Are you worried that the NEW Tax Bill only benefits the wealthy or large corporations and that you are going to get screwed in the process? It may be time to change how you think about this or how you view the situation.
Yes that is what I am saying.
Basically, if you can’t beat them then join them!
If you are like most people you view businesses as large and even evil corporations with no soul or empathy.
While that is definitely one definition of business, there are tens of thousands of small and home based businesses out there.
In fact did you know that there have been record 1099 filings in the US in recent years?
Did you also know that the tax code makes little to no difference for small businesses compared to large dastardly corporations?
I am no tax advisor and I am not offering tax advice.
In my post about the Tax Advantages of Owning A Home Based Business I introduced you to Sandy Botkin who is qualified to speak to you about taxes.
According to Botkin there are definite advantages to owning a small home based business vs just earning as a W-2 employee.
As we have established that the New Tax Bill greatly benefits corporations and businesses we have to now conclude that the bill also then expands tax benefits to small and home based business owners.
While the new tax bill nearly doubles the standard deduction, it also eliminates personal exemptions and also eliminates most itemized deductions.
However, business owners can still make deductions for items such as space dedicated to a home office for a legitimate home based business. Along with just about any expense that is justified for business purposes.
It raises the standard deduction to 20 percent for pass-through businesses. This deduction ends after 2025. The deductions are limited once the income reaches $157,500 for singles and $315,000 for joint filers. Pass-through businesses include sole proprietorships, partnerships, limited liability companies, and S corporations.
In this short video, Eric Worre, industry expert explains that now is the time to start a home based business as:
As Eric explains, it is our job to make it happen for ourselves by responding to whatever hand we are dealt.
(Eric is also not a tax professional and discloses that)
Make no doubt about it under the new tax bill W-2 earners will benefit from this new tax plan, however they will benefit the least!
“In 2018 and beyond, if you don’t start your own small business…and become an entrepreneur...if you are a W-2 Wage earner somewhere else and you don’t decide to become an entrepreneur and start your own business, you are LITERALLY THROWING MONEY AWAY…The tax savings alone is worth the consideration to become an entrepreneur.”
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It is extremely flattering when successful and ambitious people are always seeking you out to join your team of fastest growing internet beauty advisors.
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About Tamira Hamilton Certified Motives Beauty Advisor, Tamira Hamilton, has over 25 years of sales, marketing and coaching experience. She earned her Master of Business Administration (MBA) from Cardinal Stritch University with an emphasis on Marketing and Finance. Tamira specializes in helping others find their inner strength and leveraging it with a proven and duplicatable system to make money online using Blogs, Social Media and influence. Tamira is a servant leader and well respected in the industry. To learn more about becoming a Motives Beauty Advisor, please email firstname.lastname@example.org or visit Iamahautecommodity.com
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