Taxes are Due: Midwifery Business Tax Strategies
How many midwives fear taxes? I used to fear taxes, money, and business complexity. Now I love learning about tax laws, deductions, and finances because that was where my hard earned money was being given extra to the government. Our most expensive bill all our lives are taxes. We give average one third of our hard earned dollars to the government. With proper education and legal application of tax strategies, I can show anyone how to change their tax bills closer to 0% versus 35%!!! By starting a business and having real estate, your owed taxes really go down drastically. Everyday used items in life like car, cell phone, home office space, internet, and supplies become tax write offs from your business. These write offs are BEFORE taxes versus purchasing items for personal use are AFTER taxes, That key big difference can save you thousands each year in unnecessary paid taxes. How I started on this journey was feeling frustrated as a midwife already running my own private practice that health care overhead costs was dictating how many women I needed to see and deliver to pay my bills. I didn't like feeling quality and mission was being compromised in order to pay all the rising business costs each year. I started looking at how do the rich make money. What am I not knowing or understanding to make my business successful in terms of daily completion of my mission statement. I learned some life changing facts that altered the course of my entire life: WEALTHY HAVE BUSINESSES AND REAL ESTATE! I stress in all of these tax, legal, and accounting blog posts that I am a CNM that is self taught with courses, mentors, and life application of these topics. Please seek legal advice or talk with your accountant to see what works best for you and your specific situations. My suggestions are starting points to get midwives to open their mind to different ways to look at money and business. Financial knowledge is VITAL in today's society to have long term wealth, health, and prosperity. The mission of Midwifery Business Consultation is to create true financial freedom so midwives can practice how they love versus what finances dictates the practice should look like. By adding real estate (birth center ownership and rental properties) as part of your future plan really taps into lots of amazing tax deductions available. Food and housing businesses have the most tax write offs out of any business in the United States. The government wants citizens to run these businesses. People need these things and keep the economy strong. If we had a housing or food shortage, our country would really be crippled economically. Take advantage of your midwifery business and look into buying the commercial building your home birth practice runs out of. Start one or many birth centers by actually owning the space versus renting. The overall costs of the building is much lower that it looks on paper. The utilities, upkeep, taxes, depreciation, loan payments, and insurance are all tax write off before taxes are due. Spend some time learning about taxes and business deductions available to you. There are some great books available. I really enjoy learning from Mark Kohler. He is a lawyer and accountant. His energy and passion about small businesses being successful really makes learning about taxes fun if you can believe it. I have read all of his books multiple times, listen to his Podcast regularly, get his email updates, and subscribe to his YouTube Channel. Wealth of knowledge and information about decreasing taxes with business implementation tools. Please take some time today and just look into taxes and learning about finances. It isn't knowledge is power, applied knowledge is the key. Take what you learn and start changing your business plan, personal finances, and personal goals in life. Where do you want to be in 5, 10, 20yrs from now? Do you want to be dependent on the system or have financial freedom to live life and service others how you want to do it? It is truly possible for every American to be financially free with the proper financial education and plans in place. Let's get midwifery to be a power house in United States. In order for that to happen, midwives need financial knowledge. We need to know about insurance contracting, negotiating, taxes, accounting, business ownership, Serve women best by taking the time to learn about money and business.