If you are one of the many people looking for legit home based businesses because you’re just not satisfied or simply burned out with the 9 to 5 corporate grind and looking for away out, then you are in the right place at the right time.Can you imagine a work life that has the potential to earn six figures plus a year all from the comfort of your own home?· Imagine what your life would be like without a boss that doesn’t deserve to tell you what to do because you can run circles around them.· Imagine what your life would be like without a company that under appreciates your efforts.· Imagine what your life would be like if you had more time freedom to pursue your interests and hobby’s.· Imagine what your life would be like without daily commutes to and from the company office.· Imagine what your life would be like without a mountain of debt.· Imagine what your life would be like if you could make money working from any place in the world.· Imagine what your life would be like if you had financial independence.You get the picture.This was my struggle for to many years of my corporate career but all that changed when I met Jay and his very talented group of entrepreneurs.Together with his mastermind group they developed a very powerful marketing and education resourced based system that has revolutionized the home business industry.Jay wasn’t born with a silver spoon in his mouth. In fact he started from very humble beginnings working 50-60 hours a week as a muffler salesman making $50 – $70 thousand dollars a year before he became the success he is today.In fact my friend Jay failed for years struggling to build his home business before he finally succeeded at connecting all of the dots.Through years of trial & error Jay discovered the key to duplicating success in his team using the same system that made him $143,220.00 after his tenth month of putting it all together and that’s how it all began for him.For me learning how to build a business using a proven step-by-step system without having to recreate the wheel all over again has made all the difference between failure and success.If you want to save yourself years of frustration trying to learn how to build a successful home business on your own, then I highly recommend finding a legit home based business model that offers an education resourced based system.Trying to find a legit home based business model that offers an education resourced based, step-by-step marketing system on the internet today is like looking for a needle in a haystack.But, it’s worth the effort because when you do find a proven training and turnkey marketing system, it can shorten your learning curve to months making money for you quickly and saving you years of frustration trying to build a home based business on your own.If you’re like I was and you’re seriously looking for a way out of the corporate jungle, taking control of your life, looking for financial independence, having freedom of time to do what you want when you want, and living a lifestyle of your dreams, then I definitely want to help you.Click on any of my live links below to learn more.
Property Management, Investment Property Tax Deductions, and Strategies for Real Estate Pros
The cost of hiring a property management company to handle investment properties is significantly less than most property owners believe. Investment property owners who manage their own property with the idea that property management costs are too much might be mistaken as to the actual real costs. Additionally, a large percentage of property owners do not take advantage of all of the tax strategies available to them. For example, if a property owner manages their investment portfolio out of their home office there may be some business related items they are not expensing. Interest in all forms including mortgage interest, equity lines of credit interest, and any business loan interest are all expenses which are typically deductible. Losses like casualties, disasters, and thefts are expenses which properly accounted for are deductible. The most overlooked deduction is depreciation on investment properties, and for real estate professionals as defined by IRC 179, an investment property owner can supercharge their depreciation deductions. To maximize one’s return on investment each property owner should educate themselves about tax strategies, and thoroughly evaluate their entire tax planning roadmap with a tax attorney or competent certified public accountant.
Combined Tax Bracket Percentage Determines the True Cost of an Expense in Your Investment Property Business
First of all a property owner must fully understand this basic concept. If their annual income from all of their activities placed them into the combined, federal, state, and local tax bracket of 50%, then their ordinary and necessary business expenses are in actuality fifty cents ($.50) for every one dollar ($1.00) spent. It’s simple to think about it this way: If a one dollar ($1.00) is spent on advertising then that one dollar ($1.00) is legally expensed. If a person is in the 50% combined tax bracket then they have actually only spent fifty cents ($.50). This is because the one dollar ($1.00) they spent actually reduces their taxable income by one dollar, thus, reducing their tax liability by fifty cents ($.50). So each ordinary and necessary expense is truly only 50% of the actual cost.
Now that you have your mind around that concept if a property manager is charging you $200/month to manage their single-family residence rental property the actual (end of year) cost to the owner is only $100/month because the property management fees are an ordinary and necessary business expense and fully deductible. Now consider that 50% reduction in your perceived cost and maybe property management doesn’t seem so expensive anymore. Add to that the impact on your time, energy, effort you spend managing that property. Add to that the gasoline expense necessary to drive by that property once or twice a month. Finally, add to that the comfort of knowing a professional property manager could in fact be taking care of your property and you wouldn’t have to have all of these expenses, time, energy and effort and maybe, just maybe, you would reconsider using a property manager going forward because you now realize that they really aren’t that expensive for the services they provide.
Home Office Deductions are Tricky, but can be Legitimate
If a home office is used 100% for ordinary and necessary business reasons then there is no reason a person shouldn’t be taking advantage of expensing the home office square footage, the equipment, the materials, the supplies and any utilities paid to help operate the office. The problem lies when the home office is used for personal reasons because it is difficult to prove what percentage of the home office is actually an ordinary and necessary business expense. There are many Internal Revenue decisions on this vary issue, and each one shows the difficulty in achieving the correct balance between business and personal expense, and more importantly, being able to prove it in an audit. If you are considering running your property management business out of your home office be careful. Although there are a lot of legitimate expenses which are clearly available to you, there are several that are not.
Interest Expense is Sometime Overlooked
When you are evaluating your interest expenses do not forget to expense any interest from your home equity line of credit as this can be easily overlooked. Also, if you have a small business loan that interest is deductible as well.
