Have you ever noticed when you become interested in something, it suddenly seems to show up everywhere? As a mom working from home for the last few years, my eyes seem to suddenly spot books on entrepreneurship that I never would have noticed 10 years ago. Internet links jump out at me and my ears perk up when I hear on Oprah or the View that someone created or invented something.
In the beginning, when you have your own business, you are excited to start. You are even more motivated with that first sale! But soon, down the road, if you are like me, you begin to take a closer look at your actual take home pay. Look at that taxable business income... Next, you may begin looking for ways to reduce your taxable income and put even more money in your family’s pocket.
We can increase our profit by selling more or reducing cost. It does not take a mastermind to figure that out.
When you begin thinking about reducing your taxable income, if you have children, it is time for The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs. This interactive guide teaches children to save some of their earned money in a Roth IRA. It also includes many ideas for parents. Can your child be a model for your products? Can your child file or label envelopes? Does you child drive? Have them run the packages to the post office. These all create earned income for your child and a payroll expense for your business. You have just diverted some money (deducted as a business expense) from taxable income into your family’s pocket! Of course there are rules involved with placing your child on the payroll and this book puts you in the right direction.
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Small Time Business Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes & Stay Out of Trouble (Small Time Operator: How to Start ... Keep Yourbooks, Pay Your Taxes, & Stay Ou) by Bernard B. Kamoroff
Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
Street Wise: A Guide for Teen Investors by Janet Bamford
The Young Investor: Projects and Activities for Making Your Money Grow by Katherine Roberta Bateman
J.K. Lasser's From Ebay to Mary Kay: Taxes Made Easy for Your Home Business by Gary W. Carter
Here's My Card: How to Network Using Your Business Card to Actually Create More Business by Bob Popyk
The Mom Inventors Handbook: How to Turn Your Great Idea Into the Next Big Thing by Tamara Monosoff
Craft, Inc.: Turn Your Creative Hobby into a Business by Meg Mateo Ilasco
Momprenuers (R) Online: Using the Internet for Work at HomeSuccess by Patricia Cobe
101 Best Home-Based Businesses for Women, 3rd Edition: Everything You Need to Know About Getting Started on the Road to Success (For Fun & Profit) by Priscilla Y. Huff