Eric Tippetts

Tax Deductions You May Be Overlooking

by

That time of the year many of us love to hate… Tax time. Entrepreneurs should always be aware of all the tax deductions they can take.

I have been in conversation with some entrepreneurs who start explaining about how they were “violated” by the IRS and when I start asking about the deductions they took, I just have to shake my head with pity.

Many entrepreneurs are neglecting many potential tax deductions. I have decided to give you a list of tax deductions you just might be overlooking.

Are you overlooking business meals?

Business meals with clients, investors or business partners are often deductible. I suggest saving the receipt and marking on it who attended and what the meeting was about.

Are you overlooking your cell phone?

If you use your cell phone for primarily business, you just may be able to write off part of your bill.

Are you overlooking your home office?

Most entrepreneurs are aware of the home office deduction but I thought I should add it here for any who are neglecting taking this major tax deduction. Just keep in mind that the area you claim as your home office must be used strictly as a home office.

Are you overlooking travel expenses?

Any time you book a flight, rental car or have any other travel expenses that are business related, they are deductible. It is important that you keep track of all these expenses and let your accountant work their magic.

See These Too:

  1. 11 Tips On Managing A Home-Based Business
  2. Introducing the NEW Rocket Recruiting V.2 Affiliate Program

Are you overlooking vehicle deductions?

When you use your vehicle for business, you can deduct mileage. If your vehicle is used primarily for business, you may find you come out better taking the actual auto expenses. This can even include the interest you pay on your vehicle.

Most entrepreneurs have discovered that the mileage rate is great and just use the standard mileage tax deduction. But you do have to keep accurate logs so you are covered in case of an audit.

Are you overlooking charitable contributions?

When you donate money to charities such as:

  • The American Heart Association
  • The Salvation Army
  • or any other organizations that will give you a receipt showing your donation

You can write these off on your tax bill.

No, flipping a $5 bill to the guitar player in the subway doesn’t count.

Are you overlooking start up costs?

Nearly all costs related to the start up of a business are tax deductible. This may include incorporation costs, legal fees, inspection fees, etc… Just make sure and keep all receipts.

Are you overlooking your mortgage?

Many entrepreneurs manage their business from their homes. This means that a percentage of your mortgage or rent can be deducted on your taxes. Your accountant will be able to explain what that percentage is.

Are you overlooking your accountant?

Yes, the fees your accountant charged you to do your taxes last year are deductible this year. Don’t neglect that. Actually, a good accountant will tell you that deduction.

Are you overlooking education?

Anything that is considered education toward growing you as an entrepreneur is deductible. If you attend a training seminar, buy training DVDs or even purchase a book that will help you become better in your business, you can probably deduct it as an educational resource.

Are you overlooking subscriptions?

Falling somewhat along the same lines as education, magazine subscriptions pertaining to your business such as trade magazines, the Wall Street Journal, Forbes, etc… are probably deductible. This will include on and offline subscriptions.

Are you overlooking your retirement?

Having a retirement fund is a tax deduction. Money you are putting away for your retirement can be a tax benefit now. Do not overlook this great tax write off.

Are you overlooking bank fees?

Many entrepreneurs do not realize they can deduct any fees associated with their business banking account. Any of those ATM fees may just be deductible.

Are you overlooking prior losses?

This is a deduction even highly trained accountants can miss. Net losses can be deducted from prior years. It is important that you review these with your accountant.

Are you overlooking The Expense Tracker?

You may be asking “What kind of deduction is the Expense Tracker Eric?”

Well, the cost of the Expense Tracker probably can be deducted as a business expense but more importantly, The Expense Tracker will help you keep track of all those expenses you had that can be deducted.

Several years ago, with a team of experts, we created this online suite of tools that allows you to keep track of all your finances using an app, by voice or online. It makes tax time much easier and helps you keep your budget under control. I am so sure you will be amazed with the Expense Tracker, you can try it for 7 days with no obligation.

Just click here and give it a go.

Conclusion

Thank you for stopping by today. I hope this helps you realize the varied tax deductions you have available. Please leave any feedback or questions you may have below.

Also, will you share this with your social media friends? They will surely appreciate the information too.

Now take your business…

To the Top!

eric tippets

Can You Call Yourself An Entrepreneur?

by

Here Are 10 Tell-Tale Signs You Can

Maybe you have not been a contestant on Shark Tank and maybe you are not yet rolling in truckloads of revenue. But you still may be able to use the designation of entrepreneur in your title. Just because someone tells you you are not an entrepreneur does not mean they are correct.

I have decided to give you 10 tell-tale signs that say you ARE an entrepreneur.

If any fit, feel free to use (Your Name) – Super Entrepreneur [or something similar] on your business card.

“People ask me all the time, ‘How can I become a successful entrepreneur?’ And I have to be honest: It’s one of my least favorite questions, because if you’re waiting for someone else’s advice to become an entrepreneur, chances are you’re not one.” Michael Dell

#1 Tell-Tale Sign: You Come From A Family Of Entrepreneurs

While this isn’t an absolute, we know that many career choices run in the family.

  • The farmer’s son becomes a farmer.
  • The plumber has a daughter who loves “sweating copper”.
  • And politician’s kids often become politicians.

So it just makes sense that if you had multiple entrepreneurs in your family, you will be an entrepreneur.

#2 Tell-Tale Sign: Reaching A Goal Is Not Good Enough For You

Many people just gloat in their pride when they reach a goal. They sit back and enjoy the accomplishment. But not you; sure, you reached that goal, but that will not suffice. You set a loftier goal and start working towards reaching it so you can set an even higher goal.

#3 Tell-Tale Sign: You Are Prone To Getting Into Trouble

While I don’t want to make it sound like I condone breaking laws or rules, I have discovered true entrepreneurs will sometimes cross barriers that many other people would dare not cross.

There is an old statement about asking for forgiveness instead of permission. Entrepreneurs often keep that as one of their prime operating methods.

#4 Tell-Tale Sign: Selling Is Exciting

If you just love the challenge of selling something… anything, you are probably an entrepreneur.

Would you take on the challenge of selling surf boards to people living in the Rock Mountains? Maybe selling cold weather mittens to people in Ecuador?

The person who loves the prospect of selling is often an entrepreneur.

#5 Tell-Tale Sign: Can’t Is Not In The Dictionary

That word can’t is not in your dictionary. When someone uses the word with you, you understand it as “I dare you”.

If you absolutely need or want something done, just tell an entrepreneur they can’t do it. It will get done!

#6 Tell-Tale Sign: You Must Be In Control

Control issues are a common sign in entrepreneurs. Sometimes that issue can lead to burn out. So many entrepreneurs must realize their control issues and make active decisions to let some control go. But if you know that you are always wanting to have complete control, you are probably an entrepreneur.

#7 Tell-Tale Sign: Others Bring Their Problems To You Because They Know You Are The Best Problem Solver

You seem to always find a way to solve a problem that other people cannot solve. If people were planning on climbing Mount Everest, they would probably ask you to come along knowing that you are a quick thinker when problems arise.

#8 Tell-Tale Sign: Your Idea Of A Day Off…

Is when you can work on needed tasks without having to

  • Feed the dog
  • Mow the yard
  • or take out the trash

#9 Tell-Tale Sign: The Gossip Is That You Are Slightly Crazy

Sooner or later the gossip will come to you… “Daddy, Daddy, Jenny told me at school that her Mom was talking with a friend at the laundromat about you… They said you are crazy. Are you?”

C’mon now… Please leave a comment at the end of this post as to how you would answer your child.

But face it, entrepreneurs do tend to give others the impression that we are crazy.

#10 Tell-Tale Sign: You Can Converse With Anyone

Just ask any entrepreneur’s spouse about this. “Heck, if a mad dictator of a South American country was waiting at the train station, my entrepreneur spouse would start a conversation with him and probably be lining up a meeting in South America to talk business.”

Conclusion

You know what? I left out one of the biggest tell-tales signs; if you are reading this post all the way down to here, You Are An Entrepreneur!

I hope you had a few giggles while reading this post and I also hope you never again question whether you are truly an entrepreneur.

So get out and take action and solve that next problem but before you go, make sure you get a copy of my book To The Top – It is your wealth blueprint.

Thank you and please share this with your friends on social media… They may need the giggles too!

