One Thing: Day 710: Tax. Money. Depreciation.
Day 710: Tax. Money. Depreciation.
Yesterday I gave you some random unconnected thoughts like, ‘don’t practice to practice… practice to improve.’
Speaking of room for improvement…
When someone yells “STOP” I never know if it’s in the name of love, if its Hammertime, or if I should collaborate and listen…
In other news…
“At its heart, wokeness is divisive and hateful. It gives mean people a shield to be mean and cruel, armored in false virtue. ~Elon Musk
Your One PROFIT ACCELERATION THING Today Is:
Staff members make money, pay tax and then are able to spend what’s left.
Entrepreneurs make money, spend money and pay tax on what’s left.
Translation: A MAJOR advantage to owning a business is to save on your number one expense… TAX.
Here’s a little homework I’d consider doing on minimizing you and your clients tax position.
With 95% certainty your existing accountant isn’t doing anything like this (probably aren’t given the opportunity cause you see them once a year and that’s 3 months after the financial year has already ended) and it’s costing you and your clients money.
- Get a floor plan of your house
- Mark the areas that are taken up by your office
- Your office needs a bathroom
- Your office needs a kitchen
- Your office needs an entrance
- Space for garbage
- Storage area
- If you do meetings, you’d need the living room
- Company car space in your garage
- Maintenance on the gardens that surround your office
- Cleaning of your office and areas you need
- You are staff and you need amenities like tea, coffee, biscuits, milk, food, toilet paper (you poop a LOT) etc… Note: This is why you can buy all of this stuff at Staples or stationary stores. Buy it there separately from other household expenses.
- Assume the above is 50% of your house. Then 50% of the interest on your mortgage should be able (*NOT TAX ADVICE… all is subject to local tax laws so ask your accountant) to be dedicated.
- Expenses like electricity, water, city are now partly business expenses.
- *Depreciation / Amortization (depreciation and amortization are non-cash expenses and therefore PURE GOLD for minimizing your tax position – reduce your profits without spending your hard earned cash) on office equipment, computers, laptops, furniture used for business purposes, cars and any other assets (amortization is off your intangible assets like intellectual property) that are used to increase income.
You heard it here first.
Here’s a video where I answer the question, “How does Tony Robbins use a layered approach to business”
Now, pick up the phone and go help someone.
Obsessed with your business coaching success,
Karl Bryan aka King Karl
PS. Your ultimate goal is likely freedom… the trick is to clearly define what freedom means to you.
PPS. If this helps and you want it to really sink in… GO TEACH IT to someone cause that’s the best way for you to learn it. A friend, your spouse, a prospect, a client etc…
*Don’t plagiarize my work like a lame arse.
PPPS. Marriages break up from lack of money… over lack of love X 100.
Business failures lead to destruction, addiction, depression, anxiety, suicides, and, unfortunately, far more.
As good business coaches, we save marriages, save families, save kids from self-destruction… we save lives!
A true life of purpose.
PPPPS. If you’re looking for a proven system to follow for your coaching…. I created Profit Acceleration Software™ as well as our Digital Acceleration Software™ and high-end step-by-step training to support it…
It’ll teach you ‘How to find any small business owner $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.’
Imagine finding your annual $12,000 to $50,000 coaching fees BEFORE you started coaching your new clients?! And a proven coaching system created for you to follow with your new coaching client.
Reply to this if you want to start following a proven coaching system.
PPPPPS. Forward this to someone that needs to subscribe to my daily emails and get a limited-time, complimentary subscription to my business coaching magazine go here:
PPPPPPS. They tell me my Podcast is Ric Flair style, Money Makin, Client Getten, Joint Venture Landing, Event Fillin, High-End Coaching Client Findin Gold For Business Coaches.
Missed a day? Catch up here.
Karl Bryan, creator of Profit Acceleration Software™
Karl is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Focused.com, home of the largest private community of Business Coaches (24 countries and counting) in the world. His goal is straightforward… to help serious coaches/consultants get more clients. Find out more at focused.com
You may also like