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| Travel on Uncle Sam |
Published on 16-11-2004
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By David Batchelor
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Copyright 2004 David Batchelor
I love traveling, especially overseas.
For the person who is tied to the tax affairs of any of the UK, USA, Canada, or Australasia, any travel that is incurred in the derivation of incomeEis tax deductible- oh what a beautiful state of affairs! What this means is that you may run your own part time business, as well as have your job. You can find clients. Expand or do research for your company overseas, and all the costs of travel, accommodation and food are totally tax deductible. Find me better reason for running a part-time business!
You will need to have noted in your diary the reason for the travel overseas, and also have the appointments for your business verified. Almost any home based business is a great vehicle for this type of business- if you choose something that compliments your lifestyle, has opened up in a lot of countries that you want to visit, and you have a passion about, go for it. If you love what you are doing then don't worry about the money that will always follow.
Another great idea for travel if you own a business, is to research expansion to other markets, or perhaps niche market ia a certain country, or even just follow up opportunities to meet potential investors to your company. The company must already be operating for tax deduction to be available- travel incurred before operations have begun is classed as formation costs and is generally not tax deductible. Some of my best excursions to Asia have been when I have been promoting my Financial Freedom Society Inc business. In fact that is how I met my wife. And the bonus been, the travel was 100% tax deductible.
I personally recommend a home based business as opposed to a conventional business for doing this. One of the reasons for this is that most people who have gone into conventional business have created a job for themselves, and often working longer hours and making less money than they would have made when they had been employed. Starting the conventional business will require that you give up the security of your full-time job, and most likely you will need to work up to 100 hours per week. With your new home based company, you may remain in your full-time job, still enjoying the security of your salary, meanwhile starting to build your own business on a part-time basis. Being in your full-time employed position keeps you in contact with more people while you are beginning your journey.
With the conventional business there are the costs of securing, insuring, and maintaining plant and equipment. In fact, the security of a business premises today is a twenty- four hour worry in itself. Conversely, with a home based business, there is no plant and equipment, and most often no stock and therefore no insurance problems to worry about. In fact, if you decided that you did want to work for yourself, a home based business is far and away the best option to take because of its inherent risk-free factor.
Let's face it, if you don't think you can get out there and tell someone about your product or service, how do you think you are going to survive in your own business? The beauty with a home based usiness is that you can be an apprentice in your own business while still being the boss, and having the security of your full-time job. By the time your income from your home based business exceeds your income from your job, you will be a master at your business.
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David Batchelor is a Mentor and Business Coach who specilises in offering tips, strategies and tools for creating the ultimate Home Based Business. If you would like to know more about David Batchelor and how he can help you, simply visit CreateAnExtra500.com
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