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Gain Some Tax Advantages While Embracing Your Passion

It’s Tax Day, 2011.

Today is the day when millions of Americans are required to submit their tax returns to the IRS. While many have to work 5 to 6 months into the year in order to break even on their tax liability, many more don’t even realize just how much they’re paying in taxes. For those who are working in the 9-to-5 corporate world with very little tax relief, there is a better way.

Have you considered taking your passion and turning it into a business? With a legitimate business playing to your strengths, you can increase your income, reduce your tax burden while gaining tax advantages and — most importantly – work in a field that you are absolutely crazy about.

So what are you crazy about? What’s business ideas have you been harboring for many, many years? Are you interested in providing a service, creating a product or embracing a long-term passion?

Here’s what I recommend. First, write a list of the things that you are good at doing or creating. Second, write a list of the things that you would do for free. (After all if you would do it for free, you certainly do it for money.) Third, read the following books, “48 Days to the Work You Love,” by Dan Miller and “Crush It! How to Cash In on Your Passion,” by Gary Vaynerchuk. These books will help you identify your passions and how to monetize them.

Of course, as you begin a legitimate business that produces income, you can reduce your tax burden by writing off legitimate expenses. For more information regarding taxes, please consult a competent tax professional or research the many resources online.

Today is Tax Day. You can use this day to declare the American Dream for yourself and finally launch that new business or capitalize on that “big idea” you’ve stowed away. Not only can you gain some tax advantages, you can embrace a new opportunity that will help you capitalize on your strengths and passions, make extra (or replacement) income and live your life to the fullest degree.

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Posted by on April 18, 2011 in Business


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