What,The,Key,Slashing,Your,Tax finance, share, loan What Is The Key To Slashing Your Taxes?
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One very foggy night the captain of a large ship saw whatappeared to be another ship's lights approaching in thedistance.The two were on a course that would mean a certain head-oncollision.So quickly the captain signaled to the approaching vessel,"Change your course ten degrees west."The reply came, blinking back through the thickening fog,"You change your course ten degrees east."The captain became insulted, pulled rank, and angrily sent amessage back: "I'm a sea captain with 35 years experience.Change your course ten degrees west."Without hesitation, the signal flashed back, "I'm a seaman,fourth class. You change your course ten degree east."The captain, now becoming enraged, realized that the twoships were rapidly approaching one another, and wouldcertainly crash in a few short minutes.So he sent his final warning: "Now you listen hear. I'm afifty thousand ton freighter. Change your course ten degreewest - now!"A simple message came blinking back: "I'm a light house." *************************I'm often asked, "What can I do to lower my small businesstaxes?" And I'm always glad to offer an answer packed withpotential tax-saving strategies: form a corporation,start a medical reimbursement plan, start a SIMPLEretirement plan, take the home office deduction, keeptrack of your mileage, etc., etc., etc.Of course, the easiest way to start paying less tax is tostart keeping better records of the expenses you alreadyhave, but have failed to report because of poor bookkeeping.But lately, I'm wondering if I'm giving the best possibleanswer to this question. I'm wondering this because of a recent conversation I hadwith a client, who came to me for (surprise!) tax-reductionadvice.This man was an ideal candidate for converting his soleproprietorship to a corporation. In about 30 minutes Ishowed him how he could save over $5,000 in taxes per yearby implementing that one strategy of incorporating.His response: "I don't have the time."Yes, it would take some time to implement this strategy.And it would take some time to maintain this strategy.Guess how much? About two hours a month, max.You do the math. Better yet, I'll do it for you.If he spends 24 hours a year doing what it takes to maintaina corporation, he's just made $208.33 per hour at this newpart-time "job".Hmmm. How many self-employed people can go out and makefive grand a year for 24 hours of work? Can you think ofany? I sure can't.I showed him the numbers I just showed you.His response: "But I don't want to change the way I dobusiness."Ahh, now we're getting somewhere. Now we just got to theheart of the matter. He finally told me the real reason forhis unwillingness to save $5,000/year: he was unwilling tochange.Did you get that?And this is actually a very common reaction to an effectivetax reduction strategy. I've seen it many times.If there is change involved, people are often unwillingto implement tax reduction strategies -- it's too new,too different, too time consuming. Too whatever.So I'd like to challenge you with this simplequestion: Are you really willing to make the changesrequired by an effective tax-reduction plan?All the tax knowledge in the world won't do you any goodwithout the right attitude toward change. Before pursuingtax reduction strategies, make sure you are ready to change.
What,The,Key,Slashing,Your,Tax