Tag Archive: Tax Planning

Passive Income: Make extra money online

Passive Income: What is it and how can it benefit me?

Cash to Computing (photo credit Flickr)

Cash to Computing (photo credit Flickr)

Passive: not actively participating.  Income:  monetary payment.  

Combine them and it means money made without working that sounds too good to be true.  It is too good to be truce, because there is always some footwork to be done ahead of time.

Setting up that webinar takes time so does taking video and editing that YouTube upload.  But once its done set the marketing to autopilot and then let the passive income roll-in!  Yeah, that is wishful thinking too, there is a lot of hard work to be done to keep it up and running.  Also, keeping with the trends can be hard, but the tools below can help you meet your goals.

Make Money Online

Make Money Online

Get Started

This is the most difficult part, it was hard for me too!  The first steps are always the toughest.

Have a long term goal and cut it down into smaller pieces, so you can gradually to achieve this goal

  1. Have an idea for a Webinar?  Use this cool tool to monetize it.  Monetize it means to make money from it, like cash deposited into that PayPal account!
  2. I’ve started affiliate marketing with Share A Sale: Find a sponsor for your web site. Get paid for your great content. shareasale.com.
  3. Also, try this marketing tool: Drive more traffic to your online store using performance based marketing.
  4. Set up a drop-shipping site with a free trial with Oberlo: 30 day trial here:
  5. SpyFu helps find competitors most profitable keywords to make it easy to think these up
    1. Increases web-traffic
    2. Tracking keywords automatically
    3. Make better connections
  6. To help get started here is a Word Press Coupon: AMP for WordPress – WP Engine Webinar with Yoast SEO
    1. What is SEO?  Search Engine Optimization
    2. This basically means when people search a topic your website is actually on the list!  Trust me, its worth the investment!


Automate it:

Whew, the hard part is over.  The site has been created, the Videos are posted, and the articles are written… Now what?  There are endless resources on automating the promotion of your webinar, you-tube videos, or blog articles.

Here is a list of my favorites:

  1. Tailwind:Grab your free trial here
    1. Discover Content: taking the work out of work- they do it for you
    2. Schedule Posts: posts get automatically updated
    3. Monitor Conversations
    4. Amplify Research: can’t think of what to research? They do it for you
    5. Analyst Results: the tools are available here
    6. Perfect for Instagram and Pinterest users
  2. I need hits: This awesome tool boots web-traffic!10% Off 1st Time Orders at iNeedHits.com – Shop Now! Use Code: SAVEINH2012
    1. Get listed in Google
    2. Location Targeted Traffic
    3. Affordable Pricing
  3. Vertical Response
  4. Kolau

Boost your Website Traffic with iNeedHits Today! Shop Now!

Now invest it:

Passive Income can be created by investing into the stock market via mutual funds, individual stocks, or bonds.  Once the cash starts rolling in, now its time to make some smart decisions and use Ally and other investment tools to continue making money.

  1. Open an Ally Invest account
  2. Swell: Investing in stocks that allign with your values
  3. Robinhood:
    1. Easy investing right on smartphone
    2. Free Stock Trading
  4. Acorns
    1. Easy round-up from a credit card or debit card of your choice
    2. Set it and forget it

Good Luck on your adventure into online money making!  Tell me about your webinar in the comments, I’d love to check it out!

Oh yeah, there are affiliate links in this article, but I check them all out before I suggest em!  We are all in it to make the money right?

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Midyear Tax Planning

Tax Planning, in the summer?  News Flash, there is more than one day of the year to worry about taxes.  As a blogger I watch my bottom line very closely and try to keep my income and expenses in check.  Now that we are done with two quarters of the tax year it is a good time to assess profitability.

Profits:

If it appears that 2017 is going to be a stellar year watch out because  with positive income comes a high tax bill!  Now is time to have a plan, not April 15th or December 31st.   Summer tax planning is important as end of the year tax planning.

  • Buy Equipment:  Summer might be a good time to update your phone, tablet, or laptop for a newer version.    To be able to depreciate items it doesn’t necessarily need to be paid off, but leasing doesn’t count.  The item needs to be in the business, a personal cell phone isn’t allowed, but a business cell is.  And the life of the item should be more than one year.  For example, a calendar won’t be able to go beyond a year so it is an expense.  A piece of furniture can be used over a longer period of time so why not depreciate it?
  • Time to Hire?  Try hiring a veteran, this will allow the business to utilize the Work Opportunity Credit  Other targeted employees include:
    • Summer youth employee
    • Qualified veterans
    • Long-term family assistance recipient
    • Temporary Assistance for Needy Families
  • Retirement:  Never too early to start planning for retirement.  A tool available to anyone is the myRA retirement.  This is super cool because it costs nothing, and you can fund up to $15,000 into it before rolling those funds over to a Roth IRA.

Estimated Payments:

Technically this is a pay-as-you-go tax system. For the small business owner that means an estimated quarterly payments.  Usually by the 15th of the following months: April, June, September, and January.    Paying too much estimated taxes is an interest fee loan to Uncle Sam.  Paying too little in estimated taxes means extra penalties at tax time.

Tax Planning Time

Tax Planning Time

Is R&D for me?

Research and Development is for business that develop new products or processes.  If there are engineers, product development people, or even scientists on your payroll your business may be eligible.

Here are a few other indicators that your business might be eligible for this awesome credit:

  • Improved process
  • Software development and testing
  • Development of a product
  • Improvement of a product
  • Formula development
  • Inventions

Tax Advisor:

It may be time for a tax advisor, someone that can review the business income and expenses and help develop a plan for the future of the business.  Timing is key when it comes to taxes and an advisor can help keep that business on track.

 

It may be the start of summer, but adding value to your business for years to come means watching out for potential tax savings during the entire calendar year.

 


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