To The Top!

eric tippets

8 Pieces Of Advice In Choosing The Right Network Marketing Company

by

There are people daily who are seeking to become entrepreneurs. They look at their savings and possibilities of financial funding to start their own business and they realize that financing may be impossible. So these entrepreneurs look at a way to start a business with little funding. They look at network marketing but with so many companies, choosing the right network marketing company is the most important starting point.

Here are 8 pieces of advice I will give you in choosing the right network marketing company.

Choosing the right network marketing company advice #1: Research

So many people just “jump” at the first network marketing company that comes along. It is important that you “dig in” and find out more details about the company. You will want to know:

  • How long have they been in business. Keep in mind that many new businesses fail.
  • The leadership. Do the leaders have a strong background in network marketing and business?
  • Look for any possible lawsuits or legal inconsistencies.
  • It is also wise to take a look online at reviews. Do keep in mind that every company will have some negative reviews. But you need to weight the positives and negatives.

Choosing the right network marketing company advice #2: Are the products or services unique?

If you are trying to sell products or services that are essentially the same as 10 other MLM companies, do you think you will be successful?

Believe me, it is much easier to sell an item if it is somewhat unique.

Choosing the right network marketing company advice #3: Do you have passion?

It is very important that you have a strong passion for the products or services you are offering. You need to use them yourself and have a love for them.

Just consider this – would a 50 year old man who has never allowed lipstick on his lips (well, except when his wife kissed him) do well selling Mary Kay lipsticks?

He may sell a few, but without that love and passion for the product, I doubt he will drive one of those pink Cadillacs.

Choosing the right network marketing company advice #4: How far can you reach?

One of the key factors in building a huge network marketing business is recruiting team members. It comes down to building a strong downline.

It is important that you understand just how far you can go for team members. Is it only in the U.S.? Can you attract people from Canada, Mexico, South America, etc…? MLM is huge in places like India and Australia, so you need to completely understand how far you can reach and if the company has plans of expanding.

Choosing the right network marketing company advice #5: Does the company compensation plan meet your expectations?

I cannot count the number of people who have joined multilevel marketing systems without understanding the compensation plan. It only makes good sense that you understand how you will make money before you dive into a home based business.

If you are applying for a normal job, you will ask how much your salary will be. It just makes good sense that you do the same before starting a network marketing business.

Choosing the right network marketing company advice #6: Will your sponsor be a strong support?

If we were to interview 100 people who quit their network marketing company within 3-6 months from joining, I would predict 60 of them would claim they quit because their sponsor did not help them or answer their questions.

You DO need to look closely at your sponsor. You are going to have a relationship with that person. Treat it similar to a marriage. Will you be able to have a relationship with that person? Will they help you? Will they provide the training you need?

Choosing the right network marketing company advice #7: How can you market?

This is quite important! Some network marketing companies will not allow their representatives to market via their own websites or blogs. You need to understand all the options you have to market the products and/or business opportunity.

Choosing the right network marketing company advice #8: Are the products or services reasonably priced?

If the products are priced far above comparable products, selling them may be quite difficult. While slightly overpriced is okay, if they are way overpriced, you will feel a lot of stress from rejection from price objections. You really need to research if the products are priced in a way that will make selling them not stressful.

Conclusion

Just like any other traditional business you may consider starting, you would dig in deeply before investing your money into starting that business. You really need to use that same approach in a network marketing business start up. Treat it as if you were investing $50,000, $100,000 or even $500,000.

I want to give you another great resource once you have decided on that network marketing company you will join… The name of the game is recruiting and we have an app that will make recruiting much easier. So go check out Rocket Recruiting here.

Success is right there in front of you!

Thank you for visiting and may your network marketing business lead you…

To The Top!

eric tippets

10 Tips: How Not To Burn Out

by

Stress and anxiety has been known to lead entrepreneurs down a road that many call burn out. Entrepreneurs tend to “burn the candle at both ends,” and this can often mean that the wick will run out and any number of consequences can come from it.

Entrepreneur burn out has led to bad financial decisions, extreme relationship issues and much more.

It is always best that entrepreneurs catch possible burn out before it even starts. But in some cases, it does happen and you must crawl out of that position immediately before it attacks your core.

In today’s post, I am going to give you 10 tips to stay clear of entrepreneur burn out. I hope they help you but if you do feel like you are already in burned out mode, don’t overlook counseling or at least call upon one of your mentors and seek their advice.

