Comments on: My Business Plans for 2010 http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html My Debt Free Goal Wed, 18 Aug 2010 00:48:40 +0000 hourly 1 By: admin http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3403 admin Thu, 08 Apr 2010 13:07:04 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3403 Hi Derrick - I am not actively promoting <a href=http://www.cashcrate.com/222828 rel="nofollow">CashCrate</a> at this time because it is not the current focus of my business model, but it is a great program and I highly recommend it. :) Hi Derrick – I am not actively promoting CashCrate at this time because it is not the current focus of my business model, but it is a great program and I highly recommend it. :)

]]> By: Derrick Brion http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3402 Derrick Brion Thu, 08 Apr 2010 03:27:14 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3402 Amy, I just came from a website that said at Cash Crate you still hold the record for getting the most referrals. Do you still promote that program ? If so (or not),how did you do it ? Amy,

I just came from a website that said at Cash Crate you still hold the record for getting the most referrals. Do you still promote that program ?

If so (or not),how did you do it ?

]]> By: admin http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3362 admin Wed, 03 Mar 2010 13:50:11 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3362 Debt Free Dude, I went with a C-Corp because I want to keep a good part of the business income IN the business and not pass it through to myself. Debt Free Dude,
I went with a C-Corp because I want to keep a good part of the business income IN the business and not pass it through to myself.

]]> By: Debt Free Dude http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3361 Debt Free Dude Wed, 03 Mar 2010 12:04:41 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3361 Keep in mind that an S Corporation will let you move some of your income into your pocket from the business as passive income and thus not subject to FICA taxes. With a C Corporation everything has to come over as salary or dividend and dividends get taxed both on the corporate side and on your personal side. There are some tax breaks that you can take as a C Corp that aren't quite the same with an LLC or S Corp. Many of these are the same deductions you can take off your personal taxes, but on the personal side they are subject to a 2% floor, so you won't get the full benefit as you would with a C Corp. Still the passive income advantage may outweigh the tax deduction advantage. Keep in mind that an S Corporation will let you move some of your income into your pocket from the business as passive income and thus not subject to FICA taxes. With a C Corporation everything has to come over as salary or dividend and dividends get taxed both on the corporate side and on your personal side.

There are some tax breaks that you can take as a C Corp that aren’t quite the same with an LLC or S Corp. Many of these are the same deductions you can take off your personal taxes, but on the personal side they are subject to a 2% floor, so you won’t get the full benefit as you would with a C Corp. Still the passive income advantage may outweigh the tax deduction advantage.

]]> By: self-publishing children's books http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3352 self-publishing children's books Sat, 27 Feb 2010 14:37:50 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3352 Amy, where did you get info about setting up a C-corp? I know setting up a corporation is recommended, but I'd always found the idea intimidating. You are the queen of paving the road for other newbies to follow! Amy, where did you get info about setting up a C-corp?

I know setting up a corporation is recommended, but I’d always found the idea intimidating. You are the queen of paving the road for other newbies to follow!

]]> By: Donny http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3316 Donny Mon, 18 Jan 2010 00:51:14 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3316 Hey Amy, I am the guy from TNB that seem to be having a ton of issues getting started. I was here looking over this blog to compare it to what I think mine might look like....and I noticed you said you are writing yourself a paycheck, and having taxes taken out. Check with your accountant first, but there may be a better way to get paid. Since you personally own/owned all the blogs and the websites and domains; and paid for them with money you already paid taxes on, rent, lease or straight out sell them to the corp. "Loan the corporation the money to buy them from you and let the corp. pay you back. The loan payments back to you should be non-taxable since it's money that you have already been taxed on. Like I said, check with an accountant first but I think I am right. Hey Amy,
I am the guy from TNB that seem to be having a ton of issues getting started. I was here looking over this blog to compare it to what I think mine might look like….and I noticed you said you are writing yourself a paycheck, and having taxes taken out. Check with your accountant first, but there may be a better way to get paid. Since you personally own/owned all the blogs and the websites and domains; and paid for them with money you already paid taxes on, rent, lease or straight out sell them to the corp. “Loan the corporation the money to buy them from you and let the corp. pay you back. The loan payments back to you should be non-taxable since it’s money that you have already been taxed on. Like I said, check with an accountant first but I think I am right.

