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Reduce Your Taxable Business Income & Help Your Kids

A guide by Tracy Foote "College Savings Plan Author, Photographer of Latin America" (New York City)

Products sampled from this guide:
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.

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) was one of the first books I used to make sure I was accounting for all possible expenses. I found it easily written for someone starting out and was very pleased that it was continually updated (almost on an annual basis).

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.

The Roth IRA will not only help your child for retirement, but also shield your assets from being assessed by the government when college time approaches. Learn more reading How You Can Maximize Student Aid: Strategies for the FAFSA and the Expected Family Contribution (EFC) To Increase Financial Aid for College.

You may already be familiar with Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!. Once your child understands the benefits of having a Roth IRA account, try reading Street Wise: A Guide for Teen Investors or The Young Investor: Projects and Activities for Making Your Money Grow with your child to learn about the different type of investment options. After all, if you are going to the trouble to pay them, you certainly don't want them to choose a poor security to invest in!

J.K. Lasser's From Ebay to Mary Kay: Taxes Made Easy for Your Home Business also provides clearly written tips to ensure you are taking all the business expenses you possibly can. This all means extra money for you and your family. Don't forget the value of one of the cheapest marketing tools out there, your business card. Less money spent on an advertising expense means more for your family's pocket! Try Here's My Card: How to Network Using Your Business Card to Actually Create More Business.

Take your card a step further: Another cheap advertising method that usually pays for itself with only one sale is the Business Card Box Holder Set for Car, Vehicle, or Wall: Best Exterior Advertising ~ Clear Marketing Case for Auto, Automobile, Retail Store, or Outdoors. If you are advertising in magazines, you hope someone will pause on the page. Maybe it is time to reduce your taxable income by dropping the magazine ad expense! Time and again, people pause by my car wondering what that box is... and then take a card! How many times do people save newspaper and magazine ads?

If you are not sure what you want to do yet, except that you know you want to work from home, try some of these titles: The Mom Inventors Handbook: How to Turn Your Great Idea Into the Next Big Thing, Craft, Inc.: Turn Your Creative Hobby into a Business, Momprenuers (R) Online: Using the Internet for Work at HomeSuccess, The Complete Idiot's Guide to Starting a Home-Based Business, 3E (Idiot's Guides), or 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).

Lastly, be sure you understand what you are committing to in terms of the effect on your family. Try High-Wire Mom: Balancing Your Family and a Business at Home.

Products mentioned include:
1.  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
Used & New from: $0.01
4.6 out of 5 stars   (5)
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2.  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  by Tracy Foote
$19.99 Used & New from: $15.91
5.0 out of 5 stars   (9)
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3.  How You Can Maximize Student Aid: Strategies for the FAFSA and the Expected Family Contribution (EFC) To Increase Financial Aid for College  by Tracy Foote
$24.99 Used & New from: $16.93
4.2 out of 5 stars   (8)
Add to cart  Add to wishlist
4.  Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!  by Robert T. Kiyosaki
Used & New from: $0.01
4.1 out of 5 stars   (4,078) | 13 customer discussions
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5.  Street Wise: A Guide for Teen Investors  by Janet Bamford
Used & New from: $0.01
4.6 out of 5 stars   (7)
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6.  The Young Investor: Projects and Activities for Making Your Money Grow  by Katherine Roberta Bateman
Used & New from: $0.01
4.9 out of 5 stars   (9)
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7.  J.K. Lasser's From Ebay to Mary Kay: Taxes Made Easy for Your Home Business  by Gary W. Carter
Used & New from: $0.01
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8.  Here's My Card: How to Network Using Your Business Card to Actually Create More Business  by Bob Popyk
Used & New from: $0.01
4.4 out of 5 stars   (25)
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9.  Business Card Box Holder Set for Car, Vehicle, or Wall: Best Exterior Advertising ~ Clear Marketing Case for Auto, Automobile, Retail Store, or Outdoors  by TracyTrends
$34.99
5.0 out of 5 stars   (3)
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10.  The Mom Inventors Handbook: How to Turn Your Great Idea Into the Next Big Thing  by Tamara Monosoff
Used & New from: $0.01
4.8 out of 5 stars   (61)
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11.  Craft, Inc.: Turn Your Creative Hobby into a Business  by Meg Mateo Ilasco
Used & New from: $0.01
4.3 out of 5 stars   (40) | 1 customer discussion
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12.  Momprenuers (R) Online: Using the Internet for Work at HomeSuccess  by Patricia Cobe
Used & New from: $0.01
4.5 out of 5 stars   (10)
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13.  The Complete Idiot's Guide to Starting a Home-Based Business, 3E (Idiot's Guides)  by Barbara Weltman
$18.36 Used & New from: $0.01
4.3 out of 5 stars   (9)
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14.  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
Used & New from: $0.01
3.2 out of 5 stars   (18)
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15.  High-Wire Mom: Balancing Your Family and a Business at Home  by Kendra Smiley
$14.99 Used & New from: $0.42
5.0 out of 5 stars   (3)
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