Turning Your Passion in to a Money Making Business with Diane Kennedy

Diane Kennedy has been in the tax consulting industry for many years. She is a New York Times, Wall Street Journal, and Business Week bestselling author of 8 books and has helped me and many of my clients’ structure and plan their financial and tax strategy. Diane works as a CPA, tax strategist, business builder and investor, but more importantly ? she is a financial educator.

Diane joins me on the show today to share her tips and insight on how to turn your passion into a asset ? a meaningful, successful, money-making business. We discuss what new entrepreneurs should ? and should not ? do during their first year in business, why it’s critical to hire someone to handle your first-year taxes, and what you need to do to prove to the IRS that your business is, in fact, a business ? not just a hobby.


“Sometimes it’s just about taking your passion and tweaking it for what the market wants.” ? Diane Kennedy


On This Week’s Episode:

  • We discuss the formula that makes up your Personal Success Equation.
  • Diane explains what the IRS looks for when deciding whether you have a legitimate business or merely a hobby.
  • She explains why it’s important to have annual meetings and documented meeting minutes.
  • We discuss the type of business expenses and tax deductions small businesses can legitimately claim.


Steps to Take When Starting a Business:

  1. Get a good sense of what the business is going to be like.
  2. Talk to an attorney. Get a business structure started. It not only protects you in case you are sued, it also protects you against excess tax.
  3. Maintain good record-keeping ? from day one.
  4. Take a close look at payroll.
  5. Figure out exactly where you are doing business.


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