As the frigid temperatures set in to Washington, there was only one thing for me to do....get the heck outta dodge.  I decided to head West for the third time this year as I've discovered how much I adore SoCal.  However, travel is expensive when you look at the price on the surface.  That's just it though, most people only look at the price on the surface.  A millionaire mindset is one that rarely ever includes vacations, but business trips instead.  Why? Taxes, my friends, it's all about taxes.  Let me drive the point home right up front.

Since it is December, look at your W-2's gross column and net column.  See if the difference in the two don't add up to 5 months of your salary.  That means you didn't make a dime until May 31 if you live in Virginia and you've been shoved into June if you live in Maryland or D.C.  So how do you get some of that money back?  Business ownership is how.  I know some of you may be thinking "But I don't own a business."  Let me put it to you this way, either come up with a business concept or keep facing the five month salary reduction.  Look at how much better off you'd be with just one more of those months. 

Before you think I'm making up trips however or the IRS is reading, I had a business reason for going, but I did chose to exercise it during the Washington winter.  On the one hand, I was looking at a piece of property and two, my publisher thinks my upcoming book Slide 68 may be a good read for a Hollywood producer to make into a movie - similar to Chris Gardner's Pursuit of Happiness.  Since Robert Johnson has a movie business ran by Tracie Edmunds (BabyFace's ex-wife), I figured I'd start by talking script writing to them first.  From there it was onto the property tour at the Beverly Hill's Montage - great place to visit if you're in Bev Hills by the way.  From a tax standpoint, the airline ticket, rental car, hotel room, meals, etc are tax deductible business expenses.  Since I was already on the West Coast, I had some follow up business in Las Vegas.  The option was there to charter a private Learjet from LA to Sin City but it's a bit much to look an auditor in the face and tell him I was in that big of a hurry so a rental car does just fine.  Again, you see how this can begin to get some of that valuable five months back for 2010.  My 2011 schedule reads the same except, I'll be spending more time in China but the beat goes on as I'm not giving up 5 months worth of salary without getting some of it back.    

In terms of business creation, you must understand that whether you choose a General or Limited Partnership, C or S Corporation or LLC, the tax benefits vary greatly.  For real estate, LLC's are better for the earned income and asset protection benefits.  For more on real estate investing, I read a really good book called Real Estate for Real People - you should check it out.  If your business churns a lot of cash, corporations are better.  To get a better understanding, research them a bit more and be sure to contact our good friend Thomas Harrelson of Accountable$.  He's done a stellar job on taking full advantage of the tax benefits of business ownership.  

As with any business, if you fail to plan, you plan to fail so be sure to create a business plan.  Don't just do it for yourself, do it for random competitions.  I was called yesterday by the Harvard Business School club of Washington DC to submit The Investment Forum's business plan because they like what we do.  Do you know how simple it is to forward a business plan when it's already written?   If you have a business concept but not sure how to put it into motion, just ask and take advantage of all the county resources that help new businesses as they are surely the backbone of the American economy.  In the current economic state, we need all the business we can get. 

I hope this provides many of you a resolution or two for the new year and I hope you gave 2010 everything you had because whether you did or didn't, in a few days you'll never see it again.  Don't let 2011 catch you sleeping.  Enjoy your holidays, Merry Christmas and enjoy your Christmas parties.  Notice, I didn't say holiday parties, I said CHRISTmas parties as holidays do nothing for your eternal life.  Paintings come from painters, sculptures come from sculptors, you are a creation and you have a Creator and it's His birthday so let's celebrate.  Merry Christmas and Happy New Year from The Investment Forum.

Hey Mr. Byrd, do you think I can get an invite to Neverland Ranch in 2011?  I promise I'll let Denzel play your part in the movie.  Michael Clark Duncan, not Deebo, is the perfect Mike Jenkins:>)    

From the mobile home to where moguls roam, I'm still that extra "ordinary" Anthony Von Mickle.  Peace