First Year Results

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jack_indigo
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Posts: 186
Joined: Sun Jun 08, 2008 11:25 pm

First Year Results

Post by jack_indigo »

My first year results were so astounding that I had to share them. It wasn't a fantastic sales revenue year by myself, but it was good enough to pay the bills and for me to learn the ropes. I hope to increase the sales revenue by about $20K more this year, and I also will have a fantastic passive income project off the ground, sputtering into action slowly but surely, this year.

So my 2008 results were, in first year of freelancing: $45,000 USD (United States Dollar). Now, what's amazing is that my wife and CPA managed to whittle this down to a reported income to the IRS (Internal Revenue Service -- the tax guys) of $9,000 USD by various first-year tax deductions that are often so fantastic.

And then the IRS gave us a $1,500 USD tax refund check.

With the low reported income, it gives my wife and I a higher so-called Obama stimulus check for later on this year, and also gives our teenager a greater opportunity of cash for scholarships, grants, or loans for college this year.

Now, this isn't something to jump up for joy completely, though. I mean, first year business tax write-offs are always so much more sensational than you can successfully write off in subsequent years. So, my rate will have to go up by $5 per hour and I'll need to definitely start saving more for paying 2009 taxes in 2010. Note also that in 2007, when I worked in an office for an employer, I earned $60K. However, I also had a lot of "Lessons Learned" in 2008 that I plan to improve upon in 2009, and hopefully that can easily keep me from hurting myself and grant me $20K more this year. And the passive income project I did will soon engage and generate cash.
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