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Intent can lower your taxes by thousands of dollars, here’s how
How does intent on making a profit relate to lowering your taxes?
People start home-based businesses every day to reduce taxes, and this is how they do it.
To legally start a home-based business, the IRS requirement says, you must have the intent to make a profit.
How does the IRS know what your “intent” was?
Expenses.
Even the stuff you’d rather the IRS didn’t know is revealed by your expenses.
As an example. You made a small amount of profit from cryptocurrency or other investments. You have a W-2 job and prefer not to pay high taxes on short-term gains.
Online home-based businesses are one of the fastest ways to start a business and offer the best tax deductions.
Your first step is to purchase a $20 domain name.
It is then time to purchase hosting and use WordPress or hire someone from Fiverr to set up your website. Or, even better, you head over to Flippa.com and purchase a startup e-commerce website or blog for under $200.
Research what type of business you want to start. By now, you are feeling some excitement. After all, it is an amazing feeling to create something from scratch.
