4 Easy Ways to Double Your Economic Stimulus Check
Everyone is vying for how they're going to spend that shiny new rebate check, and yet, most Americans will stimulate the economy and have nothing to show for it by next year. Have you considered how you could possibly double its value by using some of it to invest in your business?
I recommend four ways to utilize your rebate check to maximize your business and also get the money back next year when you file your 2008 taxes.
1. Tools & Equipment - Think of the new laptop you could get that would pay for itself in less than a year.
2. A "Conference" Vacation - If your family insists on going out of town, why not find a location or cruise that also has a conference going on related to your business? That way the trip can be at least 50% tax deductible as opposed to 0% deductible if it was a personal vacation.
3. Marketing Budget - How about funding that great advertising campaign that could get your business more name recognition. Sponsor a local event or get an ad in a local newspaper.
4. Pay Off Debts - Make an extra principal, interest, or lease payment. Not only will it lower your liabilities, but it can be deducted next year if you file Schedule C.
Think of the long term gains that could be had if you earmarked some or most of that windfall from Uncle Sam towards these four financial strategies. You never know, those diamond earrings you were eyeing could come a lot quicker through your own business success if you consider investing in your business.
Published by Lynn Wilson
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