No Burn Out Tip #1: Make Those Goals More Realistic

I know that many of us tell entrepreneurs to set high goals. But in the case of burning out, it may be high time to examine those goals and bring them down to levels that can be reached. Entrepreneurs can face the burning out challenge when they have worked for days upon days and their goals are never reached.

No Burn Out Tip #2: Take Smaller Steps

This goes hand in hand with tip #1. By taking smaller steps… Bite size chunks, you won’t feel so overwhelmed. Instead of looking at the complete task, break it into small pieces and before you know it, the whole task will be done.

No Burn Out Tip #3: Sleep

No sleep is one of the leading causes of entrepreneur burn out. It all just comes down to setting a regular sleep schedule and following it. If you didn’t get the task done by 9 or 10 PM, oh well. It can wait until the morning.

By setting a regular sleep schedule, you will discover that your mind will be sharper.

By the way, make sure you have comfortable sleeping conditions too. Your mattress, pillow and the noise/light in your sleeping area can play a huge part in a restful night’s sleep.

No Burn Out Tip #4: Play

Sure, the business is important but you are the business. You have to let go and go play sometimes. Go camping, fishing, skydiving; just go play. You owe it to yourself and your business.

No Burn Out Tip #5: Change Of Scenery

If you are always staring at the same walls and working in the same chair, it can lead to a depressive state of mind. It helps a lot to just change your work zone every once in awhile. Try going to a library or coffee shop that has WiFi.

No Burn Out Tip #6: Eat Right

Our diet can play a huge part in our mental balance. I’m sorry, but coffee does not count as a nutritious breakfast. Take a close look at your eating habits and you will probably discover that you can mend a lot of bad habits. Try to get your share of fruits and vegetables and do not overlook taking supplements to cover things you are missing in your diet.

No Burn Out Tip #7: Remind Yourself Of Your Why

While I am completely about moving forward, I do believe there are moments when we need to look back. We need to take a close look at where we came from and where the road has taken us.

We need to remind ourselves why we chose this path.

Try giving yourself some daily affirmations as to why you do what you do. That is one of the best ways to overcome burn out.

No Burn Out Tip #8: Delegate More

I have noticed a common trait in entrepreneurs: nobody can do it as well as I do it.

That may be true, but it also can lead to burn out. It is time to let go of some of the daily tasks and outsource them out. Take some of the load off and you will will be more able to manage the responsibilities you do have.

No Burn Out Tip #9: Go Get Massages

There is nothing like a soothing massage to take the stress and anxiety away. I even suggest that you invest in a weekly or bi-weekly massage therapy.

No Burn Out Tip #10: Clean Up The Clutter

It is something we don’t notice normally because we are so busy. But our desk is full of papers, the wastebasket is full and there are many things out of place. The clutter can actually affect our moods and thought patterns. Why not just take a couple of hours and organize everything? Clean it up and you will be surprised how well it can help your frame of mind.

While you are at it, consider painting your work area with a mood enhancing color. Experts say greens and blues are the best for entrepreneurs.

Conclusion

I believe everyone experiences moments of burn out. It is not something to feel ashamed of. It is natural when you are working hard to gain success.

The key is recognizing the signs and defeating the enemy before it sets in too deeply. I believe if you use the tips I gave you, you will not be overcome by entrepreneur burn out.

A huge key is staying motivated, so I want to offer a free training course called 7 Days To Unstoppable Motivation. Learn more about it and sign up here.

Let me know if you have any questions; you can leave them and any comments below.

Thank you for stopping by and please share this with your friends and family.

To The Top!

eric tippets

Balance Is A Key To An Entrepreneur’s Success

by

I have heard some people claim that most entrepreneurs are imbalanced people. That they are similar to the person who will bet their life savings on one number in roulette with one spin of the wheel. I am here to tell you that thought pattern about entrepreneurs is a misnomer. Successful entrepreneurs have balance. Actually many entrepreneurs are more balanced than a high percentage of the human population who are not designated entrepreneurs.

Yes entrepreneurs take risks, but to have any success in life, a person must take risks. But the entrepreneur measures his/her risks. The entrepreneur balances the risks so they will profit even with loss.

