How would you like to put thousands of dollars back in your pocket every year? What could you do with that extra money? There is a way my friends, and it is right in front of you.
Do you know what the single biggest expense will be in your life? It is not a mortgage, healthcare, or even having children. The biggest expense is TAXES! That’s right. Do you get excited to see all that money pulled out every two weeks? Probably not! It is not just the taxes you pay in your paycheck either; almost everything you buy has a tax added onto it. Those little bits add up too.
There is a day every year called “Tax Freedom Day”. It is the day that if you paid all your taxes from January 1st to that day you would start getting to keep the money you earn. You would pay all the way until April 24th. Picture every hour, every week, and every month you work going straight to pay the taxes for the year until April 24th. Then you get to start to keep the money. Almost five months is crazy right? Like the old saying goes, “there are only two things certain in life, death and taxes”.
Now taxes are important for infrastructure, programs, and many things we need. I am not completely against taxes. I believe everyone should pay their fair share of taxes, but not a penny more. I have a hard time with a system that prints off as much money as they need from a printer, but comes back to hard working people and demand more and more. (I won’t digress on the government and the fiat currency (fake money) system we use currently. That is for a different article.)
The tax code was written primarily by business people, for business people. Now, you can complain about that system or I will teach you how to use that same system to win.
Did you know that by owning your own small business you could participate in over 450 tax write offs each year? Compare that to the average person who gets around four write offs. A write off is any legitimate expense that can be deducted from your taxable income. I am going to show you how to increase write offs, which means increased money in your pocket.
Let me start with my disclaimer that reads: I am not a tax attorney or accountant, so do not take this as absolute. Please seek expert advice for your tax related needs. I am going to describe here how I know it to be. Please go and do your own research after this article. Although I am not an expert, I will tell you I have learned and studied these principles over the last few years and it is quite amazing.
First, why do businesses get tax write offs? Government loves businesses, big and small. This is because they bring goods, services, jobs, and money to an area. They are boosting the economy and therefore get an incentive from the government; these incentives are tax breaks. The government realizes that the key to a successful economy is entrepreneurship.
I know you are probably saying “whoopy, how does this help me? I don’t have the money to start a business!” Well you are just asking the wrong question. The right question is “How do I start a business for very little cost?”
The best way I have found, if you don’t already own a business, is to start a direct sales or network marketing home business. You can get started for very little cost compared to traditional businesses. The average business startup in the United States is around $65,000. In network marketing you can get started for a few hundred dollars.
When you start your own business you become a 1099 independent contractor, which is how you can take advantage of the same tax write offs. You can run a business in many states for two full years without bringing in any profit before it becomes a hobby, as long as you are actively working to build your business.
Now, picture driving your car and a dollar falling from the roof every two miles you drive. That would be fun right? Not really. Now, one of the write offs you get is mileage to and from business meetings. You get back $0.56 per mile you drive; now your dollar stays in your wallet. Go to dinner for a business meeting and that meal is a write off. Your products and subscription costs for promoting your business, marketing materials, office space in the house, and even entertainment if it is within twenty-four hours of a business meeting are also write offs. There are so many it is crazy.
Now you might say, “well that sounds great, but how do I figure out all these write offs? How do I track all this?” Don’t worry there are tools and trainings to help. I didn’t study the thousands of pages of tax code; I just found the best tools and experts. The very best is Taxbot.
Taxbot was founded by Sandy Botkin, a CPA and former tax attorney for the IRS. He was tired of seeing businesses leave so much money on the table at tax time by doing things wrong, and he wanted to help. So, he created Taxbot, which is a computer program and application for your phone that makes tax savings easy.
Everything is done right on your phone and you fill in all the important details in the app. It requires all the details the IRS expects to be ‘audit safe’. It will also track your mileage via GPS to and from your business meetings. Tired of holding onto receipts? You don’t need anymore; you just take a picture with Taxbot, it saves it to the cloud, and you throw that receipt in the trash. When tax time comes you can just print off your entire report on the TaxBot website; they call it their AuditSafe report. It makes doing your taxes fast and easy.
Taxbot also comes with amazing training from Sandy himself. He teaches you how to maximize your benefits for tax time and maximize your return. He also teaches you about all the amazing tax benefits of owning your own business.
Ready to put that hard earned money back into your pocket? Tax season can now be one of the most fun times of the year!
I hope this article helped you understand the power of owning your own home business and how much a tool like Taxbot can simplify the process. It takes some discipline to understand the reward comes in the spring, but it is worth it.
Go find a great network marketing company with products you like, learn how to share them with others, use Taxbot, and live the exciting life of an entrepreneur.