Turning Your Passion in to a Money Making Business with Diane Kennedy

Diane Kennedy has been in the tax consulting industry for many years. She is a New York Times, Wall Street Journal, and Business Week bestselling author of 8 books and has helped me and many of my clients' structure and plan their financial and tax strategy. Diane works as a CPA , tax strategist, business builder and investor, but more importantly – she is a financial educator. Diane joins me on the show today to share her tips and insight on how to turn your passion into a asset – a meaningful, successful, money-making business. We discuss what new entrepreneurs should – and should not – do during their first year in business, why it's critical to hire someone to handle your first-year taxes, and what you need to do to prove to the IRS that your business is, in fact, a business – not just a hobby. "Sometimes it's just about taking your passion and tweaking it for what the market wants." – Diane Kennedy On This Week's Episode: We discuss the formula that makes up your Personal Success Equation. Diane explains what the IRS looks for when deciding whether you have a legitimate business or merely a hobby. She explains why it's important to have annual meetings and documented meeting minutes. We discuss the type of business expenses and tax deductions small businesses can legitimately claim. Steps to Take When Starting a Business: Get a good sense of what the business is going to be like. Talk to an attorney. Get a business structure started. It not only protects you in case you are sued, it also protects you against excess tax. Maintain good record-keeping – from day one. Take a close look at payroll. Figure out exactly where you are doing business. Mentioned in This Episode: 3 Feet from Gold book by Sharon Lechter Connect with Diane Kennedy: Diane Kennedy CPA Diane Kennedy on Twitter Diane Kennedy on LinkedIn Help Others Take Care of Their Money, Their Business, & Their Life! Thanks for joining us on this episode of Your Money, Your Business, Your Life podcast! If you found the information, tips, and interviews shared in this episode valuable and helpful to managing your money, your business, and your life, please check us out on iTunes, leave a review, and share our show with your friends and colleagues! Our mission is to educate entrepreneurs, investors, professionals, and families on ways to reduce the stress and frustration revolving around finances, learn what it takes to make more money in less time, and shatter the financial glass ceiling holding them back from financial freedom.

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Turning Your Passion in to a Money Making Business with Diane Kennedy is an episode from Your Money, Your Business, Your Life by Sharon Lechter.

This episode is 23:10 long.

This episode was published on Feb 5, 2018.

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