“Everything in moderation, and there’s a perfect balance in this life if we can find it.” Ryan Robbins

In today’s post, I am going to crawl into the areas entrepreneurs must find a balance. Because without the balance, they will struggle to find success.

I suggest you use all the various balances I list to do a check of your own entrepreneurial balance and make changes to get back on an even keel.

Entrepreneurs Must Balance Stress Levels

I actually believe this is an area that every human being needs to learn how to balance.

As entrepreneurs, we will never erase stress. As a matter of fact, we almost need to embrace stress as a part of the entrepreneur lifestyle. But there are certain items that we must let go of the stress that we have no control of the outcome.

  • Why worry about the meeting with investors tonight?
  • Is getting stressed about finding a manufacturer going to help you find one?

Stress will always be present, but how you allow that stress to effect you is what counts.

Entrepreneurs Must Balance Their Passion With Realism

Passion is the motor that drives the entrepreneur but that motor has to have a governor on it. That passion can not be allowed to fly at speeds that are uncontrollable.

You may have an idea that awoke you in the middle of the night; you put the idea together and develop the perfect product that will solve the problems of thousands upon thousands of people. But when you start delving into the costs to manufacture the product, there is no way to get it less than $9,000 per item.

In some cases, this may be a product that people would still purchase, but when you are provided the statistics that the largest percentage of people who need the problem solved are low income, the realist will know that until those manufacturing costs can be brought substantially lower, this passion must be put in a file for a later day.

Entrepreneurs Must Balance Delegation

Law professionals will say that the person who acts as their own lawyer in criminal cases has a fool for an attorney.

The same can be said about an entrepreneur who believes they can do everything on their own. I have yet to meet an entrepreneur who knows everything about business matters or has the time to handle every task required to maintain a business.

The entrepreneur needs to make a balance in the tasks that will be outsourced to freelancers, delegated to in-house employees and completed by the entrepreneur. The entrepreneur should only be performing tasks that are generating revenue.

Entrepreneurs Must Balance Specialization With General Knowledge

Let me just put this one in perspective: who would do better at owning a hardware store?

  • A man who has learned everything that possibly can be taught about nails and screws?
  • A woman who has a certificate in welding, a certificate in wood working and a Bachelors Degree in Business Administration?

While either of these people may find success at owning a hardware business, my wager would be on the woman.

General knowledge comes first with specialized training next.

Entrepreneurs Must Balance Email, Social Media And Work

And the balance must heavily favor work!

I can never say it enough… Schedule just certain moments when you check email and social media. Those two time wasters harm many entrepreneur’s business endeavors.

Now That Area I Don’t Believe Any Entrepreneur Will Master, But We Should Try… Work – Life Balance

I have yet to discover the entrepreneur who has harnessed a balance between work and life. But we should do our very best to attempt to discover a balance, or at least a semblance of one.

We need to find it for our loved ones.

So try to discover that balance and if you do find it, be sure and share it with us.

So, Are You Balanced?

I hope this post helps you take a close look at your inner self. I hope you can attain the balance you need for success.

And, I know you can if you recognize where imbalance lies and you make the changes needed to bring the balance to a proper level.

I want you to succeed and I want to give you a bonus resource to do so. For just the cost of shipping and handling, you can get secrets and tips that can help you have the success you deserve. It is called To The Top, and you can get your copy here.

Thank you for stopping in today and my all your entrepreneur journey be prosperous.

To The Top!

eric tippets

8 Solopreneur Sales Tips

by

The name of the game is sales! No matter the type of business, sales are the top priority. So the solopreneur must sell to keep their business flowing smoothly, but one of the top issues I hear solopreneurs speak is that selling is not one of their better skills. The fact is – if a solopreneur wants to survive in their endeavors, they must sell. And, since they are CEO, CFO and all other business leadership positions, the inclusion of sales manager and sales force means the solopreneur must sell

So, here are 8 solopreneur sales tips to help you grow your business:

Solopreneur Sales Tips #1: Know Your Potential Customers

Just to put this in perspective, selling titanium to a woodpecker is not worth trying. But many solopreneurs and entrepreneurs are trying to sell in using that system. They develop a service or product and just proceed to talk and talk… to people who have no need or desire for the item they are trying to sell.

You need to know the target market. What do they need physically? What do they want emotionally? If you understand the potential customer, you will develop to fit their needs and you will get sales.

