How To Turn Ordinary Personal Expenses Into Legitimate Business Expenses - And Make An Extra $500!
How to legally turn ordinary personal expenses into legitimate Business expenses and put an extra $500 - $600 a month in your pocket!
Most people think they are paying too much in taxes, yet, very few people do anything about it.
Then why do most people freeze in their tracks when offered information on how to reduce their taxes? The three main reasons are:
(1) Fear of the IRS,
(2) Fear of the time it will take to keep detailed records, and
(3) Not having a full understanding of what is legal.
I felt the exact same way until some introduced me to the following:
First, there's no need to fear IRS. When you obey the law, there is no reason to fear law enforcement.
Second, recordkeeping - It's Not as Bad as You Think! Spending a minute or so a day keeping records, could qualify you for substantial tax deductions every year. Up to $5,000 or more in tax reductions for many people.
Lastly, since the laws themselves allow so many 100% legal deductions, who needs to take on the risky ones? Not you, and definitely not me!
Well then...what are these legal deductions and how do you claim them? That's a very good question. You must first understand what the tax system is and how it works.
The United States Has TWO Tax Systems. One for Employees and a much better one for Businesses.
Employees, or W-2 wage earners, work for someone else. Most taxpayers fall into this category. They have very few tax deductions available to them, usually just:
• Mortgage interest & Real Estate taxes,
• Standard deductions for dependents,
• Gifts to church or charity and
• Contributions to a retirement plan.
Usually employees work hard to earn a decent wage. Immediately lose a huge chunk of those hard earned wages to taxes. Then they get to live on whatever is left after taxes are withheld. Not bad.
Now on the other hand...Business Owners, get to write-off lots and lots of expenses, from rent to phone bills to furniture to cleaning crews.
Business Owners earn revenue from selling goods or services, spend whatever they need to on operating expenses to keep the business financially solid, then pay taxes only on whatever is left over. Better.
There's literally thousands of deductions available to Business Owners. Way to numerous to list here. For full list of deductions and how you can get your fair share visit http://www.itsyoursuccess.com .
Related Tags: taxes, income tax, income taxes, irs taxes, tax deduction
Maynard Greene is an Internet Marketer and Freelance article writer. Maynard can reached at maynardg@gmail.com
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Guide To Finding The Right Irs Debt Help Solution For Your Situation
Finding the right IRS debt help for your situation is crucial. Where you turn for assistance will de - The Basic Function Of Accounting
Accounting is a profession as old as the hills. It was a well known practice in the Roman, Ancient E - The Fundamental Concepts Of Accounting
The Federal Election was held in Australia on 21st of August 2010. During the rather boring election - Higher Earners Warned Over Tax Relief
Those that fall into the higher earners bracket have been warned that the government may impose furt - Procter & Gamble Wins R&d Credit Case Against The Irs
On June 25, 2010, the U.S. District Court in Procter & Gamble Co. and Subsidiaries (P&G) v. United S - 3 Ways To Settle Irs Tax Debt For Less
You can settle IRS tax debt for less if you know your options. There are several ways that you can s - Five Steps To Finding The Best Tax Lead Company For Your Business
The lead buying business has become an efficient and proven form of outsourcing marketing efforts to - Truly Effective International Tax Advice
A big concern for the public and corporate business units is to deal with the international tax at t - How To Avoid Making The Common Tax And Bookkeeping Mistakes?
Even though who consider themselves in the financial loop may fall prey to some of the most common t - How To Appeal Your Property Tax Bill
The responsible homeowner will want to do a thorough check of their property tax bill to ensure they
Most viewed articles in this category:
- New Tax Rules for the Poor
New tax rules for 2007 will bring about a good year for the poorest of tax-filers in Maryland. Tax-f - The Best LEGAL Tax Shelter in the World-- Your Home-Based Business!
Welcome to the best legal tax shelter in the world-- you home-based business! As long as you keep go - Income Tax Questions Answered Because of Radio - The World Is a Client of "Better Business"
Having hosted a financial radio program over several years has exposed me to many questions. Some of - IRS Alert: Tax Payers Need to be on the Look out for Fraud
Tax-Definition.org (http://www.tax-definition.org) is reporting on the second part of the tax - IRS Is Focusing on Schedule C Filers
In the last few tax years IRS has been paying more attention to taxpayers who file a schedule C. The - 2007 Brings Tax Relief for N.Y. Residents
As of January 1, 2007, New York residents have been benefiting from a decrease in hospital bills, an - Figuring Out Your Tax Return Filing Status
When you are ready to plop down and start preparing that tax return, one of the first questions is y - Lost Last Year's Tax Return?
It happens every year. Just when you get motivated to get rolling on your taxes, you realize you can - Energy Efficient Home Tax Credits
Under the Energy Policy Act of 2005 you can get a tax credit if you installed energy efficient win - Deductions Missed In Taxes
The deductions which are often missed by tax payers are as follows: Old points on refinancing: The
