How,Make,the,Tax,System,Work,F finance, share, loan How to Make the Tax System Work For YOU!!
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Uneducated Tax System vs. Educated Tax System The line under your income on your pay stub is where these two systems differ. With the uneducated tax system, you deduct the three lines under your income and the remainder is what you receive. With the educated tax system, the first line is your reported income as with the uneducated tax system. However, the second line is the money you spent on the business, and you pay taxes on what is left. This is because when a business spends money it is called a business expense or tax deduction. Therefore, having your own business and being in the educated tax system, you can reduce your taxes by 40-70%. To break this down even further: If you are making $35,000 a year this could save you up to $10,000. That means it does not matter if you are making millions of dollars or a few thousand dollars. These strategies apply to you! A marginally profitable business can become a thriving business by applying these strategies. CPAs And Accountants Are Inherently Conservative And Are Not Taught To Apply These Tax Strategies Surprised? Having been involved in this very enterprise for some time now, I have reached the conclusion that this is really not that uncommon. I have found that CPA's, while well intentioned, are not trained or paid to search out every possible avenue with which you can save money. They (generally speaking) work extremely well within the W2 guidelines provided to them by the IRS. This is the same entity that wants to make as much income from you as possible! In addition, CPAs and accountants are inherently conservative and are not taught to apply these tax strategies. Finally, they are not proactive. Think about it. They are so busy during tax season that they usually do not have the time to investigate these strategies and how they apply to you. It's almost as if they work for the IRS, not you! Think about it, have you ever come across a page on the IRS website that says here is a list of every single money-saving deduction that you can use with this particular company structure? NO!!! This is why I have been personally involved with individuals who have been able to save well over $100,000. It is not slight-of-hand, it is not magic: it is simply utilizing what is already there in a proven fashion. Just think what you could do with that money! We can start by converting your largest expenses into business expenses. We can teach you lesser known deductions (e.g. travel and entertainment, medical, seminars, books, etc.) and shift them over to business expenses. You pay them with pre-tax dollars and not after-tax dollars, reducing your taxable income. To summarize: The average person is giving up 50% in income taxes. You can reduce your taxes by 40-70% no matter how much you make. It is important to incorporate your business and utilize assert protection. Entity structuring can bullet-proof your assets against law suits. Start Learning And Educating Yourself. There Is No Better Time Than NOW! While I happen to be personally biased toward my own company, and would love to help you achieve all that is possible: my main concern is that you utilize the availability of what is legally available to you. If that happens to be incorporating, or simply using every tax deduction possible for your particular situation. Start learning and educating yourself. There is no better time than now!
How,Make,the,Tax,System,Work,F