How millions of Americans are claiming financial independence doing what they love
- Write off your “previous” hobby expenses such as membership fees, admission to industry events, subscriptions, and the tools or materials needed to enjoy your hobby;
- Claim a deduction for a portion of your utilities, taxes, mortgage, or rent using the home-office deduction;
- Write off part of your automobile expenses;
- Deduct certain travel, meal, and entertainment costs;
- Write off your self-paid health insurance premiums;
- Put aside much more money in a SEP-IRA or similar business owner retirement plan;
- Use business losses against other income, such as from a full-time job, and lower your overall income taxes;
- Create and use a business entity, which can help protect your assets and your personal privacy.
- Advertising your product or service, which in the Internet Age is cheap and easy to do;
- Keeping books and records in a business-like manner to get and keep a handle on your revenues and costs;
- Following reasonable business practices to be profitable and control costs;
- Already having or working to gain expertise in the area of concern; and,
- Spending a reasonable amount of time working in your business.
Lee Bellinger, Publisher
Independent Living and Money, Metals, and Mining