Sandy Botkin, author and tax specialist tells us how we can get enormous tax breaks just from having our very own home based business. Mr. Botkin has educated thousands of people on how to save millions of on their taxes each year. With over twenty years of teaching people how to reduce what they pay out in taxes, 3 years in the tax department of international accounting firm, Touche Ross, and 5 years as a legal specialist in the IRS, he certainly has an extensive knowledge base of taxes and how you can save money on them, and he is so graciously willing so share with us how we can do that!
Good Tax Laws
The US government have put ?good tax laws? in place especially for small businesses, giving one the opportunity to take tax deductions first before paying anything in taxes. If you take advantage of these ?good tax laws?, you are providing yourself the opportunity to save a ton of money no matter if you work in your spare time, part time, or full time. All you are required to do is run your own business with the honest expectation of a profit.When it comes to paying taxes, the rich have a secret that most people aren?t aware of. There are two kinds of tax systems within the United States. The first one is for employees, to make you poor, and the other is for those that own a home-based business, designed to create economic growth for you. Small home-based businesses in America generate over 70% of job growth in the US.
A nationally syndicated economist and commentator on personal finance, Jane Bryant Quinn studied a couple who made only $40,000 a year. Most of you know that this really isn?t enough money to survive on these days. The couple talked it over, and it was decided that the wife would go out and get a second job. In doing so, they made an extra $20,000 a year, only being able to keep around $995.00 of it. Why is that? Well, the couple had to pay out $4,845 between federal and state taxes, pay around $1530.00 into social security, spend $1430.00 in commuter and traveling expenses. Add in food expenses, buying clothes, child care and more, all non-deductible.
What is the answer to avoiding this yourself?
If you take advantage of the information provided in Sandy?s video, you have the potential to write off a portion of your house, your spouse, children?s education, and even their weddings. You can also setup a pension plan, that in comparison to the one?s offered by the government are huge. By building your own home based business, you are allowing yourself to have the time and freedom to do what you want, while being able to be your own boss, chase your own dreams and best of all, make extra income for you and your family.
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