The Worlds Greatest Tax Shelter……..
What if I shared with you the Worlds greatest Tax Shelter?
Would that excite you?
What if I didn’t charge you a dime to hear this awesome tidbit?
Well you are in luck!
I am getting ready to show you the worlds greatest tax shelter without you having to go out and purchase a new home.
Nope not a retirement savings plan.
Not even an investment scheme.
and no you dont need to lock yourself in the room with your spouse and work on more babies but if you can go ahead and practice.
If you haven’t guest what it is by now let me just tell you.
The Worlds Greatest Tax Shelter is owning and operating your own HomeBased Business with the intention to create a profit.
By taking advantage of the tax breaks available you can keep more of your income instead of letting Uncle Sam have it all.
Trust me he is not hurting…
Now it does involve you becoming more organized.
You will need to keep good records of all your expenses, receipts, gas log etc.
I was so blessed this year to have earned a little over $0.50 per mile for driving my vehicle for business purposes. So I actually got payed for building my business.
I have great news for you!
You can too!
I mean the tax laws for homebased business owners are more than fair. Unless you are driving a lawnmower gas will never cost you 50 cents per mile.
It is all about positioning yourself on the other side of money to be able to take advantage of these favorable laws.
Don’t take my word for it find a tax professional.
These are principles that wealthy practice and so should you.
Tax-Planning Expert Sandy Botkin
By Laura Tiffany | February 25, 2003
Tax expert Sandy Botkin, author of Lower Your Taxes Big Time! and a former IRS attorney, says there is hope for all us saps who just hand over our paychecks to Uncle Sam. Read on for Botkin’s tips on taking advantage of tons of business tax deductions–all within the letter of the law.
You say that homebased business is one of the few legal tax shelters left. What does that mean?
Let’s say your business generates a loss. If that loss exceeds the income from that business, you can use that loss against any form of income you have: interest, dividends, rents, wages, pensions, anything. Say you make $50,000 in salary and you have a small business that creates a $10,000 loss. You only pay tax on $40,000. Let’s say the loss exceeds your whole income. You can carry back all business losses in 2002 five years and actually get a refund from the last five years’ federal and state income tax you paid. In 2003, by the way, that number is going down to two years. Or you can carry forward all business losses 20 years and offset the next 20 years of earning. So you never lose a properly documented business deduction.
Why is it so important to make yourself aware of these things?