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4 Bulletproof Strategies that Let Real Estate Professionals Cut Their Federal Taxes
Never Invest a Cent Without Considering the Likely Tax Impact on Yourself Realtors® and others in the real estate field see first-hand the steady increase in property values. Everyday, you assist both buyers and sellers to profit from it. You...
50 Unbelievable Benefits Of Joint Venture Marketing
50 Unbelievable Benefits Of Joint Venture Marketing copyright @ 2005 Ben Tiew What Is A Joint Venture? A joint venture is an agreement in which two or more businesses work on a project for a set period of time. Joint ventures can be long-term,...
Are You An Innocent Victim of These Popular Myths?
Misconceptions, misinterpretations and just plain “untruths” are floating about income taxes. Believing them could be costing thousands of tax dollars! Myth: A Professional Tax Preparer knows all there is to know about taxes so you don't have...
Currencies, Taxes and Citizenship
Currencies, Taxes and Citizenship By William Cate July 2004 [http://home.earthlink.net/~beowulfinvestments/] [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/] Would you accept 1,185,000,000 Tugriks for your...
Economic Survival in the 21st Century - the Three Key Questions to ask
In this “special report”, I want to pose a few important “philosophical questions” to my readers. Firstly -- our Federal Reserve Chairman, Alan Greenspan, addressed the effects and implications of our aging population on things such as Social...
 
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

 

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
 
Tax Information for Individuals
Access to useful information, booklets and other tools from the Internal Revenue Service.
www.irs.gov
 
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
 
Taxes: Tax Planning, Tools and Advice - MSN Money
Microsoft's Tax Preparation site, in association with Tax Server.
moneycentral.msn.com
 
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
 
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
 
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
 
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
 
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
 
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
 
Government > Taxes in the Yahoo! Directory
Yahoo! reviewed these sites and found them related to Government > Taxes.
dir.yahoo.com
 
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
 
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
 
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
 
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
 
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
 
State and Local Tax
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ...
www.taxsites.com
 
Quicken.com
www.quicken.com/taxes/ - 3k - Cached - Similar pages
 
Tax news and advice from Bankrate.com
Information on all phases of tax planning and preparation.
www.bankrate.com
 
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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