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hsimpsonjr
Joined: 16 Dec 2006
Posts: 612
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#21 · Posted: 21 Jan 2007 22:13
You will definately be self employed and will be responsible for reporting your tax info yourself or you will need to use an accountant. That means you will be able count many things off on your taxes, also.
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PNL Travel
Joined: 28 May 2006
Posts: 216
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#22 · Posted: 22 Jan 2007 10:51
Quoting: travelingcoastal Can anyone suggest a book where I can check futher into Tax wise if doing Coastal?
I read some of "It's How Much You Keep That Counts!...Not How Much You Make" by authors: Ronald R. Mueller, MBA & Scott C. Turner, CPA. Then we found an accountact 
Quoting: travelingcoastal Do I have to be registered as self employed?
That depends on your local laws, an accountant should be able to help you out with that.
Hope this helps!
Lora
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susaneng
Forums Member
Joined: 19 May 2006
Posts: 120
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#23 · Posted: 9 Feb 2007 07:01
Hi travelingcoastal,
I have started other home based businesses in the past, and I have never been registered as self employed since I also have a "real job"(w-2 employee), but I have been able to write off everything for the business. As this tax time rolls around I will writing off all my expenses for Coastal as well as my vacations. I have a tax person do my taxes so I know this is legal to do.
I don't have a book that I know of to read about this, but I know if you keep all your receipts that have anything to do with your business it is ripe for a write off. If you decide to incorporate you move from a sole proprietor to a corporation where you will have additional tax write offs and asset protection. I am not a tax person but I have taken several seminars on real estate investing and it works for both that and home based businesses.
My goal is to become so successful at this that I will definitely need to incorporate as I will be using my profits to invest in real estate and become financially free.
Hope this helps you out a little.
Susan
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roger
Forums Member
Joined: 31 Jan 2007
Posts: 276
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#24 · Posted: 9 Feb 2007 21:28 · Edited by: roger
Quoting: travelingcoastal Can anyone suggest a book where I can check futher into Tax wise if doing Coastal? Do I have to be registered as self employed? Thanks
Hi Traveling Coastal,
You can run your business a couple of ways, one as a sole proprietor and the other as a corporation.
Although I'm in Canada, I know you can write off a portion of your house as a business expense which also includes your heating, hydro, car, insurance, etc etc.
I run my Coastal biz as a corporation which gives me even more reduced tax liabilities. It works the same for both countries...there is a company called Sage Int'l, out of Nevada. They offer free teleseminars every once in awhile and specialize in home business, tax strategies and more. You can call them and get on their e-mailing list to let you know when the next teleseminar is.
I've been on a couple and its helpful! 1 800 254 5779
All the best,
Roger
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