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An Introduction to Incorporating in Florida
Starting a business? Relocating your corporation’s headquarters?
The state of Florida is ripe with business opportunity. The Governor of Florida, Jeb Bush, recently proclaimed that Florida ""is a story of a robust economy, of technology...
Real Estate Investors - Don't Close Your Eyes To Closing Costs.
When buying or selling real estate closing costs can come as
a shock. Here's an explanation of the various expenses:
Down Payment
Most lenders require a down payment of from zero to 20% for
a normal home purchase.
Lender's Loan...
Seven Key Tax Deductions for the Self Employed
As a sole proprietor, it*s wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004. Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and...
TEN STEPS TO MLM SUCCESS
First, here’s my tip of the day: There are proverbs etched on the bellies of those statues on Easter Island. And one of ‘em is: He who laughs at your stupid jokes is up to no good. (Remember that next time you go on a date.) Now for the story:...
Why Work from Home?
Have you noticed? There is a lot of publicity these days about working from home - increasing numbers of people are dreaming of leaving the rat race; TV programmes are made showing families leaving the city and moving to a rural retreat; and more...
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THE MOST OVERLOOKED WAY TO LEGALLY DECREASE TAXES IN 2005
By Tim Merrell, the Dental Guy
copyright 05-2005
I rushed upstairs dodging the toys, two small children and a border collie. I grabbed the phone just before the answer machine kicked on. “Do you know how much I had to pay IRS this year?” was the question. Before I had a chance to answer, my sister revealed the details. The next question; “How much did you have to pay?” Once again, she spoke before I could answer. Then with a sigh, she said, “I don’t understand how taxes work.”
I explained that if she started a part-time home based business, not only could she get benefits of tax write-offs, but any loss she may incur in the first years of business would be deducted from her husband’s income.
“Oh you’re talking about one of those MLM type businesses, aren’t you?” She coldly questioned.
“Not just any MLM business, but one that would give you a residual income.” I answered.
“What’s a residual income mean?” She asked, now with interest in her voice.
“In most businesses, you sell a product, and hope that client continues to buy the product. Therefore, you must market that client each month. However, in my business, you sell one time, and get a check every month without ever having to re-sell the product again to the same customer. In essence you make money, while you sleep.”
“You mean like web hosting, or internet services?” She inquired.
“That is one type of product, but selling that stuff, is usually best handled by techie types, only because of the technical questions people ask. Actually, I’m talking about a company that has been in business since 1992, and pays a commission rate of 30%.”
“No one pays a 30% commission,” she flatly replied.
”There is a company that does, and I’m getting checks.” I continued. “Also, I get a check every month, even if I quit selling. That’s a true residual income, and I am building a retirement income.”
“Hmm, but how will that help my taxes?” She cautiously questioned.
“Okay, if you
become a broker, then all the supplies you use, such as printer ink cartridges, paper, brochures, your phone line, equipment, and your mileage traveled pertaining to business become write-offs.” I gave her the following example.
“My biggest deduction each year is business miles. This is a great deduction available to those of us who are self-employed, and maintain a mileage log. Let say, you travel from your home to a potential client’s office or home. The distance between the homes is 20 miles round trip. As of 2004, you can write off mileage at the rate of 37.5 cents a mile. That’s correct, 37.5 cents a mile. That little trip, allows you a tax deduction of $7.50 and the icing on the cake; you get the client.”
If my sister started a home based business, then money spent while she was learning the ropes is a tax write-off. She could learn a new job, with free training, and actually start making a monthly income, that could build into a source of retirement income, while she worked at home.
That is how I started self-employment. I can legally deduct my $35.00 monthly broker fees, and other business expenses. My family receives dental and vision benefits, office supply discounts, Dell computer discounts, grocery coupon booklets, Lifeguard Nurse Line, and use of the legal and financial library, with more than 5,000 accounting forms and agreements. If you are tired of writing tax checks to the government, CLICK ON THIS LINK and start building your residual income. Want to talk first; call me toll free at 888-858-3778. My motto: Thrive in 2005.
About the Author
Tim Merrell, dubbed "The Dental Guy" brings his years of expertise in the employee benefits' industry. He can be reached toll free at TOLL FREE 888-858-3778 or (435) 628-1595, or email tim@dentalguy.net
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| Internal Revenue Service |
| The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
| www.irs.gov |
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| Tax Information for Individuals |
| Access to useful information, booklets and other tools from the Internal Revenue Service. |
| www.irs.gov |
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| Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
| Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
| tax.yahoo.com |
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| Taxes: Tax Planning, Tools and Advice - MSN Money |
| Microsoft's Tax Preparation site, in association with Tax Server. |
| moneycentral.msn.com |
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| Tax - Wikipedia, the free encyclopedia |
| Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
| en.wikipedia.org |
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| H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
| Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information. |
| www.hrblock.com |
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| TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
| File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
| www.hrblock.com |
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| Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
| Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
| turbotax.intuit.com |
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| Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
| Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
| www.forbes.com |
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| Essential Links to Taxes |
| TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
| www.el.com |
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| Government > Taxes in the Yahoo! Directory |
| Yahoo! reviewed these sites and found them related to Government > Taxes. |
| dir.yahoo.com |
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| Taxes - Tax News for Home and Business from CNNMoney |
| The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
| money.cnn.com |
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| The Tax Foundation - Educating Taxpayers Since 1937 |
| Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
| www.taxfoundation.org |
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| Welcome to the Vermont Department of Taxes |
| Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
| www.state.vt.us |
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| Franchise Tax Board Homepage |
| The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
| www.ftb.ca.gov |
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| HM Revenue & Customs: Home Page |
| News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
| www.hmrc.gov.uk |
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| State and Local Tax |
| Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
| www.taxsites.com |
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| Quicken.com |
| www.quicken.com/taxes/ - 3k - Cached - Similar pages |
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| Tax news and advice from Bankrate.com |
| Information on all phases of tax planning and preparation. |
| www.bankrate.com |
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| Online Tax Advice - Tax Preparation Help - Income Tax Tips |
| Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
| www.marketwatch.com |
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