Category Archives: Taxes

How to Turn Your Expensive Hobby Into a Profitable Business

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“It sounds to me like this is more of a hobby, when are you going to quit playing with this “business” and get a real job?”, said my clients husband.  

We all have things we love to do for fun, and that can certainly become a business. However, when others mistake your business for a hobby, it may be time to check your business and your mindset.  I know how hard it can be to have your entrepreneur dreams crushed by someone else, especially someone you love.   In my 17+ years of hands-on experience, education and failures, I’ve learned three major secrets to making a profitable business and developing a money making management system. Here is what you MUST start to do NOW, so you can prove to those around you that you have a profitable business, not an expensive hobby and so you can realize your full potential!

The 3 MAJOR Secrets: 

First, write a business plan and know your why!  (click that link to grab my free copy of a business plan checklist) Houses need plans. Money management systems need plans and businesses need plans, too. It’s the road map to success. Every wildly successful business has a business plan. Larger companies usually spend three to five years just developing the business plan.  I have seen some very influential people create six figures without a business plan, but they eventually get stuck. No one creates a 7+ figure-business without a business plan.

You want a plan that is based off of purpose, not just profits.  It’s not just about making money.  You are here for a purpose.  Knowing your why will help you stay purpose-driven on a daily basis so that you can push through the obstacles that come with life and doing business. Your WHY can help you navigate through the business plan while remaining flexible and you will be able to enjoy the journey more.  Life is a journey and so is your business!

Remember that even though you made a business plan, that foundation is not set in concrete. DON’T get so stuck on the plan that you cannot move or are unwilling to change.  Make your plan, work your plan, and be open to change your plan. Having a plan and knowing your why goes hand in hand.

Second, create a money management system. I’ve seen businesses lose thousands of dollars every single year because they didn’t have a money management system or they failed to understand the tax codes. Don’t let the IRS be a scary thing anymore.  Anything you fear will keep you from realizing the success you truly desire.   In my Start Smart Money Academy, I give you access to continual updates on tax codes in easy to learn lessons so that you are always informed, ready to handle the process and take advantage of all the money saving benefits. If you want to find hidden profits in your business, you HAVE to have a strategic money and tax system. Otherwise, money will be leaking out, guaranteed!

Third, and finally, clear the emotional clutter and create a healthy money mindset. In my Amazon best-selling book, Bankrupt to Six Figures, I share how I went from being a millionaire at age 25 to living on food stamps and having to file for bankruptcy by age 35. This all happened because of my negative thoughts and fears about money. I cried out to God one day, and He told me the money was not the problem, I was. My beliefs surrounding finances and money management were keeping me stuck in poverty.

The subconscious mind guides about 97% of what we do without us being aware. Any negative thoughts or fears about anything are most likely revealing themselves as results we don’t want. Take control of your fears around money so you can create more of it.

I want to help you succeed and help your business become more profitable, so that you can live the life God intended! Don’t let people mistake your business for a hobby because it’s not making money.   You have a God give purpose and dream to fulfill.  Get your purpose centered business plan finished because God desires you to be successful with the purpose He created you for!

If you need help creating a profitable business, so you can stop buying every online course, click here for my free webinar and click to learn more about enrolling in the Start Smart Money Academy.

Let’s get started on that business plan, so that you can finally have a profitable business and move towards financial freedom!

 

Love & Belief,

Snowe

PS

Subscribe to my blog to continue with my series on turning your expensive hobby into a profitable business!!

Avoid These Common Tax Mistakes

Nobody’s perfect. Mistakes happen. But if you make a mistake on your tax return, it will likely take the IRS longer to process it. That could delay your refund.

The best way to avoid errors is to use IRS e-file. Paper filers are about 20 times more likely to make a mistake than e-filers. IRS e-file is the most accurate way to file your tax return. 

  1. Wrong or missing Social Security numbers. Be sure you enter all SSNs on your tax return exactly as they are on the Social Security cards.
  2. Wrong names. Be sure you spell the names of everyone on your tax return exactly as they are on their Social Security cards.
  3. Filing status errors. Some people use the wrong filing status, such as Head of Household instead of Single. The Interactive Tax Assistant on IRS.gov can help you choose the right status. If you e-file, the tax software helps you choose.
  4. Math mistakes. Double-check your math. For example, be careful when you add or subtract or figure items on a form or worksheet. Tax preparation software does all the math for e-filers.
  5. Errors in figuring credits or deductions. Many filers make mistakes figuring their Earned Income Tax Credit, Child and Dependent Care Credit, and the standard deduction. If you’re not e-filing, follow the instructions carefully when figuring credits and deductions. For example, if you’re age 65 or older or blind, be sure you claim the correct, higher standard deduction.
  6. Wrong bank account numbers. You should choose to get your refund by direct deposit. Be sure to use the right routing and account numbers on your return. The fastest and safest way to get your tax refund is to combine e-file with direct deposit.
  7. Forms not signed. An unsigned tax return is like an unsigned check – it’s not valid. Both spouses must sign a joint return.
  8. Electronic filing PIN errors. When you e-file, you sign your return electronically with a Personal Identification Number. If you know last year’s e-file PIN, you can use that. If you don’t know it, enter the Adjusted Gross Income from the 2013 tax return that you originally filed with the IRS. Do not use the AGI amount from an amended return or a return that the IRS corrected.

