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Daryl -the other brother Special user Chicago 594 Posts |
As I stated in another thread,I am starting my own business in the magic field, while I know magic, I know nothing about the business end.
There are a ton of books on the subject.Can anyone lead me to the best i.e. easiest to understand? A big concern of mine is what is needed to start deducting expenses for my taxes? Thanks in advance for any advice. |
RobertBloor Inner circle The Socialist Republic of the USA. 1051 Posts |
Daryl,
My number one best advice: Keep your business finances completely seperate from your personal finances. Second, get with an accountant. They'll take care of all your numbers for ya. Robert Bloor
"That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government,"
-The Declaration of Independence |
Jim Snack Inner circle 1338 Posts |
Daryl,
Great question, and exactly why I offered the Success-in-Magic course, to help people get started setting up their magic business. There are many excellent books designed for anyone setting up their own business. Some suggestions: The "E" Myth Revisted by Michael Gerber Anything written by Paul & Sarah Edwards for a home based business. Growing a Business by Paul Hawkin For tax information: Lower Your Taxes - Big Time! : Wealth-Building, Tax Reduction Secrets from an IRS Insider by Sanford C. Botkin Building your professional practice is an activity that will take several years. Keep reading everything you can find on running your own business while you continue improving your act. Feel free to PM me with any specific questions. Good luck. Jim Snack jim@success-in-magic.com |
magic4u02 Eternal Order Philadelphia, PA 15110 Posts |
Jim:
Once again very great and useful information. Thank you for sharing it with us.
Kyle Peron
http://www.kylekellymagic.com Entertainers Product Site http://kpmagicproducts.com Join Our Facebook Fan Page at http://facebook.com/perondesign |
WolfgangWollet Loyal user 209 Posts |
In most towns there are free courses for future business owners by the Chamber of Commerce or similar institutions that answer a lot of the initial questions. Maybe you want to contact them and find out what is offered in your area.
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ricker Special user Tampa, FL 914 Posts |
Every business has the same startup/ day to day problems. The only difference is the type of business.
It's cheap to INC yourself and become a Sub S corp. This way, you have the best of the sole propriatorship and corp at the same time, and your personal liability is limited. Contact the SBA and they can help too. Rick |
Ricky B Regular user Northern California 172 Posts |
Following up on Robert Bloor's advice, I suggest you open a separate checking account for your magic business.
All receipts from that business go into that account. All expenses for that business are paid from that account. If you pay for something with cash or credit card, prepare a voucher itemizing the expense, attach a receipt if available, and write yourself a check from that account to reimburse yourself for the expense. No unrelated receipts or expenses go into or are paid out of that account. If you do this, it will be simple to calculate your profit or loss, particularly if you use Quicken. --Rick |
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