]]> By: Batman Villains http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3311 Batman Villains Thu, 07 Jan 2010 03:56:55 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3311 Amy, Happy New Year and Happy New DECADE!!! I had an LLC, and it really doesn't separate you from your company if you use any of your personal income information or financial position. A C-Corp is the way to go because that C-Corp is an entity for which you work. Good move. I've been working harder on my tutoring company than on my niche blogs, but my niche blog income has grown considerably over 2009 compared to 2008. In 2008 I only made $366. In 2009 I made $1,417. That's a 287% growth in income. Another place I will make passive income is selling solutions manuals for the textbooks my students use. I work through a book (all the problems), have it bound at Kinko's and students buy them pretty regularly. I will have to update solutions manuals as schools change textbook editions, but there is always some work in passive income, and I don't mind working math and science problems. My income goals for 2010 are to first keep at least my 2009 income, second to make more in 2010 (even if it's only a penny), third to make double what I made in 2009, and fourth to make 287% more in 2010 than I did in 2009. My niche blog goals are to complete converting batman villains to WordPress, and then revamp content on both Superman and Batman villains to include origins of the villains from their first comic book appearances and any changes in those villains over time. Both have been around since the late 1930s, so there is a lot of storytelling to do. There are also changes in writers and artists, and spin-off series to cover. I'm also looking into more comic book and graphic novel niches. I found this year that I absolutely love reading comic books and graphic novels. The library has tons of them. I'm going to sell a couple of my niche blogs in which I no longer have much interest, and I'm thinking about writing my first book. Best of luck to you. I enjoy your blog immensely and read it pretty regularly. Sherri Amy,

Happy New Year and Happy New DECADE!!!

I had an LLC, and it really doesn’t separate you from your company if you use any of your personal income information or financial position. A C-Corp is the way to go because that C-Corp is an entity for which you work. Good move.

I’ve been working harder on my tutoring company than on my niche blogs, but my niche blog income has grown considerably over 2009 compared to 2008. In 2008 I only made $366. In 2009 I made $1,417. That’s a 287% growth in income.

Another place I will make passive income is selling solutions manuals for the textbooks my students use. I work through a book (all the problems), have it bound at Kinko’s and students buy them pretty regularly. I will have to update solutions manuals as schools change textbook editions, but there is always some work in passive income, and I don’t mind working math and science problems.

My income goals for 2010 are to first keep at least my 2009 income, second to make more in 2010 (even if it’s only a penny), third to make double what I made in 2009, and fourth to make 287% more in 2010 than I did in 2009.

My niche blog goals are to complete converting batman villains to WordPress, and then revamp content on both Superman and Batman villains to include origins of the villains from their first comic book appearances and any changes in those villains over time. Both have been around since the late 1930s, so there is a lot of storytelling to do. There are also changes in writers and artists, and spin-off series to cover.

I’m also looking into more comic book and graphic novel niches. I found this year that I absolutely love reading comic books and graphic novels. The library has tons of them.

I’m going to sell a couple of my niche blogs in which I no longer have much interest, and I’m thinking about writing my first book.

Best of luck to you. I enjoy your blog immensely and read it pretty regularly.

Sherri

]]> By: Russ http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3310 Russ Thu, 07 Jan 2010 01:43:12 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3310 Amy. You never cease. I always come back. Your tips are still great! I am still taking small steps. Your blog is a big help. Happy new year. Amy. You never cease. I always come back. Your tips are still great! I am still taking small steps. Your blog is a big help. Happy new year.

]]> By: Melinda http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3307 Melinda Tue, 05 Jan 2010 12:44:35 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3307 Hi Amy, I have set up an LLC in the past and have been thinking about starting a C-Corp. Thanks for the info in this post and I wish you more success in 2010! Hi Amy,

I have set up an LLC in the past and have been thinking about starting a C-Corp. Thanks for the info in this post and I wish you more success in 2010!

]]> By: Debt Free Hispanic http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3306 Debt Free Hispanic Mon, 04 Jan 2010 16:27:25 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3306 Sounds like a plan Amy, good to see that you are off to a good start. I as well am working on new goals for 2010. Primarily, speaking engagements, although this does not lead to residual income, it brings my income up giving me more money to purchase niche blogs that do bring in what I call, Websidual income :) Sounds like a plan Amy, good to see that you are off to a good start. I as well am working on new goals for 2010. Primarily, speaking engagements, although this does not lead to residual income, it brings my income up giving me more money to purchase niche blogs that do bring in what I call, Websidual income :)

]]> By: admin http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3305 admin Fri, 01 Jan 2010 23:17:13 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3305 Jennifer - An LLC would not give me the tax benefits and perks I wanted. Jennifer – An LLC would not give me the tax benefits and perks I wanted.

]]> By: Jennifer Knox http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3304 Jennifer Knox Fri, 01 Jan 2010 23:01:18 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3304 Hi Amy! I'm also researching setting up a corporation and was wondering if you could explain why you chose a C-corporation over an LLC? I've been trying to decide which is best and was wondering what your research showed? Thanks! And, Happy New Year! Hi Amy!

I’m also researching setting up a corporation and was wondering if you could explain why you chose a C-corporation over an LLC? I’ve been trying to decide which is best and was wondering what your research showed?

Thanks! And, Happy New Year!

]]> By: Ruth - Web Career Girl http://www.mydebtfreegoal.com/2009/12/my-business-plans-for-2010.html/comment-page-1#comment-3303 Ruth - Web Career Girl Thu, 31 Dec 2009 17:01:15 +0000 http://www.mydebtfreegoal.com/?p=391#comment-3303 Happy New Year Amy! I'm also looking to build up more passive income in 2010, for the same reasons as you. Happy New Year Amy! I’m also looking to build up more passive income in 2010, for the same reasons as you.

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