VIDEO – Site Flipping for Profit
Here’s the webinar we had with Ryan Moran. I apologize for the audio issues. The first 8 minutes have no sound except mine… Weird I know… Then we started to pick up the audio.
If you have any questions feel free to jump into the members forum and ask away!
ENJOY!
OH HEY… Thank you Nick and Jesse for the audio. (Mine didn’t record Ryan’s half of the conversation.) I used their audio recording for this vid.
It’s the end of the World as we know it.
I mean Year. It’s the end of the Year!
This year has definitely been a productive one. I hope that everyone had the opportunity to start at least one project (hopefully more!). While everyone gives their end of the year best or worst list, recaps their progress on goals, or tells you to have a good New Years… I instead will tell you this…
Get a good CPA. If you made decent money this year and have an LLC or Inc I hope you have your duckies in a row. My CPA set me up this year to pay myself minimum wage while giving myself bonuses throughout the year. This cuts taxes WAY down. Now I am not a CPA and so I say don’t take my advice until you speak with your CPA about this.
Here is the little trick. (This is for Texas, you’ll have to check your local tax laws on this.) The IRS needs to see your business grow. They also need to see that you are paying yourself. So you pay yourself the least amount possible. Either minimum wage or a small salary. While the Government takes out their federal, state, and selfemployment taxes on that money, they cannot take the self employment tax out on bonuses. Now… I don’t know how this works but my CPA said that I can be saving 50% of my taxes by doing this.
Don’t forget to write off your home, car, phone, electric bill, water bill, Internet bill, any time you go out to eat and mention work… The list goes on. As an LLC I have some 300 write-offs I can use. The key is to get as many write-offs as possible, while not going broke doing it. Just be practical and again… Talk with your CPA.
I Am Going Back To College
{This post contains no information on how to make money online}
Yes, the title says it all. I am heading back to college at age 27. Not to a campus though! I’ve been pondering this decision for a long time. So long that I cannot remember. It probably started back when I was working 3 jobs, 7 days a week. Working exclusively online for well over a year now (3+ years total) and being an equal owner in two Limited Liability Companies, en equal owner in a Limited Liability Partnership AND running my own Sole Proprietorship I have come to the realization that I desperately need to educate myself further in terms of Business Administration, Accounting and Tax Law. Furthermore, I believe that it will also help educate me to effectively communicate with my Certified Public Account and maybe give me an added edge as I look past mutual funds, stocks and insurance as my current investment vehicles.
If it’s one thing that I know, it’s that nothing is certain online. I am making more money and my businesses are thriving better than ever but what if something were to happen in the future? I mean seriously look at it. Would I want to return to my old job of loading and unloading trucks for 12 hours a day? Would I want to be in the hundred degree heat roofing houses in the summer? I can tell you that is something I will never go back to and being financially independent is allowing me to grasp this chance. Do I sit back and NOT take this opportunity and just continue to build more entities and enlarge my online presence OR do I stop and look around and realize that what I have accomplished is GIVING me the chance to seize something that finances have never allowed me to have?
