Many people are choosing to start their own businesses due to the uncertain nature of job security.
Do you have a dream of becoming your own boss?
It’s important to note that owning a business can also bring positive changes to your tax situation. Are you aware of this potential benefit?
Also starting a home-based business is one tax strategy that works in most everyone’s unique tax situation because it directly lowers the taxpayer’s adjusted gross income.
It has been said that the home-based business industry has the best legal tax deductions.
We believe the average American, depending on their individual circumstances, can ease their tax burden by $300 to $700 a month or more. For many families, a savings of that amount could be enough to keep them from bankruptcy. It’s hard to believe but it really can be so simple – and legal!
Is this real?
Yes! This is a realistic amount of savings for people educating themselves and utilizing the legal tax strategies as they pursue business with the intent for a profit. The IRS tax code gives tax breaks to business owners so that they can build a prosperous business.
Yes! The tax laws of this country have been made to help young businesses get going.
Why would the IRS do this?
How can this be a win-win for everyone?
How does this benefit not only the business owner
getting started but also the economy AND the IRS?
First of all, the tax breaks go to the business person, who then does what? He spends money with other businesses to grow his business.
Think about what happens as a business becomes successful. Flourishing business owners get too busy to handle all the work by themselves and he has to hire employees.
What are these employees going to do?
Pay taxes!
After the investment and cost of doing business, the prosperous business owner will be making more money by growing his business and now he has to pay more tax.
Is there a catch?
Yes! As a result of building a business is hard work and takes a lot of sacrifices.
We know that many businesses do not succeed.
How does helping the new business owner benefit the economy and the IRS?
It is worth the given deductions as in his attempt to build his business, he turns the money over faster in the economy, spending his money with other businesses that have to pay tax!
Our tax code is very complex.
Take the time to educate yourself.
While tax advisors and financial professionals are necessary, certainly they cannot drag all the pertinent information out of you.
You are the only one who lives your life.
Educate, educate, educate, and when you think you know it all, learn more.
If you get overwhelmed, just take a deep breath and continue.
Keep building upon the knowledge you gain and soon you will realize there are positive changes taking place in your life.
Be focused and stay on track. As you build your knowledge you will gain vision. As you begin implementing new strategies into your life, you will start experiencing the dramatic tax savings our tax code allows for you to start your business.
Tax education and minimal tax planning can keep the percentage of tax you owe annually down to a minimum.
Your goal should be to say,
“I am making more money and paying less in tax!”
Above all stay tuned for more business insight…
