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Start your own <pick a job> business
- You can earn $100/hour <or some other pie in the sky number per some time period>
- You can work whenever and however you want <not if you want a successful business>
- You can reduce your own tax liability <yeah, right>
- You will be in demand for your skills <if you have marketable skills>
- You can work from home <or not, depending on local zoning regulations>
- You can work full-time or part-time <depending upon whether or not you want a profitable business>
First things first. The only way you can start a new business and reduce your tax liability is to lose money on that business. If you are losing money, you aren't making $100 an hour. Additionally, most of these "reduce your taxes" come-ons revolve around taking a home office deduction. However, one of the requirements for taking a home office deduction is making a profit. If you're making a profit, your tax liability goes up. If you're already losing money, your home office deduction is zero.
Most of these "opportunities" are nothing more than poorly disguised pyramid schemes. What you're really invited to do is either pay an upfront fee, or work for free, in order to acquire the right to sell the "opportunity" to the next sucker.
Here's my offer. If you want to pay someone to watch you read IRS Publication 17, Your Income Taxes, I'm available. Plus, one hour free of my watching you read if you can figure out specifically what prompted this post (and tell me what it was, of course).
