home based business tax deductions

home based business tax deductions

How to Get Uncle Sam to Pay for Your Home Based Business

How would you like to KEEP more of the MONEY Uncle Sam SWIPES from You Every Single Payday? NOW YOU CAN! Home-business tax deductions have helped many people cut their taxes by up to 30-50% or more. If You run a Home-Based Business YOU can SLASH your TAXES by $300 to $600 per MONTH, STARTING THIS PAYDAY!

If you DON"T have a Home-Based Business, You're Paying waaaaaay TOO MUCH TAXES!

Congress has approved major tax breaks specifically for those who have a home-based business, because home-businesses are good for the economy, and they provide a "safety net" if a taxpayer were to lose his/her primary source of income.

That's Right! These are NOT “loopholes,” “tax dodges,” or “tax avoidance schemes.” They’re honest, ethical, legal tax breaks:

* Authorized by Congress,
* Published in the IRS Code, and
* Approved by the Federal Tax Court.

Your Home-Based Business can add $3,000 to $6,000 to your Tax REFUND YEAR after YEAR after YEAR!!!

That’s MORE THAN ENOUGH to PAY for ALL of the costs of running a home business! So the MONEY you EARN in your BUSINESS itself, will be 100% PROFIT!

Qualifying is EASY!

* Work your business 3 to 4 hours a week,
* Prove You’re Trying to Make a Profit,
* Keep Good business Records.

“THAT’S IT,” Congress said.
Oh! It Gets Even BETTER!

When Congress approved these tax breaks, they told the IRS: “Don't make them wait for April 15th to get their refunds.”

As soon as you add up all of your tax savings, you can visit your employer's payroll office to fill out a short form that will begin to put up to $300-$600 or more per month in your take home pay-- beginning with your very next paycheck!!!
YES, THAT MEANS YOU GET PART OF YOUR ADDITIONAL TAX REFUND IN EVERY PAYCHECK, ALL YEAR LONG!

Could YOU use an EXTRA $100 POCKET CASH every week, week after week after week? That's just from tax savings, not even counting the money you'll make in your home-business!

CAN YOU AFFORD TO WAIT?
The COST of NOT having a Home-Based Business is HUGE!!!

* Every day you procrastinate…
* Every day you delay starting a home-business…
* Every day you don’t know about these big tax breaks...

You are OVERPAYING YOUR TAXES by $20.00 per DAY!!!

HOW MUCH ARE TAXES KILLING YOU?
Your Taxes Cost You MORE THAN YOUR

* Mortgage/Rent
* Car payments
* Health Care Costs
* Meals & Groceries
COMBINED!!!

WHAT CAN YOU DO ABOUT IT?

* Run an active part-time HOME-BASED BUSINESS.
* Learn about these HUGE NEW TAX BREAKS.
* Collect Your $3,000-$6,000 in NEW TAX REFUNDS.

Having a home office can allow you to convert thousands of dollars worth of no-deductible personal expenses, into tax-deductible business expenses. They include mortgage or rent (Yes! Rent can be deductible!), heating, air conditioning, electricity, natural gas, oil, water, sewer, trash collection, recycling fees, HOA dues, house cleaning, exterior painting, security alarms, major repairs and much more!
Qualifying is easy if the primary administration of your home-based business takes place in your home, and if the Home Office area is used regularly and exclusively for business.

Hire Your Own Kids in your Business and They'll Earn TAX-FREE Income.

If you have a child (or children) at least 7 years of age and under 18, and employ him/her/them in your home-based business, (a) they are not subject to child labor laws, (b) no payroll withholding is required, (c) the cost is 100% deductible to you as a business expense, and (d) the income is 100% tax-free to the child! That's as good as it gets, Folks!

About the Author

Stephen Chin a truck driver for years decided to drive on the internet highway instead and found wealth and happiness he never expected. Promoting web sites around the world, he invites you to learn how to start your own business and drive on the internet highway.www.20DollarsADay.org/TheSecrets2bWealthy

Flipping Houses and Taxes?

I'm helping a friend do taxes, but not well-versed in the area of home ownership myself. He moved from Alaska to Texas this year with his wife, and purchased a house to "flip". He bought the house in Sep 2007, and wants to sell this summer and immediately move into a second "flip". Based on what I've been reading, he has two options:

Path 1: Be a home investor, and wait until one year to sell, and then tax his cap gains at only 15% , instead of 35%.

Path 2: Declare himself self-employed, making his house his business, which I would think give him a lot of tax deductions.

I'm not actually clear on what path is most advisable. What deductions can he take following either path? What "errors in thought" should he be aware of? He thinks that if he sells within the year and goes to another house he gets a tax break. But I've not found anything about that. I want to help him, but don't want to give him bad advice, so thought the community could help.

Thanks.

If he sells the house after one year, AND the capital gain does not put him above the 15% tax bracket, I believe he will pay NOTHING in capital gains taxes. This is a temporary tax break that is in effect from 2008 until 2010. He should definitely look into this. But he has to keep the house for at least one year. If he sells it in less than one year, any profit will be considered a short-term capital gain, which is taxed the same as ordinary income.

It would be well worth the few hundred dollars for your friend to get the advice of a good tax professional.

Tax Deductions for Home Based Business - Gabby Huguenin's Wealth Coaching Call

 

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home based business tax deductions

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