As a side gig, I opened (back in 2014) a franchised Home Health Care Agency - offering all services except home infusion therapies (even though that was my expertise) - It was basically staffing w/CNAs, LPNs, RNs and RTs, some DME and RT/oxygen, but no pharmacy services. The Franchiser set me up with all P&P, forms, marketing, software, billing. Getting the state license was a 6 month process/ordeal(the application was 400 pages/basically a policy/procedures manual) and hundreds of dollars. Got a cheap office with Regus, a fulltime office manager. Advertised and hired (1099-misc) a bunch of good people. Marketed around town to MDs, Rehabs, hospitals, SNFs, etc. Marketing/sales as a Pharm.D. and business owner went really well, even though I didn't have the legs or figure to pull it off!!!
A good CPA and then a huuuge number of write-offs for my taxes. Everything from mileage/auto-lease/repairs & maint. , insurance to 5 cell phones, office, visits to Costco - trips, computers, the list was limitless! I paid myself really well for management and marketing. Paid my office bills, and lost money every month (another big write off). IRS says you can show big losses for up to 3 years in a row, then you should close down the business. I could have been profitable, but the state of Georgia changed the rules about 1099 employees. I had to re-hire all my employees as W-2 with benefits, unemployment, workers comp and SS. Just so the state can get more money out of us! The margins were not enough to keep going, and I couldn't show a loss for the 4th year. Got out, advertised my agency for sale.
What a wonderful side hustle!
Didn't have anything tangible to sell, but my HHCA license was apparently worth $35,000 with a bidding war (I had paid $600 for it). Nobody wanted to do the licensing process. Later on, managed to actually set up a side business, helping people obtain the state license, for a small fee of $3500.
Now days, my mother (Alzheimer's, lung cancer, COPD, CAD) is in need of a full time CNA, I opened my HHC company back up. The LLC, the bank accounts, and etc. Hired a couple of CNA's. I bill my sister, I pay my CNA's, I write off my home office, car expenses, cell phones, trips to visit with my mom, "marketing", etc. I pay myself well with a 1099, and showing a big loss for 3 years in a row. I do business in OHIO and 1099-misc is still acceptable.
Help out my mom and sister, with huge write-offs for me.