See how to use “The Black Box” investing strategies the ultra-wealthy use To Make Millions.
What is your number one expense? Mortgage? Lease? Utilities? Wrong… if you're like most Americans your number one expense is taxes. Except, most of us don't look at taxes like an expense, they're merely a part of life. But, here's the thing… you can actually use your hobby to reduce your taxes.
It takes some upfront work, but the tax savings and the extra capital that you'll be able to keep in your pocket are well worth it.
Learn more about how to use your hobby to reduce your taxes from The Elevation Group CEO and investment expert Brian Fouts from his latest training call:
Hey everybody, Brian Fouts here with The Elevation Group now I was just talking to one of our coaching students here this morning and a topic came up that I want to share with everybody here because we all want to have cash flow for the future, right?
You want to have the security that you're going to have money or cash coming in to take care of yourself in the future. Right? You can live that life that we all dream of because that cash is there. So one of the best ways to do that is to plan today. And one of the best things to do is to reduce your number one expense starting right now because when you reduce that expense today, it's going to have a ripple effect into the future.
Now, that number one expense that we all have to think about is taxes. Taxes for most people is your number one expense. But we don't even think about it until like, what, April 14th, when we have to pay our taxes. But successful entrepreneurs should think about taxes. They want to win that tax game every single day. They want to play that game and they want to win that game. So there are some ways you can actually reduce your taxes right now.
Now, if you're a W2 employee, one of the best things to do is to have a hobby business. Now, why do you have a hobby business? Well, owning a business allows you to make deductions that you otherwise would not be able to make. Things like utilities, a portion of, you know, your Internet as an example, cell phones, electronics, a computer. If you have a home hobby business, you can get deductions that reduce your taxable income. That's a simple strategy.
Additionally, the student I was talking to here today, earlier this morning, had a lot of expenses for education, for training and for coaching, all of the things they're doing to build their business. And they weren't actually taking any deductions for these things. And so what we actually were talking about is they can go back and refile the previous three years of taxes and get and get their deductions in place to get more money back in their pocket. And did the same thing back when I was getting my start. I remember I refiled three years of taxes because that's what you can do and I put about 4000 or 5000 dollars back into my pocket because there are deductions that I had not taken previously that I went back and did.
So keep that in mind. Have a hobby business that allows you to get deductions right now, take that capital and invest it for the future as well as a great strategy. You should always be looking at how to use your hobby to reduce your taxes.
With that, everybody take care. Join our community at The Elevation Group and I'll see you on the inside.