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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