Tax Changes Mean You Should Own a Small Business


#1

Starting in 2018, employees will no longer be able to deduct expenses they could deduct in the past (mileage for travel, home office, tools and supplies, uniforms, etc).

Small business owners will no longer be able to deduct entertainment expenses, but they get a new 20% deduction on their taxable business profit.

Small business owners for the win!

If you’ve been considering starting a business, 2018 is the year to do it. Even if you start out doing it part time.

What kind of small business would you like to start?

If you already own a small business, what is it?


#2

I’m starting a grocery business this year. I’m doing my first beta with a pop up market this month. Keeping all of my receipts to write off expenses. They’re adding up fast.


#3

I do a few things. I sell things on eBay, although that’s slowed down a bit in the past few months as I’ve focused on other things. I also sell t-shirts via Amazon’s print-on-demand service. I have a small section on my blog dedicated to these shirts:

I also do online surveys, most through Mechanical Turk, but I’ve been doing less and less the past couple months.