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:
- Get a good sense of what the business is going to be like.
- 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.
- Maintain good record-keeping ? from day one.
- Take a close look at payroll.
- Figure out exactly where you are doing business.
Mentioned in This Episode:
- 3 Feet from Gold book by Sharon Lechter
Connect with Diane Kennedy:
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