HOME BUSINESS TAX CONSULTANT
Why does it take 2 people working to run a household when it used to take only one!
How come I can't save enough money to retire ? How am I going to send my kids to college ?
When are we going to be able to afford a decent car? How can I get rid of these credit card balances? How will we survive if I lose my job?
These are common questions for the 90's and questions with a common answer; When you start making your money more effective ! Over the last 10 years 37 million people have realized that owning a home based business is the most effective way of of making more money and keeping the money they make ! At the end of the next 10 years it is expected that one third of the U.S. population will be involved in a home based business. What's the big attraction?
A home based busines is in most situations a "Life Style" business, that means that you can be working at any time. This now makes most of the things you spend money on tax deductable effectively doubleing your earning power and giving the average person a $3,000 to $15,000 raise for the year.
The average home based business earns $50,250 per year compared with the average employee who makes $26,000 !
The "Virtual Company"
A Desk, a chair, a phone, an aswering machine, a fax and a computor comprize the new international company ! My personal business spans 3 contenents and literally costs pennys to run. The best thing abought it is that I have a 5 minute commute from my bedroom to my computor, I'm at work and no one cares that I'm still in my under wear ! Technology has now made it possible to live anywhere and do business world wide. And it is technology that allows us to help you be in business for yourself in 24 hours !
After you have started your own Home Based Business (Click here for some top picks)
use the following stategies to double your spendable income and quadruple your investments.
1. Turn personal things into business things.
Suppose that you love to take outdoor photographs and decide that you are going to turn a hobby into a part time business. You put an add in the local paper advertizing a picture taking safari to a national park in your area and people start to call. When the days arrives you take your new motor home to act as a base station for your safari and to provide lunches. That motor home which used to be a $50,000 sink hole just turned into a big deduction ! How that works is simple, when you turn personal assets into business assets you take the lesser of the purchase price or market value at the time of transfere, (lets say that was $40,000) you then go to the IRS depreciation tables and look up that number. In this case that would give you $6,120. That number is the depreciation you write off the first year taxs multiplied by what ever percentage of time you use the motor home for business. If you planned on using it 50% of the time you would write off half the depreciation. And don't forget - if you have a loan on the RV you would write off half of the interest charges too. What a huge difference in the way your money is used, instead of draining away your extra cash the RV would now be worth approx. $5,400 in tax free dollars. Before doing your tax's make sure to Bullet Prof your return, then sleep easy knowing that you would have given yourself a $2,500 raise. Now invest that for 30 years at 12% and you have a retirement fund of over $600,000 !!!!!!! Starting to get the picture?
2. Deducting your car.
Using the same example, your business needs to run it's errands like everybody else. Picking up film, scouting out potential sites to take your clients etc.etc etc. That now makes your car a business expense for which you write off the depreciation or a per mile rate of 31 cents. Say you used the car 10,000 miles over the course of the year for business related things, that would give you another $3,100 deduction! Add that savings to your retirement fund and you become worth over 1 MILLION DOLLARS at retirement (assuming 12% return for 30 years). All because you became a student of money.
3. Misc. deductions.
Because you are now in business for yourself, most of the "other" things you used to drop money on are now totally tax deductable ! Your camera, film, magazines etc. You're now doing something you love but Uncle Sam is paying you to do it! And best of all your husband or wife who used to srceam bloody murder for all the money you spend now wants and encourages you to do it !
4. Deducting a home office.
Now that you have your own business you need space to store your stuff and to conduct normal business activities. You start by setting aside a room or portion of a room for doing business. Set up your desk, your phone, your computor and anything else you need. Add in any other area of your house you may be using for the business like storage areas. Then add up the total business square feet and compare it as a percentage to your total household Square feet. Multiply household expenses times that percentage for your deductions. For example your 2000 square foot house has 400 square feet being used excusively for business, then 20% of all your household expenses are deductable. That means 20% of the heating, water, insurance, roof repair etc are now write offs!! When you add in the depreciation benefits your home office deduction brcomes worth it's weight in gold, literally!
5. Hire your spouse.(get deductable health insurance)
Can't handle the business by yourself? Then hire your significant other. With an employee you can offer a tax deductable insurance policy, while your policy is not deductable your spouse' is ! He/She can then elect the family plan! His/her whole family gets covered and by golly that includes you! DETAILS.
6.Children ($4,000 ea. tax free)
Are you tired of shelling out big "after tax" money to keep your kids in shoes, clothes, skates and camps not to mention trying to put away a college or wedding fund? Well, I'll make your day a little brighter - as a business owner you can shift $4,000 per child per year to your kids down to an age of 7. Yes that's right $4,000 per year and never pay a pennys tax! Just see what a difference tax free money will make in their college fund.
Does all this really make that much of a difference? YES IT DOES ! Out of ever 100 people, 97 of them end up broke at age 65. Only 3% are fully self sufficient. The difference is that the 3% pay attention to where there money goes. The choice is yours you can spend a few minutes a week manageing your money or you can give it away, it's up to you !
Get the "Whole 9 Yards" of information by clicking here.
(Trivia - do you know where that saying comes from "whole 9 yards" ? In WWII Air Force fighter planes would carry 50mm ammo in linked chains. They could carry 27 feet of that chained ammo. If they came upon a target that they straifed untill they ran out of ammunition they then said; "They Got The Whole 9 Yards" ! Now you know the rest of the story.)
Why does it take 2 people working to run a household when it used to take only one! How come I can't save enough money to retire ? How am I going to send my kids to college ? When are we going to be able to afford a decent car? How can I get rid of these credit card balances? How will we survive if I lose my job?
These are common questions for the 90's and questions with a common answer; When you start making your money more effective ! Over the last 10 years 37 million people have realized that owning a home based business is the most effective way of of making more money and keeping the money they make ! At the end of the next 10 years it is expected that one third of the U.S. population will be involved in a home based business. What's the big attraction?
A home based busines is in most situations a "Life Style" business, that means that you can be working at any time. This now makes most of the things you spend money on tax deductable effectively doubleing your earning power and giving the average person a $3,000 to $15,000 raise for the year.
The average home based business earns $50,250 per year compared with the average employee who makes $26,000 !
The "Virtual Company"
A Desk, a chair, a phone, an aswering machine, a fax and a computor comprize the new international company ! My personal business spans 3 contenents and literally costs pennys to run. The best thing abought it is that I have a 5 minute commute from my bedroom to my computor, I'm at work and no one cares that I'm still in my under wear ! Technology has now made it possible to live anywhere and do business world wide. And it is technology that allows us to help you be in business for yourself in 24 hours !
After you have started your own Home Based Business (Click here for some top picks)
use the following stategies to double your spendable income and quadruple your investments.
1. Turn personal things into business things.
Suppose that you love to take outdoor photographs and decide that you are going to turn a hobby into a part time business. You put an add in the local paper advertizing a picture taking safari to a national park in your area and people start to call. When the days arrives you take your new motor home to act as a base station for your safari and to provide lunches. That motor home which used to be a $50,000 sink hole just turned into a big deduction ! How that works is simple, when you turn personal assets into business assets you take the lesser of the purchase price or market value at the time of transfere, (lets say that was $40,000) you then go to the IRS depreciation tables and look up that number. In this case that would give you $6,120. That number is the depreciation you write off the first year taxs multiplied by what ever percentage of time you use the motor home for business. If you planned on using it 50% of the time you would write off half the depreciation. And don't forget - if you have a loan on the RV you would write off half of the interest charges too. What a huge difference in the way your money is used, instead of draining away your extra cash the RV would now be worth approx. $5,400 in tax free dollars. Before doing your tax's make sure to Bullet Prof your return, then sleep easy knowing that you would have given yourself a $2,500 raise. Now invest that for 30 years at 12% and you have a retirement fund of over $600,000 !!!!!!! Starting to get the picture?
2. Deducting your car.
Using the same example, your business needs to run it's errands like everybody else. Picking up film, scouting out potential sites to take your clients etc.etc etc. That now makes your car a business expense for which you write off the depreciation or a per mile rate of 31 cents. Say you used the car 10,000 miles over the course of the year for business related things, that would give you another $3,100 deduction! Add that savings to your retirement fund and you become worth over 1 MILLION DOLLARS at retirement (assuming 12% return for 30 years). All because you became a student of money.
3. Misc. deductions.
Because you are now in business for yourself, most of the "other" things you used to drop money on are now totally tax deductable ! Your camera, film, magazines etc. You're now doing something you love but Uncle Sam is paying you to do it! And best of all your husband or wife who used to srceam bloody murder for all the money you spend now wants and encourages you to do it !
4. Deducting a home office.
Now that you have your own business you need space to store your stuff and to conduct normal business activities. You start by setting aside a room or portion of a room for doing business. Set up your desk, your phone, your computor and anything else you need. Add in any other area of your house you may be using for the business like storage areas. Then add up the total business square feet and compare it as a percentage to your total household Square feet. Multiply household expenses times that percentage for your deductions. For example your 2000 square foot house has 400 square feet being used excusively for business, then 20% of all your household expenses are deductable. That means 20% of the heating, water, insurance, roof repair etc are now write offs!! When you add in the depreciation benefits your home office deduction brcomes worth it's weight in gold, literally!
5. Hire your spouse.(get deductable health insurance)
Can't handle the business by yourself? Then hire your significant other. With an employee you can offer a tax deductable insurance policy, while your policy is not deductable your spouse' is ! He/She can then elect the family plan! His/her whole family gets covered and by golly that includes you! DETAILS.
6.Children ($4,000 ea. tax free)
Are you tired of shelling out big "after tax" money to keep your kids in shoes, clothes, skates and camps not to mention trying to put away a college or wedding fund? Well, I'll make your day a little brighter - as a business owner you can shift $4,000 per child per year to your kids down to an age of 7. Yes that's right $4,000 per year and never pay a pennys tax! Just see what a difference tax free money will make in their college fund.
Does all this really make that much of a difference? YES IT DOES ! Out of ever 100 people, 97 of them end up broke at age 65. Only 3% are fully self sufficient. The difference is that the 3% pay attention to where there money goes. The choice is yours you can spend a few minutes a week manageing your money or you can give it away, it's up to you !
Get the "Whole 9 Yards" of information by clicking here.
(Trivia - do you know where that saying comes from "whole 9 yards" ? In WWII Air Force fighter planes would carry 50mm ammo in linked chains. They could carry 27 feet of that chained ammo. If they came upon a target that they straifed untill they ran out of ammunition they then said; "They Got The Whole 9 Yards" ! Now you know the rest of the story.)