Solopreneur Sales Tips #2: Sell Yourself

Many expert sales people will tell you that if a person likes the salesperson, they will bend over backwards to purchase something from the person.

Truth be told, if that woodpecker really does like you, he just may buy a piece of titanium. I still preach #1, but help your sales percentages by selling yourself.

Solopreneur Sales Tips #3: What Is Your Why?

To really build a strong sales funnel, it is important that you have you and your brand’s why established. Consumers tend to buy from businesses that have a bigger picture in mind. They have a plan to help mankind in one form or another.

So what is your why? How will you, your brand and your product change the world?

Solopreneur Sales Tips #4: Determine Each Problem The Product Or Service Will Solve

This is a great time to have a brainstorm session. Call upon your friends and family to honestly tell you what problems they believe your product or service will solve.

Armed with this list, when you approach prospects and listen to them, their problems will rise to the surface. Search your list and explain to the prospect how your item can help them.

There is no need to go through the complete list with prospects because they are only interested in solving the problems they have.

Solopreneur Sales Tips #5: How Does Your Product Or Service Have More Value Than The Competitor?

This goes hand-in-hand with tip #4; you must be able to explain how your product or service adds more benefits for the prospect in comparison to your competitor. If your product does not have added value, what are you going to add to make the sale more valuable to the consumer?

Solopreneur Sales Tips #6: Go…Do…Be – Where…What…Like – The Prospect

That headline may have you shaking your head in wonder… Let me open your eyes:

  • Go where the prospects are – If your target market is regularly at the gym, join the gym. If they play Bingo, start playing Bingo. Do you understand?
  • Do what the prospect does – If your target market are bicycle riders, are you out riding your bike?
  • Be like the prospect – Use the products that your target market uses. This way you can find how to make them better.

The key here is empathy. Put yourself in the shoes of the people you are helping… The people you will sell to.

Solopreneur Sales Tips #7: Build Your Online Presence And Reputation

It is important that you show you are an expert in the niche area you have developed your product or service in. You can do this best by building your presence online and offering valuable information. Be choosy about what you share and wise with what you post.

In these days of the internet, consumers will often do a Google search for you, your brand and your product before they agree to purchase from you.

Solopreneur Sales Tips #8: Develop Relationships

Be it online or offline, it is important that you develop relationships with your target market. Just because they do not purchase from you immediately, as you build relationships with them, in time they will realize that your product or service can help them solve their issues.

Help them with solid tips and advice for free.

Do not fear talking about areas other than just business. Just be cautious with politics and religion.

Conclusion

By following these solopreneur sales tips, you will gain a foothold in one of the most important areas of managing your business. After all without sales, you really do not have a business.

To help you even further with solopreneur success, I highly recommend getting a limited time discounted access to the Home Business Success Kit – It is 3 tools in one and you can find out more, and get yours here.

Use the above tips and all the tools in the Home Business Success Kit and you will climb to stardom as a solopreneur.

So with that, I will see you

At The Top!

eric tippets

@ERICTIPPETTS

FOLLOW ON INSTAGRAM

FOLLOW ON INSTAGRAM

FOLLOW ON FACEBOOK

FOLLOW ON
X

FOLLOW ON
LINKEDIN

SUBSCRIBE ON
YOUTUBE

Get Your Free

Abundance Appraisal

How do you compare?

With a powerful magnet mindset, you can bring in all of the abundance you can dream of. But with a magnet mindset of lack and worry, you’ll always find yourself struggling to bring in more, manage more, and make more money.

Don’t you want to know the strength of your magnet mindset?

Now you can, absolutely free, with our 5-minute

Abundance Appraisal

START YOUR ABUNDANCE APPRAISAL NOW

Get Your Free

Abundance Appraisal

How do you compare?

With a powerful money mindset, you can bring in all of the abundance you can dream of. But with a money mindset of lack and worry, you’ll always find yourself struggling to bring in more, manage more, and make more money.

Don’t you want to know the strength of your money mindset?

Now you can, absolutely free, with our 5-minute

Abundance Appraisal

Sign Up Here to Receive a Free Chapter
of My Book To The Top
Consent
This field is for validation purposes and should be left unchanged.
Eric Tippetts

Get Started! We will send you a special gift to your email address after you see your score on the results page.