An Excellent Way to Keep More of Your Money
Keep more of your money: This awesome way to keep
more of your money is for you, if your are thinking about
making some changes in your life, in order to save more
of your money.
If you are already making hundreds of thousands or millions
of dollars, you may want to look into estate planning because
your needs maybe beyond the scope of this post.
Start a Home based Business Keep More of Your Money
One excellent way to save more money is to start a home based
business, but not just any home based business.
A home based business can have several structures and each
have different levels of tax saving strategies and advantages.
A home based business offers a lot of tax benefits through tax
deductions. The focus of this post is on the tax benefits of a
network marketing home business.
Yes with all the hoopala about network marketing, the business
format is recognized by the IRS.
If you are like most people you are probably unaware of the
roughly 137 tax reduction strategies available to home
based network marketing business owners.
Getting the maximum advantages or being able to use them
all depends on the structure of your business.
I am by no means a CPA or accountant of any measures.
I am simply sharing educational material with you here. If you
can imagine how much you can save, using as many of the
available tax deduction techniques, great.
The following list contains some but not limited to what can
be written off from some everyday living activities that most
people do spend money on.
What if you can cut your spending or totally eliminate some
cost from these activities? Would you be able to keep more of
*** eating out, going to nice restaurants and paying for the
meals and tips
*** entertainment, entertaining and regularly having parties
*** recreation, engaging in fun activities
*** sports events, football games, basketball games, ballet or
*** travels, traveling anywhere you want to go, by air, water
*** gifting, giving away gifts
*** visiting, business visits to friends and family
*** socializing, taking friends and family to fun places
*** phone, talking on the phone
*** being online, spending time online conducting business or
*** service expenses, expenses relating to your business,
maybe partial or up to 100%
*** education, learning new things or teaching certain things
to other people
*** commuting, your direct drive to a regular w2 job is not tax
deductible, but any legitimate related business conducted in
between your drive to and from work may be tax deductible
*** out of pocket medical expenses, medical, health, dental,
vision and certain insurance expenses, you may be able to
deduct some of them.
Do you have long term care insurance or paying for long term
care? This is one way that you may pay for it and be able to
write it off on your taxes.
Here is a a fairly long list provided by the IRS, of examples of
medical expenses that qualify for tax deduction. This list can
be found in Publication 502.
These regulations changes all the time so be on the look out for
changes and updates. The following link, out line the maximum
amount that can be deducted for the premiums of
Let me re-emphsize that this post is about tax reduction…
not tax evasion.
Join Multi-Level-Marketing Keep More Money
Right now is an excellent time to join a multi-level marketing
Many office supplies or business equipment needs, are on sale
now. If you are in the US or Canada, every dollar you spend on
starting the business, including office supplies, equipment and
promotional materials are tax deductible.
So lets review, spending money to start a business, when you are
trying to save, may seem counter-intuitive, on the surface.
However, all the new entitlements may save you a bundle in the
form of tax deductions.
What are some of the benefits to you? You may be able to:
*** write off some expenses up to 100% on your tax return
*** offset your business loss or start up cost from your regular
wages or your spouse wages
*** spend more on legitimate business expense, write off more
on your taxes,
*** the above may really lower your taxable income
Note: The IRS have tax laws, codes and guidelines that you
must follow to take advantage of the up to 137 tax reduction
The above are just some of the new entitlements, you may gain,
from activities that you normally spend money on.
Before they were lost spending, now with a certain home based
business, they can become deductible business expenses,
and an awesome way to keeps more of your money.
Learn more and get a clearer view of some of these 137 tax
reduction strategies at how a mlm business can save you..