Tuesday, 5 June, 2007 10:31 PM
Hit Hard By Taxes This Year?
You Need to Start a Home-Based Business
When April 15th rolled
around this year, did you feel like you’d been sucker punched
by the IRS? You’re not alone. Millions of Americans shelled
out tax money they could have saved—if they only had a home-based
business. That’s the bad news. The good news is there’s
still time to significantly lower your 2007 taxes if you act now.
Time is of the essence if you want to reap the substantial benefits
of running a home-based business. The tax savings are hefty, not
to mention the other perks. And it’s all legal.
“Starting a home-based business is one of the smartest things
you can do to lower your taxes and save money,” says former
IRS attorney and best-selling author Sandy Botkin, CPA, Esq. “A
home-based business allows you to take deductions for expenses you
pay anyway. And the benefits are far-reaching for families who are
struggling. In this day and age, it’s nearly impossible for
families to survive on one paycheck, but the cost of sending both
parents off to work is high—both financially and emotionally.”
In his best-selling book, LOWER YOUR TAXES—BIG TIME!, Botkin
reveals some startling information about the true cost of being
‘an employee.’ Not only is job security a thing of the
past, when it comes to bringing home more of their hard-earned money,
workers are fighting an uphill battle because tax laws are working
against them. “Under recent tax laws employees are shafted
more than ever with limits and thresholds for their employee deductions
and higher social security tax limits,” says Botkin. “This
results in more households with both parents working than ever before
and often, working more than one job. Today many households need
three incomes to stay afloat.”
Which brings us to another key point from LOWER YOUR TAXES—BIG
TIME! Botkin urges readers to figure out what it really costs them
to work outside of their homes. “For example, add up the cost
of your dry cleaning bills, lunches, gas, wear and tear on your
vehicle and child care and you’ll probably be disgusted at
what you truly clear for net income,” says Botkin. “Factor
in the stress factor of a daily commute, your boss, and the frustration
of not spending enough time with your family and it’s pretty
clear that tax savings aren’t the only benefit to starting
a home-based business. The emotional impact on your family can be
Botkin also uses his experience with the IRS to demonstrate why
proper record keeping and documentation is an absolute must. “I
can’t stress enough how critical it is to keep proper records,”
says Botkin. “I like to call it ‘bullet-proofing’
While most of us would be intimidated reading a book about taxes,
LOWER YOUR TAXES—BIG TIME! is highly reader friendly. Each
concise chapter outlines a specific strategy for lowering your taxes.
Botkin explains the rules behind each strategy and he doesn’t
get bogged down in confusing lingo. His sharp writing style and
personable tone clearly explain the distinctions of complicated
tax codes. And he uses real-life scenarios and questions. For example,
when is a meal a deductible business expense? Or if you conduct
business out of town, what part of the trip is deductible?
LOWER YOUR TAXES—BIG TIME! can show you:
- Why a home-based
business can lower your taxes BIG TIME
- How to deduct your
fun (golf, sporting tickets, movies)
- How to turn your vacation
into a tax-deductible write-off
- How to use ‘income-shifting’
to save the equivalent of your kids’ college education
- How to understand
all the tax planning and credits for educational expenses
- The 24 questions you
need to ask to evaluate an accountant
- How to turn your car
into a tax-deductible goldmine
- How to beat a dreaded
- How to incorporate
your business to shelter your wealth:
- Why to form a Nevada
- How to eliminate up
to 40% of your Social Security and Medicare tax
- How to get assets
and money into a corporation tax-free
CPA, Esq. is a best-selling author and former trainer of IRS Attorneys.
He is currently the Chief Executive Officer and Principal Lecturer
of the Tax Reduction Institute based in the Washington, D.C. area.
During the past ten years, he has taught more than 100,000 taxpayers
how to save hundreds of millions in new and overlooked deductions.
He consistently earns rave reviews for his clear and humorous presentations.
He is also the author of REAL ESTATE TAX SECRETS OF THE RICH: BIG
TIME TAX ADVANTAGES OF BUYING, SELLING, AND OWNING REAL ESTATE!
(McGraw-Hill 2007), a guide showing homeowners how to use their
home to lower their taxes.
Mr. Botkin is also a member of the Florida Institute of Certified
Public Accountants. He is a ‘Distinguished Real Estate Instructor”
and is listed in “Who’s Who in Business.”
Source: Event Management