Disaster, Theft Losses are Deductible
In the event that a loss occurred during your business cycle those expenses are deductible provided you had a good record of the items that were lost. There would almost always be an offset as well for any insurance reimbursements, but the point here is that losses must be fully evaluated while you are preparing your tax strategies.
Depreciation and the Real Estate Professional Internal Revenue Code
When planned correctly the “non-cash” expense of depreciating one’s rental property can be the difference in paying taxes or realizing the benefit of a tax-loss. Most residential investment properties are depreciated over 27.5 year period. Commercial property is depreciated over 39 years. However, if a person were to be classified as a “Real Estate Professional” pursuant to Internal Revenue Code 179, then the benefits of owning investment property become much greater. Without going into great detail a real estate professional’s own personal property portfolio is treated differently than a typical investor. If this is enticing enough one should investigate the benefits of this little known exception in the IRC and real estate industry.
Contact a Competent Tax Attorney or Certified Public Account to Review All of Your Current Tax Strategies and any Planning Going Forward with Your Investment Properties
The information contained in this article is by no means tax advice, but merely some ideas to contemplate the next time you consider your tax situation. Every person who owns a rental property business should consider tax planning and tax strategies with a competent professional specializing in tax. There are numerous legal ways to take full advantage of tax laws and your professional status within the property management context, however these decisions need to be considered carefully with a tax professional.
A Simple Product Creation and Product Launching Formula
If you tried to think of people involved in product creation, who would come to mind? You may think of Edison, Franklin, or maybe Henry Ford. Would you ever think of yourself as someone who can create a quality product? Product creation is actually relatively easy and product launching is not that tough either! If you follow a few easy to understand steps, you could be starting the product creation and product launching process sooner than you think.
The first step in creating your information product is to know and understand your market. This can be very time-consuming, especially if you are unsure of what to do or where to look to know your market. Studying your niche market and understanding the buzz words and buying patterns can ease the process dramatically. Personally, I would recommend networking with someone who has had success in the niche market you are considering and learn from their results. If they are into product creation and not very business savvy expect some hesitation. If they only sell products and have nothing to do with product launching or product creation you may your first affiliate (sales person)! Something else you can use to find hot trends is with the Google Trends tool.
The second step is the product creation process. Take your niche market and brainstorm ideas and topics relating to it. There are a lot of product launching contests going on recently relating to a newly created internet marketing tool. There are so many aspects to the mentioned niche that literally, and unfortunately, anything can be considered an Internet Marketing tool. The reason that anyone can basically create an Internet Marketing tool is because of something called Private Label Rights products.
What I use private label rights products for, and highly recommend them in this specific manner, is to cure writer’s block especially when it is lingering. Many people base their entire product creation and product launching on a private label rights product. This is where you can start to shine and build a strong brand for yourself. If you set goals for yourself, short-term goals to be exact, you can see your product creation come into being much faster and there is a good chance with less revision needed. If you keep hitting time restraint road blocks; however there is nothing wrong with a slow and steady approach, you can consider outsourcing portions of your project. Outsourcing can be an extremely huge benefit or just as great of a disaster.
You can find someone to outsource work to at a freelance site such as Guru.com or eLance.com. When reviewing proposals it is almost mandatory you perform a background check on them as you are in essence hiring them. Doing a background check on freelancers is as easy as asking for samples of their work and reviewing feedback on the freelance site from previous customers. Depending on the size and requirements of your project this can add up to a decent sized investment, so caution is very important. One tip I always recommend to people looking to hire an individual is to ask them what they can provide you that no one else can. This simple question gives them a chance to “toot their own horn” and acknowledge where they feel most competent as far as their skill set.
The final portion of the product creation and product launching formula is the launch. This can literally make or break the effort, time, and maybe (if you invested) money you put in to your project. There are numerous aspects to product launching and although their relevance is debated in terms to their effect, experts agree all must be followed. The person in your field who you asked for product advice from can help you substantially if you have kept in touch. If not, the first thing you need to do is to create a visually appealing website with flawless design work.
I also mentioned outsourcing before, this is one aspect of product launching I have little strength in and I always outsource this portion. The website does not have to be large however the content (ad copy in Internet Marketing) must be stellar and as perfect as possible. This is where advertising knowledge or experience is beneficial. When the site is set up you now put a lead capture form on your website.
I put two lead capture pages on all products I create on the internet and is one of the best methods of getting a solid start when you are in the product launching stage. When you gain information from a prospect or someone looking to get paid for referring sales you are able to provide them updates or specials. Many people abuse their prospect or affiliate lists by in turn emailing them with a new product daily and I find the recommendations to be totally unrelated to their original need, problem, or interest.
Another stage in the product launching stage is creating a free report or demo version of your product to entice the product to sign up to your email list. Using proper follow up with this can help generate numerous sales for you. One thing you need to ensure is that your free product completely relates to your main product that you are looking to sell.
You are now ready to advertise your product launching to customers as well as the opportunity to sell for affiliates. This is the single aspect that many product creations and launches fail on. It is actually not entirely difficult. One thing you can do is write articles (and a good amount of them) on topics relating to your product. I am a huge advocate of giving a solution in forums. When you join a forum you are normally offered the opportunity to create a signature. In your signature, you should enter the link to your opt-in or lead capture page. When you respond to posts, you are advertising your opportunity.
It is not impossible to create a product and it does not have to take a long time. You need to setup a plan and stick to it. If you get stuck, look at similar and successful products to your own and try and see how they did it. When you sit down and brainstorm you will be surprised with what you can imagine.