George will earn $195K from his work. It’s mid-year, and he has already earned $65K from his side hustle. Now, he has a tax problem.
The side hustle was supposed to be for fun and a tax write-off, but the designer- one-of-a-kind T-shirt biz took off on Etsy and created a higher-than-expected monthly income.
George knew his taxes would be high. After all, he is single and does not yet own real estate. However, the added income of $65,000 is making things worse, and it’s only halfway through the tax year.
The home-based business was supposed to help with legal tax deductions. His tax person assured him that he could write off a percentage of his rent, utilities, home insurance, marketing expenses, and all expenses associated with his new online business.
John has a special talent for creating amazing images using AI. He loved creating funny sayings on T-shirts, and his girlfriend suggested that he put his designs on Etsy.
His price is $45 for a one-of-a-kind T-shirt.
Esty is a place where women mostly shop; however, the T-shirts were purchased as gifts for men.
George hired a Pinterest Ad Manager to implement his marketing program on Pinterest. He got tons of traffic, especially after implementing his $100-a-month ad campaign.
George already had the maximum withheld from his Federal withholding and wasn’t worried about owing taxes at the end of the year.
However, this added income was looking like it could be over $100,000 by the end of the year. This was trouble for him because he still had a substantial profit even with all his home business deductions, including all business expenses and a percentage of his rent.
That’s when someone told him about my Tax Tutorial Videos on Demand in the channel’s Membership program. That is where he learned how to lower his tax liability. And because he was doing a mid-year audit of his tax year, he had time to implement the legal tax strategies.
The Spend-Down Method utilizes depreciation to provide a tax write-off of up to $1 million. George will be able to significantly lower his taxes and increase his assets.
He will need to pay Estimated Taxes immediately to avoid penalties on next year’s tax return. The Video on Demand Tutorials explain the process.
Remember the tax deductions that helped to make George’s Esty store popular:
Traffic — Pinterest; Pinterest Marketing Manager — Check out Fiverr
Traffic — Pinterest Ads $100+ Per Month
Esty Store — Store Design & Fees Using Expert Branding
Etsy Store — Over 50 Unique One-of-a-Kind Items to Start
George used Printify to get started, it’s free.
To become a channel member, you don’t have to be interested in exotic currency profits. The Tutorial on Demands can be utilized without an interest in Exotic Currencies
