You are missing out on huge tax-saving advantages

Partners In Success Ezine – Issue 10

IN THIS ISSUE:

1. Quote of the Week
2. From the Editor – “Doomsday” just 10 days away!
3. Feature Article – You are missing out on huge
tax-saving advantages
4. Bonus Goodies

1. Quote of the Week

“The indispensible first step to getting the things you
want out of life is this: decide what you want.” – Ben Stein

2. From the Editor

Hello!

Greetings everyone! Not sure about you, but we absolutely
dread April 15th. April 15th, the dreaded tax deadline
here in the U.S. We don’t normally procrastinate but when
it comes to taxes, well…truthfully, we put it off as long
as we possibly can. This morning we realized we only have
10 days left to get it done!

While the task of actually getting the taxes done, going
through records and receipts is daunting, we are thankful
that we are able to take advantage of all of the benefits
of being self-employed and owning a small business. We
know of so many folks who are not taking advantage of the
tax breaks and deductions available for small business
owners. Did you know that even if you operate your
internet business only part-time you can still take
advantage of many of these tax breaks?

Now we’re certainly not “tax experts” but we do like to
make certain that our fellow internet marketers are aware
of all of the tax benefits of operating a home business.

Be sure to read the Feature Article in this Ezine for
valuable tax saving tips and examples of how much you save
by taking advantage of the deductions available to you as
an Internet business owner!

Until next time!

Partners in Success,
Charles & Susan Truett
Editors

4. Feature Article – You are missing out on huge
tax-saving advantages…

You are missing out on huge tax-saving advantages…
By: Kevin Wilke

Did you know you could save thousands of dollars each year
(yes $1000’s) in taxes by having your own home-based
business?

Now, I am not a CPA, however I do know 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 on the specifics.

Let me give you a example so you can see how lucrative this
can really be for you.

(Note: This is just 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 hours a
night to please the boss), you make $30,000 and right off
the top Uncle Sam (or your country’s government) takes
$5,000 and doesn’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 over 30 cents for every
mile you drive that is business related and a portion of
all your 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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