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August 20, 2005

Another Venture?

My wife and I decided not to buy a house this year, which means that we're going to get killed in taxes (DINC!). So I'm trying to find was to legally mitigate that. Of course there's charitable donations, but unless you're making donations on the size of like 10% of your income it's not going to help.

I've always wanted to own my own business and eventually make it my full time job. So, I thought to myself why not start it early and gain some of the tax benefits this year. Obviously the first year and probably the second are money losers. This lose can be applied to our taxes and voila! I have more assets, a business to grow and less taxes.

As a plus, if I wanted to keep doing this as a so-called Hobbyist Business then I can (almost) never show a profit as long as I can prove that I'm trying to make a profit.

Now it all comes down to 1) filing the correct paperwork, 2) making sure that I keep track of business expenses and 3) coming up with some semi-viable business plan. Sounds easy to me. I bouth Nolo's Small Business Start-Up Kit and it seems to have fairly good advice. I now know a little more about tax law and what paperwork I need to file. Their section on what type of business to start was phenominal and made the book worth it right there.

More on this as it unfolds. Hey, maybe my business will be a blog on starting a business...hmm....

Posted by Guy at August 20, 2005 8:25 AM