Home-based Business Is The Best Tax Strategy Ever!
Most people are proud to be paying taxes in the USA
. The only thing is they could be just as proud paying half.Make tax deductions work for you. The following are some of the advantages of owning your own home-based business:
- The value of prospecting
- Hire family members
- Lease your vehicle
- Travel expenses
- Much, much more
Ex: Single, no children
No home-based business, income $32,000, total taxes paid $4,565.
Same person with home-based business would pay $1,380. That is a difference of $3,185. (example only)
Ex: Married with two children
No home-based business, income $75,000, total taxes paid $9,153.
With home-based business, $1,768. That is a difference of $7,385. (example only)
Can you imagine giving your family an instant raise? It is simple, just go into business for yourself. Yes, there will be an initial cost and maybe some expense each month. However, if you make more money at the end of the year, it is still a good idea. When you start your own business, your family can use one of the best tax strategies available today, hiring your children as bona fide employees for your business. You may pay your children up to $5,700 per year (2009 figure). Yes, your children can make money and at the same time help you with your taxes.
Just think back, does some of these names ring a bell; Hewlett Packard, Microsoft (and many, many more.) They all started at home. Where are these companies now? A long way from where they started from. You may not grow as big as Microsoft, but you have to start somewhere. If you have an idea, go out and do some research to see if there is a need for your idea.
Make sure you always follow all the IRS tax laws. Being in business for yourself is still the Best Tax Strategy Ever!
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