Kamis, 28 Juni 2012

Small Business Tax Survival Tips

If you're like most people, then it's safe to say that the current economic climate has gotten you down in more ways than one. Just take a look at The Occupy Wall Street Movement; how it has spread far and wide in such a short period of time. It's no secret that this country is in crisis mode and people are literally fighting for their lives. Working Americans are being strangled by taxes! Every month we pay more in taxes than we spend on housing, food, transportation, and health care. WHERE'S OUR CUT?

Have you ever wondered how the "rich" maintain their wealth? Have you ever wondered why so many people are attracted to owning their own business? Profits you say? Absolutely, but there is one outstanding advantage to owning a home based business even if you fail to make any profit at all.

Running a part-time home based business is the biggest way - the only way - the average person can have a major impact on slashing his/her taxes. You can save thousands of dollars every month and year on your taxes simply by being a small self-employed business owner. Ultimately, it' not about how much you make, but rather how much you are able to keep in the end!

How hard is it to qualify for Small Business Tax Deductions? It's EASY! All you have to do is meet these four simple tests:

1. Have a legitimate business such as real estate investing, 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 simple tests, you probably qualify for some major home based business tax deductions, which could reduce your taxes by thousands of dollars every year, for the rest of your working life.

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