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:
Currently we have a Federal tax rate of approximately 39%. States can charge as much as 9.6% and some of us even have to pay a City income tax as high as 3%. Then, there is the Invisible Killer tax known as FICA or Social Security. Why do I say that it's the Invisible Killer? Please let me explain.
Tax Secrets of the Rich Found Here
Social Security tax is broken down into two components.
The first component of 7.65% is paid directly by the employee. It's taken directly from your paycheck before you even touch it. In addition to that, your employer must "match" your contribution by paying another 7.65%. And this all happens BEFORE you see a nickel of your paycheck. Its like the government is playing a game of now you see it, now you don't with your money. And isn't it true that if your employer has to pay that money to Uncle Sam, its less money that he can pay it to you? THAT'S OVER 15% OF YOUR HARD EARNED MONEY THAT YOU ARE LOSING RIGHT OFF THE TOP!!!!!
Asset Protection
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
Pay taxes
Spend
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
Spend
Taxes
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 Miles, The Tax Saving Attorney
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.
Warning: include(inc/ads-body.inc) [function.include]: failed to open stream: No such file or directory in /home/accounta/public_html/39499_business_personal_taxes.php on line 68
Warning: include(inc/ads-body.inc) [function.include]: failed to open stream: No such file or directory in /home/accounta/public_html/39499_business_personal_taxes.php on line 68
Warning: include() [function.include]: Failed opening 'inc/ads-body.inc' for inclusion (include_path='.:/usr/lib/php:/usr/local/lib/php') in /home/accounta/public_html/39499_business_personal_taxes.php on line 68
MORE RESOURCES:
KB Home:SEC accounting probe done, no action taken BusinessWeek The Securities and Exchange Commission has completed its investigation into possible accounting violations by KB Home and does not intend to recommend any ... KB Home says SEC investigation over |
Accounting firms announce merger TheChronicleHerald.ca Two local accounting firms, Collins Barrow Nauss Hornby LLP of Dartmouth and Hemming Weir Casey Inc. of Halifax, have merged to form Collins Barrow Nova ... |
Accounting Board Seeks Public Proceedings Wall Street Journal The Public Company Accounting Oversight Board's proposal would repeal a requirement that its disciplinary actions remain secret, according to a copy of the ... |
 Globe and Mail | All work and no play … Globe and Mail The accountants made me do it. A while back, the accountants discovered that The Globe and Mail's workaholic, super-dedicated journalists had built up a ... |
 Telegraph.co.uk | Tax errors hit 6 million people The Guardian Anita Monteith, of the Institute of Chartered Accountants in England and Wales, said some people would not have to make the repayments if HMRC made the ... Q&A: Income tax system and you Tax collection. Now there's a moral crusade for the Tories Six million face PAYE tax shock |
Thomson Reuters — Accounting CS Payroll CPA Technology Advisor Thomson Reuters Accounting CS Payroll if a full-featured payroll processing solution that can be installed on a local network or be hosted by Thomson ... CCH Small Firm Services — ATX Payroll & TaxWise Payroll |
 ABC Online | Accountants deny multi-million dollar tax fraud ABC Online Four accountants have faced a Sydney court to plead not guilty to an alleged multi-million dollar tax evasion scheme. ... |
 Globe and Mail | Going the Distance: a field guide to making a generic Hollywood romantic comedy Globe and Mail Only read the bottom line of the accountants' review, after your generic masterpiece has gone the distance from theatrical release to video stores to the ... |
Business Services Junior Accountant CFO World This small but growing firm of Chartered Accountants are seeking a Junior Accountant with Australian Public Practice experience. They are happy to train but ... |
AccountingWEB announces 2010 AccountingWEB accounting student scholarship winners Accountingweb.com AccountingWEB is pleased to announce that three winners have been chosen as the 2010 AccountingWEB Accounting Student Scholarship winners. ... |
What the Tax Software Companies Dont Want You to Know
Haven't done your taxes yet? No problem. Now there is a new way you can use top tax software programs, like TurboTax and H&R Block, to get your taxes done quickly and easily.
Complaince of Tax Return in Electronic Commerce Taxation
Emerging Legal issues of Tax compliance of e-business Self-assessment system relies on taxpayers voluntarily meeting their tax obligations by tax payee. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations to fill tax return on self-assessment, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time.
Uncle Sam is Ready...Are You? Organizing Tips for Tax Time
Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites.
Need a Copy of Your Tax Return Information?
Taxpayers have two easy and convenient options for getting copies of their federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail.A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules.
The Tax Man Cometh... To Search
You're at your office, or home, and the doorbell rings - it's the Canada Revenue Agency ("CRA").The first thing to do is find out why they've come.
Donating Cars To Charity - New Tax Rules
On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car.
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.
Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!)
We all love to criticize the IRS, don't we? And I'm just as guilty as anyone. It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1.
Anticipating Your IRS Refund Can Cost You Plenty
While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world.
What to Do If You Can't Pay Your Taxes
The end of tax filing extensions is quickly approaching. What do you do if you can't pay the amounts you owe? You should still file your return by the due date and pay as much as you can.
How To Get An Instant Pay Raise
As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt.
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.
How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share
How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share By Darren Oliver With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid. According to the General Accounting Office, in 1998 alone, there was $311 million paid unnecessarily to the IRS.
Furnishing Evidence in E-Tax Compliance
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time.
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.
Income Tax Returns Your Accountant Should Not File
You've been feeling uneasy (perhaps even guilty) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money.
Car Donation: An Easy Way to Support Your Favorite Charity and Get a Tax Deduction
Most people look forward to getting their tax return, but one of the downsides to filing taxes is that you may find yourself owing the taxman come April 15. What do you do when you realize that you not only owe money, but you owe more than you can pay at the time?The answer is: charitable deductions.
SFR Substitute for Returns: IRS Action on Non-Filers
In the latest Star Wars episode, the evil empire executes a brutal revenge on the Jedi. While the IRS is not an evil empire (and due to the Revenue Reform Act of 1998 not very brutal anymore); it too is executing revenge on those who do not comply with filing their tax returns.
Small Business Tax Credit - Americans with Disabilities Act
Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs.
Tax Tips for Home-Based Business Owners
As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot.