Tax-Deductions...Find the Unclaimed Cash that lie Hidden In your Tax Returns
Tax-Deductions...Discover 15 More Ways To Reduce your Taxes Legally...
Score Big with your Home-Business-Tax-Deductions tips!
According to Sanford Botkin, CPA and Former top IRS Tax Attorney.
Owning a home-business is one of the most profitable tax-deductions a person could have.
As a small business owner we have just as many tax breaks as some of your large corporations.
Any legitimate home-base business owner that's actively pursuing a profit, even part-time can qualify for substantial tax breaks.
According to the American Taxpayer Union in 1958, the average American paid 18 percent of their gross income in taxes, Federal, State, and Social Security.
Today, the average American spends 41 percent of their gross income in taxes.
Taxes are the largest expense for most people. It exceeds food, clothing, lodging, and transportation combined.
The Average Americanworks 5 months supporting the government and 7 months supporting their families.
Learn how you can reduce your support to 2 or 3 months supporting the government and 9-to 10 months supporting your family.
Watch this 3-minute tax tip video from Sandy Botkins a former IRS Tax Attorney!
Here's one of the biggest mistakes small business owners make, which is having the mindset that their tax accountant will take care of them.
No doubt about it, most accountants are working as hard as they can trying to keep abreast of the never-ending changing tax laws while maintaining and growing a client base.
That's why we have to stay pro-active and do our homework to realize the maximum tax reductions possible for your business.
Thinking your accountant only will take care of your taxes is like thinking your doctor will take care of your health regardless to what you eat.
First of all: Here's my disclaimer....I'm not a CPA or Tax Attorney
O.K.... I'm back
This is the way we see it... .owning a home-business is one of the quickest ways to reduce your tax burdens.....
The truth is most people can't afford not to own a home-business.
Here are a few tax-deductions,(out of a list of 137 strategies)
Many of these tax strategies are the very same ones that we used successfully.
All expenses have to be (according to the tax laws): Ordinary, Reasonable, and Necessary in order to be a legitimate tax-deduction.
Again consult with your Tax Attorney, .
your business vacation
your food with colleagues
business credit card interest
your business laundry
business losses are deducted if file-joint return from the spouse income
dinners with business friends/couples
business banking fees
we hope this help on your next tax returns.
Check here for more updated tax tips and strategies for home/small businesses.
We hope we have been of service to you.
Be certain to consult with your CPA/Attorney for all your accounting needs.
This information is for educational purposes only~
You can also visit your local Federal or IRS office for easy to read pamphlets, you will be surprised by what you will find.
Turn your tax-deductions myths into a masterpiece of Money!
Until then Stay Connected.
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This article was first published in boost-home-business.com.
To learn how you can pay less Taxes Legally read Sandy's updatedtax tips. ======================================================================
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