First rule of life

Apple watch Mickey Mouse screen shot
We must balance pixie dust with reality – our dreams and hopes with our reality.

 

First rule of life: Life is hard, for everyone, get used to it and find a millions ways to figure it out.

 

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This website is about our home health. To leave this site to read today’s post on my mental attitude website, click here.

What business expenses are deductible?

IRS tax deduction explanation
2015 was the first year with speaking revenue.

 

How long does it take to start a business?

Personally, it took six years of spending (on average $1,000/month) without making a dime. In year seven (2015) i finally made my first dime.

i told my tax professional i have carried a deep fear the IRS would tell me, “You have been deducting expenses for six years without any income. Is this a hobby or a business?”

In year seven, 2015, i was blessed to not only have income, but have enough income that removed any doubt whether it’s a hobby or a business.

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is one that is common and accepted in your field of business.

A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary.

 

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This website is about our home health. To leave this site to read today’s post on my mental attitude website, click here.

Slowing down is a great way to see things differently on purpose

Apple Store window display of colorful beads promoting iPhone 5c
Slowing down is a great way to see things differently on purpose

 

Slowing down is a great way to see things differently on purpose. At one point an Apple Store employee (whom I hadn’t met yet) kindly asked me to come out from behind the window display. In seeking different vantage points there was a small risk – breaking a relatively minor rule.

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