How do you play the TAX GAME?

Recently, I played a new game called, “What’s Yours Like?” in which a gathering describes a rather simple item, like a backyard, as it is related to them, to the person who has to guess what it is. Remarkably, for some it was not too difficult to listen to the clues and know the answer within 3-4 hints, while others took many times more to finally figure out the answer. Do you do this when it comes to your business tax deductions? How often have you heard “hints” from various sources, and still NOT GOT IT when it comes to grasping how something so simple can be disguised in a way that just doesn’t ring out to you? Everyday, new entrepreneurs step up to play out their dreams of breaking out of the JOB, (Just Over Broke), humdrum and aspire to be more, yet they have not recognized all the hints that have been coming their direction to ensure they are KEEPING what they are EARNING, instead of deftly just giving up more to the IRS. To maximize their, (and your), dreams of business ownership, you have to be consciously aware of the TAX GAME. Many organizations, individuals, and tax professionals have committed to helping small business owners win the game (“WHAT COUNT$” is a simple bookkeeping template which helps small business owners do just that). This game can either make or break your future success and consist of the following rules: 1. EDUCATION Learning the ins and outs of your new business venture is just the beginning. In conjunction with your efforts to be on top of your new opportunity, you MUST learn the tax game as well. Failure to know what really counts as far as taxable income and allowable deductions can turn your dream career into a nightmare. 2. STRATEGIES Once you get the basics down of income and deductions, next requires implementing tax strategies. Using Congressionaly approved and IRS monitored ideas can be as simple as Business Use of the Home, (allocating proportional expenses for maintaining your place of residence versus the actual space used for your business), or hiring your kids, (paying them for doing jobs related to the business WITHOUT having to do payroll taxes), or executing one of several benefit programs that can make your medical expenses 100% deductible, reducing not only income, but self employment taxes as well. Designing these strategies takes knowledge, and the help of: 3. EXPERT ADVISE Seek tax professionals that are familiar with small business ownerships. You can find them by asking around to other business entrepreneurs, in books, magazines, chamber of commerce, or offered by your sponsoring business. 4. BOOKKEEPING MADE EASY Just because you have a business, doesn’t mean you have to have an elaborate or expensive way to keep your records, In fact, there is a very simple bookkeeping template available called, “WHAT COUNT$”, that offers an extremely simple entry record keeping system that includes other recordable options like mileage, medical, business use of the home and hiring kids. Being on top of the tax game is the only way to win it, and the sole responsibility of learning the rules are…….YOURS. With the help of these suggestions above, you can quickly learn to recognize all the hints of allowable deductions and not just win the game, but have fun doing it. There was an issue loading your exit LeadBox™. Please check plugin...

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Are IRS and GOD the Same Thing?

Incredibly, most business owners have no idea of how valuable tax strategies are in maximizing the bottom line of their venture, or new career. And why should they!? The US tax code is made of MILLIONS of words, takes in nearly every conceivable aspect of life, and is authored, maintained, and administered by the ugliest three letters in the English alphabet…..IRS. Just like GOD, (another 3 letters that invoke fear in most minds), it reigns as the supreme grand marshal of all, adjudicating justice and fear that runs rampant through the throngs of citizens under its domain. BUT…..what if…instead of running in fear, taking the imagined safe route of minimizing deductions to avoid the dreaded audit, you choose to learn what really makes our country great and realized the VALUE in the IRS. WOW! Now that could be a complete turn around on an old belief system and perhaps one of the greatest you may ever take. Teaching tax strategy to small business owners have been the goal of many organizations, individuals, and even tax professionals. There is an example of this available as a simple bookkeeping template called, “WHAT COUNT$”, that incorporates many of these tax strategies, coupled with expert advice and a seamless record keeping system to ensure you are not just aware of tax reducing opportunities, but are implementing and recording them in a manner that makes your tax returns complete, compliant, and YOUR statement of success. Did you know….that our economy is made of SMALL businesses succeeding, not big ones. True, companies like Ford, GMC, or any other monstrous corporation hires lots of employees and has a powerful sway in the decision making in Washington, but so do small business owners, which actually hire more than 70% of the labor force in this country. And….did you know…congress has created many specific tax deductions to support the underlying structure that really makes our country great, and to ensure your success instead of damning it? Tax strategies, (the usage of combined allowable tax deductions into a plan that meets YOUR business needs, future, and ultimate success), are not only brought to the attention of congress by small business owners and their collective bargaining groups, but many members of congress who started out just like you, an American with an idea of being more than part of a stable of factory workers content with their offered benefits and limited retirement options. It’s time to look deep and find an advisor, or program like “WHAT COUNT$” to get your business organized, which can provide a simple bookkeeping template to help educate and develop your small businesses tax strategies. How about associating the three dreaded letters….IRS….to ones that make life worth living, like…….FUN. It can be There was an issue loading your exit LeadBox™. Please check plugin...

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