| |
| |
|
|
Taxes |
|
Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?
Tilting the Tax Laws in Your Favor. In order to accelerate your movement along the wealth building curve, you absolutely MUST have your own business. I don't care if its real estate investing, a sales company or a service business. But you must own it yourself or with a partner. Why, because the tax laws are tilted in favor of people who are in business for themselves. Let's take a closer look. If you are not in business for yourself, you are earning your money as a W-2 employee. Unfortunately, this is the highest tax form of income that there is. In fact, the average American gives up between 42% and 55% of his or her income in the form of taxes. Sound high? Well, consider this: Social Security tax is broken down into two components. Can you see how hard it is to get ahead when you are paying out roughly half of your earnings in taxes? Decades ago, a Supreme Court Justice named Learned Hand made the following observation: To paraphrase, he said "there are two income tax systems in this Country; one for the educated and one for the uneducated" Here's your chance to get a powerful education. The following two diagrams hold the secret to tilting the tax laws in your favor. The first one illustrates the tax system for the Uneducated: Earn Both systems start, of course, with earning income. However, in the UN educated tax system, your taxes are immediately deducted from your paycheck - BEFORE you ever see it. Then, you have to live on what's left over. Lets apply some numbers to this: $100,000 Income $ 50,000 Taxes $ 50,000 What you have left to Live on. Now, contrast this with the EDUCATED system. Earn Again, we start with earning income. But look closely at the next line. In the EDUCATED system, you get to spend your money BEFORE you pay taxes. Can you see how this could have a HUGE impact on your financial well-being? This is the first step. This is one of the strategies that people like Ross Perot, Donald Trump and Bill Gates use to reduce their taxes from the 50% that the average American pays all the way down to 4%-5%! That's right: 4% - 5%. Now you know the first step, you MUST have your own business. So, get ready for lesson 2 where I'll provide you with the list of 300 deductions that are available to our business. Sincerely, Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
IRS Statute of Limitations: Do Taxes Ever Expire? Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability of the IRS to examine and collect taxes. Business Tax Loophole: Leasing Assets To Your Corporation While there are many equally valid reasons to incorporate, saving money on taxes is a consideration that can yield relatively immediate results. Leasing assets to your corporation is a tax strategy you should absolutely consider if you already have a corporation or are thinking about forming one. State Tax Information All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Alas! In E-Commerce Taxland In trying to comply with tax laws for your e-business, you may find yourself falling down the rabbit-hole, going through the looking glass, and attending a Mad Tea-Party.Common sense, logic, and fairness never did apply fully to the field of taxation but this is especially true of e-commerce transactions. The Internet Tax Man Cometh Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? -- Charlie B. Section 179 - Tax Relief From Depreciation Rules "Depreciation." For business owners, this word is the one most likely to inspire headaches and fits of cussing. The Seven Deadly Tax Sins: Commonly Missed Deductions It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return. How to Maximize Your Home Business Tax Deductions for 2005 Someone once said, 'the best way to calculate your taxes is?Honestly'. For 2005, add 'Smartly' to that and you'll get to keep more than you make. 10 Tax Tips to Reduce Costs and Increase Income No one likes paying tax. Everyone understands that tax is a necessary evil and that without it our government would not be able to afford our roads, health services, education, welfare system etc. How Likely Are You To Be Audited? Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing individuals in 2003 when compared to 2002. The increase was approximately 14%, but still constituted only 6. Tax Time Tune Up Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize. Truly Bizarre Taxes: The Tax on Illegal Drugs One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results. Employment Taxes - Depositing With The IRS If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS. How to Check the Status of Your Tax Refund Online So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"Check Your Refund Status OnlineThe easiest way to check on your refund is to ask the IRS through IRS. Tax Trap #2 -- Double Taxation: Isnt Once Enough? Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!For starters, you'll be protecting yourself and your family from the possible of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability. Tips and Simple Guidelines on How to Calculate Payroll Taxes Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. Insider Guides to IRS Audits! Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?If you're in the right type of business, you can get that information, directly from the IRS!Traditionally, IRS examiners have been responsible for auditing many types of businesses. An examiner might audit a grocery store one week and a construction company the next. Correspondence From The IRS - Yikes! It's a moment every person dreads. You pick up the mail and there is an envelope from the IRS. What is a Federal Tax Lien? A Federal Tax Lien (FTL) is a legal instrument that secures the claim of the United States in the right, title, and interest of a debtor taxpayer's assets. It is a public document and is recorded at the County Clerk's office or the Secretary of State, depending on local law. Getting A Second Extension to File 2004 Taxes Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly.
|
||||||||||||||||||||||||
