SPECIAL ALERT to Home-Based Business Owners...
Congress has passed laws giving THOUSANDS of DOLLARS in Tax REFUNDS and Tax DEDUCTIONS to average Americans who operate a legitimate home-based business – even a part time business – as long as they can prove they’re trying to make a profit.
These are NOT “loopholes,” or “tax dodges” or “tax avoidance schemes.”
They are legitimate tax breaks...
Authorized by Congress,
Published in the IRS Code, and/or
Approved by Federal Tax Court Rulings
Congress passed these tax laws to encourage home-based businesses because “Small business is the backbone of the American economy,” according to President George W. Bush.
The average American who runs even a part-time home-based business can now qualify for more tax advantages than any other category of taxpayer,” according to Ronald R. Mueller, author of the bestseller It’s How Much You KEEP, That Counts! Not how much you Make.
Why the big tax breaks for home-business owners???
Because 70% of the job growth is coming from small businesses, and Congress is “betting” that some of us will hit on a winner, strike it rich, and, then, pay a LOT in taxes. Of course we won't mind so much if we have to pay a lot in taxes if we're making a boatload of profits, right?
You can even qualify for these deductions retroactively! Most of the tax deductions and write-offs now available to taxpayers who run a small or home-based business, also apply to the past three tax years. So if you had a home-business in any of the past three years, you could file an Amended Tax Return (Form 1040X), and possibly get a Refund Check for THOUSANDS of DOLLARS – plus interest!
What Can You Write-Off?
Thousands of Dollars annually for: Business-use of your Cars or Trucks
Thousands of Dollars annually for: Portions of your Rent, Home-Maintenance & Repairs
Thousands of Dollars annually for: Telephone, Gas, Electric, Water & other Utilities
Thousands of Dollars annually for: Non-reimbursed Medical & Health Care Expenses
Thousands of Dollars annually for: Hiring Your Own Kids to work in your business
Thousands of Dollars annually for: Cell phones, Sidekicks™, Blackberry’s™ etc.
Thousands of Dollars annually for: Business Travel that might have been Family
Thousands of Dollars annually for: Vacations
Thousands of Dollars annually for: Laundry, Dry Cleaning, Shoe Repair & Clothing
Thousands of Dollars annually for: Gifts, Meals, Entertainment & Recreation
Thousands of Dollars annually for: Marketing Tools, Supplies, Meetings & Conventions
Thousands of Dollars annually for: Furniture, Furnishings, Computers & Equipment
Thousands of Dollars annually for: LOTS & LOTS of OTHER business costs & expenses ALSO!
How Hard is it to QUALIFY for these Tax Deductions?
It’s easy!!! Just meet these four simple tests:
1. Have a legitimate business
such as consulting, network marketing, freelancing, child care, internet marketing, direct sales, etc.
2. Prove you intend to make a profit
You do not have to actually make a profit before qualifying to take these deductions, but you do have to show you intend to make a profit.
3. Work your business on a “regular and consistent basis”
At least 45-60 minutes a day, 4-5 days a week.
4. Document your business Income, Expenses and Activity
Brief, hand written notes in a scheduling diary is usually enough
That’s it! If you meet those four tests, you probably qualify for some big-time home-based business tax deductions, which could reduce your taxes by thousands of dollars every year, for the rest of your working life!
Oh! It Gets Even BETTER!
When Congress approved these tax breaks, they told the IRS:
“Don’t make people wait until April 15th to get their money back.”
As soon as you add up all of your tax savings, you can visit your employer’s payroll office to fill out a short form that will begin putting an extra $300-$600 or more per month in your take home pay! What would it be like to have $100 or so extra cash in your pocket every week, week after week? And that’s just from the tax savings! It doesn’t even include the money you’ll make in your home-based business.
You see, the average person who uses the information you are about to discover, saves somewhere around $4,000 – $7,000 a year in taxes – that’s per year, for the rest of their working life!
These tax breaks, approved by Congress and the IRS, can put $100 extra cash in your pocket every week, by increasing your take-home pay from the job you already have – starting as soon as your very next paycheck!
P.S. What if You DON’T HAVE a Home-Based Business?
Simply said, you lose out on all the tax breaks you’ve just read about. The cost to NOT have a home-based business is about $20 per workday -- $100 per week - $5,000 per year - or more. And that’s every day, every week, and every year. That’s a lot of YOUR hard earned money that’s going to the Treasury Department, but could be going into your own pocket.
Health Expense Reimbursement Employee Benefit Plan
The rising cost of health care has become a barrier to home business owners succeeding in today’s busy marketplace. While there is no method to completely eliminate health care concerns, there is a way to save thousands of tax dollars each year. Health Expense Reimbursement Employee Benefit Plan is a simple, yet effective solution to greatly help you diminish the high costs of health care. The average home-based business owner can save THOUSANDS of dollars each year with this one tax break alone.
Here’s how it works. The home-business owner employs his or her spouse to work in the home-based business. Once the spouse is an employee, the employer can give the employee an Employee Benefit, which is called “Health Expense Reimbursement Employee Benefit Plan.”
With this Employee Benefit Plan, home-based business owners who qualify can reimburse the employee (spouse), and members of his/her immediate family (you and the kids) for 100% of qualifying non-reimbursed medical expenses and health insurance premiums. More often than not, home-based businesses only take the standard deduction offered on Form 1040 for their self-employed health insurance costs.
Can YOU afford not to have a home based business?
Tuesday, February 3, 2009
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