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	<title>Comments on: Side Businesses: Why you need multiple income streams</title>
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		<title>By: Lisa A.</title>
		<link>http://www.imagineyourreality.com/blog/2009/08/side-businesses-why-you-need-multiple-income-streams/comment-page-1/#comment-151</link>
		<dc:creator>Lisa A.</dc:creator>
		<pubDate>Sat, 15 Aug 2009 02:29:36 +0000</pubDate>
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		<description>That is NOT hard to do hehe!  Enough according to the IRS last I checked was $600.  As long as you don&#039;t claim a loss after 3 years, you can break even with your business, and if everything makes sense, they won&#039;t ever have a desire to audit you.  However, one of the things I do not do is write off my telephone, computer, and home-space for my office (and thereby take percentages of all the utility bills and such) - that is asking for an audit.  I just write off the undeniable expenses and I have enough of those to make it worth my while!  Thanks Taylor! :-)</description>
		<content:encoded><![CDATA[<p><!-- google_ad_section_start -->That is NOT hard to do hehe!  Enough according to the IRS last I checked was $600.  As long as you don&#8217;t claim a loss after 3 years, you can break even with your business, and if everything makes sense, they won&#8217;t ever have a desire to audit you.  However, one of the things I do not do is write off my telephone, computer, and home-space for my office (and thereby take percentages of all the utility bills and such) &#8211; that is asking for an audit.  I just write off the undeniable expenses and I have enough of those to make it worth my while!  Thanks Taylor! <img src='http://www.imagineyourreality.com/blog/wp-includes/images/smilies/icon_smile.gif' alt=':-)' class='wp-smiley' /> <!-- google_ad_section_end --></p>
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		<title>By: admin</title>
		<link>http://www.imagineyourreality.com/blog/2009/08/side-businesses-why-you-need-multiple-income-streams/comment-page-1/#comment-149</link>
		<dc:creator>admin</dc:creator>
		<pubDate>Thu, 13 Aug 2009 01:47:07 +0000</pubDate>
		<guid isPermaLink="false">http://www.imagineyourreality.com/blog/?p=337#comment-149</guid>
		<description>The one thing to be careful of is to make sure you bring in enough income that the IRS keeps your business classified as a business as opposed to a hobby. There&#039;s different tax classifications and you want to stay classified as a business so you can take those deductions.</description>
		<content:encoded><![CDATA[<p><!-- google_ad_section_start -->The one thing to be careful of is to make sure you bring in enough income that the IRS keeps your business classified as a business as opposed to a hobby. There&#8217;s different tax classifications and you want to stay classified as a business so you can take those deductions.<!-- google_ad_section_end --></p>
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		<title>By: Lisa A.</title>
		<link>http://www.imagineyourreality.com/blog/2009/08/side-businesses-why-you-need-multiple-income-streams/comment-page-1/#comment-148</link>
		<dc:creator>Lisa A.</dc:creator>
		<pubDate>Thu, 13 Aug 2009 00:25:07 +0000</pubDate>
		<guid isPermaLink="false">http://www.imagineyourreality.com/blog/?p=337#comment-148</guid>
		<description>I guess this has been something on my mind for some time, since my self-employment often comes from more than one place.  The crochet hat business I started in 1997 has been part-time money ever since it started, and though it is only a small percentage of my income, it is worthy to continue because it provides a creative outlet for me, and a hard-to-find service for the sort of client that would purchase hats from me.  I had considered growing this business, and upon investigating the possibilities, too much compromise was needed to bring about the same result for the purchasing customer.  Contracting ready-made hats overseas never felt right, as that was not why my small handful of lifestyle customers would buy from me.  After evaluation, I hope this 12-year old side-business continues to stay part-time.

The newer endeavor for me is becoming an Author.  During most of the last decade, I made most of my money from my abilities in Astrology, Tarot, and Dowsing.  I wanted more of a healing emphasis to my work, so I also added Reiki II, Flower Essences, and became a Master Herbalist.  So my occupation is changing from Astrologer who does all these other things, to Author that does many things, and then I can include other areas of knowledge I have gained and share information as well as provide consulting when needed.  This would still produce multiple streams - through book sales, paid articles, as well as product and consulting services.  As you mention, a blog that gains enough readers can also consider advertising income.

To also be considered is not just what you earn, but what you keep.  Working at home, or at least in a non-formal, casual environment provides incredible savings in gasoline, car repair, eating out, clothing (including hosiery) and its maintenance - and those surprise things at the office that seem to require monetary donation toward (as an example) someone&#039;s birthday present, which gets cumbersome if your office is big.  Investing in taking care of my health naturally has enabled me confidence to treat nearly anything, alleviating the need for medical insurance (which I understand doesn&#039;t cover very much anyway compared to how expensive it is) and what would have been the premiums could go better toward building a good herbal pantry (and this is accomplished in about a month or two with money leftover).  And how can we forget tax write-offs for business expenses that you wouldn&#039;t be able to claim if you were an employee?  Every time I drive somewhere, it is almost always for business, and at 30 cents a mile, this is an awesome write-off, and if eating out can be met with business folks, you can write that off too.  These things can add up, and money kept is money earned.</description>
		<content:encoded><![CDATA[<p><!-- google_ad_section_start -->I guess this has been something on my mind for some time, since my self-employment often comes from more than one place.  The crochet hat business I started in 1997 has been part-time money ever since it started, and though it is only a small percentage of my income, it is worthy to continue because it provides a creative outlet for me, and a hard-to-find service for the sort of client that would purchase hats from me.  I had considered growing this business, and upon investigating the possibilities, too much compromise was needed to bring about the same result for the purchasing customer.  Contracting ready-made hats overseas never felt right, as that was not why my small handful of lifestyle customers would buy from me.  After evaluation, I hope this 12-year old side-business continues to stay part-time.</p>
<p>The newer endeavor for me is becoming an Author.  During most of the last decade, I made most of my money from my abilities in Astrology, Tarot, and Dowsing.  I wanted more of a healing emphasis to my work, so I also added Reiki II, Flower Essences, and became a Master Herbalist.  So my occupation is changing from Astrologer who does all these other things, to Author that does many things, and then I can include other areas of knowledge I have gained and share information as well as provide consulting when needed.  This would still produce multiple streams &#8211; through book sales, paid articles, as well as product and consulting services.  As you mention, a blog that gains enough readers can also consider advertising income.</p>
<p>To also be considered is not just what you earn, but what you keep.  Working at home, or at least in a non-formal, casual environment provides incredible savings in gasoline, car repair, eating out, clothing (including hosiery) and its maintenance &#8211; and those surprise things at the office that seem to require monetary donation toward (as an example) someone&#8217;s birthday present, which gets cumbersome if your office is big.  Investing in taking care of my health naturally has enabled me confidence to treat nearly anything, alleviating the need for medical insurance (which I understand doesn&#8217;t cover very much anyway compared to how expensive it is) and what would have been the premiums could go better toward building a good herbal pantry (and this is accomplished in about a month or two with money leftover).  And how can we forget tax write-offs for business expenses that you wouldn&#8217;t be able to claim if you were an employee?  Every time I drive somewhere, it is almost always for business, and at 30 cents a mile, this is an awesome write-off, and if eating out can be met with business folks, you can write that off too.  These things can add up, and money kept is money earned.<!-- google_ad_section_end --></p>
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