Almost any success coach will tell you if you want to get control of your financial life you need a home based business to be able to take advantage of the tax laws in the United States today. This means to change as many Personal Expenses into Business Expenses as possible! This can mean as much as a 50% discount on many of the things you are spending money on now! This is sometimes hard to believe so lets look at the example of mileage.
Get a 50% Discount on GAS and Other Car Expenses!
As of this writing the government has established the cost of driving at about 40 cents per mile. We will assume you are at a 30% tax bracket (on the last dollars you earn). This includes Social Security, Federal, State, and local income taxes. (Most people are at a much higher bracket).
How much do you need to earn in order to keep 40 cents after taxes?
You must pay for Personal mileage from AFTER TAXED dollars - take 57 times 30 percent (57 x 0.30 = 17) and you get 17 cents. 17 from 57 is 40! This means you must earn 57 cents just to get to keep 40 cents.
If you drive a business mile you spend 40 cents in pre-taxed dollars; since this 40 cents is NOT taxed, this is like receiving a 30% discount. 40 cents times 30 percent = 12 cents. (40 x 0.30 = 12) Take 12 from 40 and a business mile (when compared to a personal mile) would only cost 28 cents, thus a savings of 29 cents per mile! (57 - 28 = 29, more than a 50% Discount!)
How many miles do you drive each month? If you drive 500 miles each month and were able to convert 350 miles from Personal to Business miles you would save $100 per month! Mileage is just one of the many tax deductions you can claim! The best thing about this is you don't need to change any of the things you are doing now! Just start working your system and begin converting personal expenses into business expenses!
Many people think the only people who can take advantage of tax deductible entertainment are large cooperation’s. NOT TRUE! Anyone who has a small, Home Based Business can enjoy these same benefits! Another false impression is that only professional and college corporate boxes qualify for these deductions - NOT TRUE! You can deduct any type of entertainment!
If you are a normal American you are already participating in one or more of these activities that you can turn into tax deductible business activities as your build your business.
Anyone - including you can qualify for at least $100.00 up to as much as $500.00 in tax saving EACH and every month, beginning this month. You don't need to change you lifestyle at all! Just convert many of the things you are doing now into tax deductible activities! Examples include:
...and many, many more! ANYTHING that you must buy a ticket to attend AND/OR has a cost associated with it. This includes Professional, College, High School and Youth activities and sports!
It is time to turn your FUN into tax-deductible business activities!
One of best times to have fun is while you are on vacation! When you stay overnight on business trips, many things become tax deductible that are not normally deductible. From now on your overnight business trips should be at the places where you used to take vacations! Who said work could not be fun!