Why be in a Home Based Business??
Here is some very Timely Information from our
Favorite CPA Glenn Heulls.
Even if your business is growing Slow, take advantage of
Glenn's Product and Profit for
2006. It is not to late. Re-calc and file an Amendment
if you have already Filed:
From Glenn Huells
March 30, 2007
Did you know you could save thousands of dollars each year
(yes $1000's) in taxes by having your own home-based business?
As a CPA, I have learned how to crunch numbers...
Plus, I have my own home-based business that has been saving me $1000's each year in taxes.
So... I know a little about how to save some money in paying taxes, but, again, like always, consult your accountant.
Let me give you a example so you can see
how lucrative this can really be for you.
(Note: This is jut an example based on US tax law and does not imply this will be the same in your case, savings could be greater or less then this example - the normal legal mumbo jumbo.)If you are an employee working for somebody else, let's take a look at your basic tax return:
Revenue: $30,000
Deductions: $ 0
Adjusted Gross Income: $30,000
Federal Income Tax: $ 2,800
Social Security Tax: $ 2,250
TOTAL TAXES PAID: $ 5,050
OK, pretty simple. You work 9 to 5 (plus 2 more hoursa night to please the boss),
you make $30,000 and right off the top Uncle Sam
(or your country's government) takes $5000 and don't even say thanks.
Now, let's see what it might look like now that you own a home-based business,
and start taking advantage of every perfectly legal tax deduction
the government
offers you....
(This is with the same expenses and income as above - we are comparing apples to apples.)-Revenue: $30,000
-Deductions:
- Business Trips $ 2,000
-Child's Payroll $ 4,000
- Automobile $ 4,000
- Home Office $ 3,000
- Entertainment $ 2,000
- Business Assets $ 7,000
Adjusted Gross Income: $ 8,000
Federal Income Tax: $ 0
Social Security Tax: $ 1,200
TOTAL TAXES PAID: $ 1,200
Let's compare the two...As an employee your total taxes paid were - $5,050
As a home-business owner your taxes paid were - $1200
As a home-business owner you saved $3850 in taxes annually
just for owning your own home-business (and your expenses were the same!)
That is like the government giving you almost $4000 every year,
just because you started and own a home-based business.
So, exactly how does this work?
As a Home-Business Owner you are offered the following Tax Advantages:
- Business Trips (vacations) Do you ever take a vacation (or would like to but can't afford to?) By owning your own business you can now deduct that as a business expense. It is easy as long as business is conducted while on that trip.
- Child Payroll You can pay your children up to $4,100 per child for working in your home-business. Do you pay your children currently, give them spending money or save money for their college education? Now you can do the exact same thing but deduct it as a tax expense by having your children help out in the business.
- Automobile Expense You can deduct around 30 cents for every mile you drive that is business related and a portion of all car expenses. Imagine that, taking an expense you already have and turning it into a tax write off.
- Home Office Since this business is done out of your home, you can deduct a portion of your rent or mortgage as a business expense, plus other home expenses like electricity, water, sewage, etc...
- Entertainment 50% of all business entertainment expenses can be deducted. Do you go out to eat? Well, talk about business and deduct that meal.
- Home Office Equipment Do you have a computer? A phone, fax, desk??? Did you deduct those on your tax return? By owning your own business you can.This is just a brief overview of how you can deduct your normal, everyday expenses you already incur as business expenses and make a huge windfall in tax savings.
There are actually 144 deductions for home-based business owners
like yourself that you can take.Whatever you do...Stop overpaying Uncle Sam!!
(Or for you great people outside of the US,stop overpaying your government in taxes!)
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Eliminate the Tax Nightmare of Your MLM Business AND Claim Every Tax Deduction you are Legally Entitled To Resulting in a Potential Windfall of Tax Savings. Find out how easy it can be for you right now at...
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Shirley & I saves $5,832 in Taxes the first year we used this program.
Even more the past two years.
Get yourself Involved in a Solid Network Home-based Business Today.
For the Long pull our Favorite is:
And the system that drives quality Associates is
My 24 Cent Biz
I thank you for Following our Post and as a Gift please Download
this Great Tax resource Book by a top Tax Accountant.
It helped hundreds I know
YOU Save on Taxes
Enjoy!
I thank you for Following our Post and as a Gift please Download
this Great Tax resource Book by a top Tax Accountant.
It helped hundreds I know
YOU Save on Taxes
Enjoy!
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