Member-only story
How to earn $100 a month in passive income* driving to work
If you’re driving a car to work, and write it off, it’s passive income
Note: This is not tax or financial advice — and the scenario described requires a job with a commute, and a person who would need to itemize their tax return(it will if you make more than the $55,000 a year or $110,000 a year as a married household)
What is a tax refund, if not income recaptured? One of the easiest ways to increase that refund is to setup a business, that hopefully is profitable, but if it isn’t, will at least help you reduce your overall income bracket.
Aren’t tax shelters illegal?
I would suggest you run this by your CPA or tax attorney to give you specific advise, but in general, you can setup a side businesses that aligns with what you do on a regular basis. It has to be a business, not a hobby, and demonstrate profits 3 out of 5 years. If you consistently have a loss, that’s not going to work. If you’re not going to run your business with the formalities that go along with it, this won’t work for you. But who knows what business will or will not be profitable at the outset?
