Secrets The IRS Does Not Want You To Know
Paul Coffinger
For average Americans, taxes are the single largest bill they
will pay. Almost 40% of every working person's wages go to
taxes: that's more than most people pay in utilities, rent, car
loans, or education expenses. And while the burden of most bills
can be lessened by working harder and earning more money, the
tax liability only increases, so earning more money just equals
paying more taxes.
Most Americans do not realize that Uncle Sam's piece of their
hard-earned pie is so enormous. After all, the amount is
divided into a number of small deductions: federal taxes, state
taxes, county taxes, Medicare, social security, and so on. Each
individual chunk looks like a reasonable price to pay in order
to keep the country operating smoothly, but when added together
the sum is staggering. The majority of people resign themselves
to a lifetime of working too hard and to long for someone else,
paying too much in taxes to the government, and then struggling
to maintain a comfortable life after retirement. But they've
been brainwashed! The truth is every person can learn to work
less and keep more of their earnings, not by cheating the IRS
or by hiring a staff of overpriced accountants, but simply by
following the American Dream and becoming an entrepreneur.
Business owners, especially those with a home office, have a
tremendous advantage over the average working taxpayer. While
most people pay taxes on the total amount they earn, business
owners only pay taxes on the amount left over after their
expenses. Imagine being able to deduct work-related
transportation and clothing expenses from a paycheck before
taxes come out. Imagine being able to write-off the rent,
utilities, remodeling, and cleaning expenses every year.
It is possible. Business owners can legally deduct all of these
expenses from their revenue before the IRS comes to collect
their fee, and so can you, the average American simply by
starting a home-based business. For home-based operations, the
IRS treats home and living expenses as tax-deductible business
expenses.
While keeping more money in their own pockets sounds like a
blessing to most Americans, few people believe it could be that
easy and that legal. But it really is. And it doesn't take an
accounting degree or an MBA to understand what the government
will allow deductible expenses. All it requires is time,
organizational skills, and a desire to lower the yearly tax
responsibility substantially.
Time is essential. It will require time to set up a home-based
business and to begin generating a stream of profit. It also
takes time to study the tax laws relating to business expenses.
Unfortunately, many people are unwilling to expand the initial
effort required. They prefer to make their $5000 the
old-fashioned way: by slaving away for forty hours or more a
week to make someone else rich. In reality, the time commitment
of starting a home-based business is considerably less and is
required only once.
About The Author: Paul Coffinger is a Tax Attorney and
president of
http://www.taxdebtsolutions.com
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