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Biggest mistake women in small business make with taxes

Do you know the number one mistake 90% of at home business owners (especially women) make with their taxes that can cost them thousands of dollars every year?

The IRS requires that you keep a detailed  trip journal or ledger for EVERY mile that you travel including what the business purpose SPECIFICALLY was!

Join me on my next live free training to learn the exact steps to protect your deductions, money saving tax strategies & the exact steps on how to  keep your money!!

Register here to find hidden profits in your business!

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Just forming a LLC does not protect you!

I see this all the time and even more at the end of the year…

Just forming a LLC or a INC online by yourself or even with most of the online “services” DOES NOT PROTECT you and it has tax implications that the average person does not understand.

I just received another phone call from a new client who formed her company online and had NO idea what problems she caused herself. She did not understand how the taxes worked with her new company. She was going to be double taxed and would be losing almost $10,000 in a refund to her! She also had no real layers of protection and that was a big reason for wanting to form the company.

If you have formed your company online and are not sure if you have a true “corporate veil” in place or you want to know what tax liability your new company has, connect with me today for a free strategy session!

 

Blessings & Belief,

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90% of Businesses fail because of THIS…

Statistics show that 90% of businesses fail because they do not have an accounting or money management plan. Most “business” owners do not even know if they are making a profit or what taxes they are liable for!

If you are a professional entrepreneur who has avoided putting these systems in place because of your lack of knowledge or fear, THEN the time is now to break free from procrastination & begin to master your business! Anything that we avoid or that is fear based always creates blocks. Negative energy spent wondering where your money is, how much you may owe in taxes or if you are even making a profit keeps you from moving forward & realizing your full potential in business. OR if you always file your taxes at the last minute or late, if you search for days or even weeks for records or if you do not know where your expenses & receipts are, you are wasting precious time knowing in the back of your mind you need to manage your money properly!

Take back your life & begin to create FREEDOM in your business by connecting with me TODAY for a free strategy session.

My Signature Programs are designed to empower entrepreneurs to create FREEDOM in their business so that they have more time with their families!

 

Blessings & Belief,

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Self-Employment Taxes

It’s almost the end of the accounting year!

Did you know that as a self employed entrepreneur you are responsible for federal taxes AND self employment taxes?

Did you know there is a way to drastically reduce those taxes legally?

If you are an entrepreneur or high income earner who would like to put a tax strategy in place that could save you thousands this year, message me today before it’s too late to save!

 

Blessings & Belief,

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If you receive a notice from the IRS, DON’T PANIC! Here’s what you do…

Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve.

Here’s what to do if you receive a letter or notice from the IRS:

  1. Don’t panic. Follow the instructions in the letter.
  2. There are many reasons the IRS sends notices to taxpayers. The notice usually covers a specific issue about your account or tax return. It may request payment of taxes, notify you of a change to your account or ask for additional information.
  3. If you receive a notice about a correction to your tax return, you should review it carefully. You usually will need to compare the information in the notice to the entries on your tax return.If you agree with the correction, you usually don’t need to reply unless a payment is due.

    If you don’t agree with the correction the IRS made, it’s important that you respond as requested. Respond to the IRS in writing to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the lower left corner of the notice. Allow at least 30 days for a response from the IRS.

  4. There is no need for you to call or visit an IRS office to answer most IRS notices. If you have questions, call the telephone number in the upper right corner of the notice. When you call, have a copy of your tax return and the notice available.
  5. Keep copies of any correspondence with your tax records.

For more information about IRS notices and requests for payment, see Publication 594, The IRS Collection Process.

For information about penalties and interest charges, see Publication 17, Your Federal Income Tax for Individuals.

Both are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

 

Blessings & Belief,

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Avoid unnecessary costs, penalties and liability!

When starting a business, make sure you know ALL the legal, tax & insurance requirements pertaining to your line of work.

Speak to an experienced business coach, mentor or someone who has already worked in that kind of business because it WILL save you money, penalties, liability AND precious time!

WISDOM is priceless.

And wisdom comes from those who have walked before you.

SEEK wisdom for your new business TODAY!

I'm Snowe, The Money Oracle. My Signature Programs are designed to empower YOU to CREATE, MANAGE & MULTIPLY money so that you can take your business and life to the next level!

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