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Small Business Owner
           
   

Stop risking your personal assets and your business.

If you are running a business as a sole proprietor or in a partnership, you are wide open to unnecessary risks. All your assets are available to your creditors and unscrupulous lawyers. Not only that, but you are missing many tax deductions specifically created to help small business. A better entity for business is a Corporation or an LLC (Limited Liability Company).

The Tax man can be your friend

There are two systems of taxation in the US. One system is for the uneducated and the other is for the educated. To become educated, you don't need to go back to school. You can educate yourself for little or no cost.

For the first part of your education, I recommend you get this book, by Sandy Botkin, a former IRS Attorney and Senior Tax Law Specialist. "Lower your Taxes - Bigtime!" - This book is so good that I bought an extra one for my accountant. If you really can't afford it, try to borrow it from your library. You will need to take many notes.

You should be able to read through it in under a week. Make sure you take notes and include the page numbers so you can go back to it later. What you will find is that businesses have up to 300 legal tax deductions and while you will not be able to use them all, you will be able to gain from many more than you have been so far.

The main thing to note about this is that there are so many perfectly legal deductions that there is no need to go to "the edge of legality".

Free Asset Protection CD

The free CD also tells you how to audit-proof your records, bullet-proof your assets and get a $497 book, for no cost.

Finding a Business Coach

While a coach will generally cost you money, the cost is tax deductible and your coach can save you from many pitfalls.

Your coach will teach you to build and protect your assets for generations to come. If you haven't formed a Corporation or LLC before, your coach guides you through deciding on a structure for your business and getting it set up. I recommend Drew Miles, the Tax Saving Attorney and his group because they helped me and it was really worthwhile. Just request the free CD to get more information.

Form a Corporation or LLC

If you already know the type of entity you need and don't need a business coach and don't need hand-holding through setting up your entity, then one of the best do-it-yourself ways is to use www.corporatedirect.com which is a low-frills, quality company to set up your new entity. Their website tells you everything you need to do, so you can easily check to see if you have the right skills to do it yourself.

Take Action

Education is a wonderful thing, but there is one thing more important than education and that is Action. For some people, taking action is hard to do. It is better to try and fail than to never try at all. So educate yourself - and minimize your risks, then take massive action.

Best Wishes - and ask me if you still have questions: alan @loopbiz.com.

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