Reboot automatically reboots your iPhone if it hasn't been used or unlocked for more than three days, providing better data protection.

An inventor designed rooftop solar panels for a Tesla that draws solar energy while the car is parked, adding travel mileage without plugging in.

There are currently no laws governing what artificial intelligence can and cannot do with the information it gathers; here are 10 things to avoid telling AI chatbots to keep yourself safe.

A credit union with over 240,000 members recently revealed it was targeted by cybercriminals, resulting in a data breach that was part of a two-month attack by hackers.

Scammers have become skilled at creating convincing fake websites that can easily fool unsuspecting users. The CyberGuy offers tips to protect yourself.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

CAPTCHAs, which are used by websites to confirm whether users are people or bots, are harmless, but hackers are using them to infect PCs with malware.

Hackers recently leaked personal information of about 500,000 Americans and stole patient medical records that included lab results and insurance details.

The holiday season sees a rise in mobile shopping scams. Tech expert Kurt “CyberGuy" Knutsson helps you learn how to stay safe.

Tech expert Kurt “CyberGuy" Knutsson says a VPN enhances online banking security by encrypting data and protecting privacy.

Beware of these six sneaky holiday scams. Tech expert Kurt “CyberGuy" Knutsson gives you tips to avoid falling victim.

Tech expert Kurt “CyberGuy" Knutsson reveals how to securely back up and factory reset your Android to protect your privacy and data.

Artificial intelligence is making life easier for cybercriminals, allowing them to create elaborate scams to trick people. Kurt the Cyberguy explains how to protect yourself.

Cut through all the digital clutter and delete multiple emails from your Android simultaneously. Kurt the CyberGuy explains how it's done.

Tips to prevent your holiday decorations from being stolen

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt "CyberGuy" Knutsson lays out the immediate steps you should take if your phone has been hacked and your personal information becomes vulnerable.

Fraudsters are sending people bogus invoices through PayPal as part of a sneaky scam that is going around; here's how to protect yourself from being fooled.

A former Colgate-Palmolive employee was shocked to discover $750,000 had been drained from her 401(k) account. "CyberGuy" offers tips on how to prevent identity theft.

Electric vehicle maker Harbinger recently showed its electric delivery truck can handle icy roads with agility and stability in winter.

To make the busiest time of year more manageable, here are some tricks for tracking your packages, taking quality family photos and curating the perfect Christmas playlist.

Kurt "CyberGuy" Knutsson explains how to keep your online Amazon gift purchases a secret from loved ones or friends this holiday season.