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What Is The Key To Slashing Your Taxes?
One very foggy night the captain of a large ship saw what appeared to be another ship's lights approaching in the distance.
The two were on a course that would mean a certain head-on collision.
So quickly the captain signaled to the approaching vessel, "Change your course ten degrees west."
The reply came, blinking back through the thickening fog, "You change your course ten degrees east."
The captain became insulted, pulled rank, and angrily sent a message back: "I'm a sea captain with 35 years experience. Change your course ten degrees west."
Without hesitation, the signal flashed back, "I'm a seaman, fourth class. You change your course ten degree east."
The captain, now becoming enraged, realized that the two ships were rapidly approaching one another, and would certainly crash in a few short minutes.
So he sent his final warning: "Now you listen hear. I'm a fifty thousand ton freighter. Change your course ten degree west - now!"
A simple message came blinking back: "I'm a light house."
*************************
I'm often asked, "What can I do to lower my small business taxes?" And I'm always glad to offer an answer packed with potential tax-saving strategies: form a corporation, start a medical reimbursement plan, start a SIMPLE retirement plan, take the home office deduction, keep track of your mileage, etc., etc., etc.
Of course, the easiest way to start paying less tax is to start keeping better records of the expenses you already have, but have failed to report because of poor bookkeeping.
But lately, I'm wondering if I'm giving the best possible answer to this question.
I'm wondering this because of a recent conversation I had with a client, who came to me for (surprise!) tax-reduction advice.
This man was an ideal candidate for converting his sole proprietorship to a corporation. In about 30 minutes I showed him how he could save
over $5,000 in taxes per year by implementing that one strategy of incorporating.
His response: "I don't have the time."
Yes, it would take some time to implement this strategy. And it would take some time to maintain this strategy. Guess how much? About two hours a month, max.
You do the math. Better yet, I'll do it for you.
If he spends 24 hours a year doing what it takes to maintain a corporation, he's just made $208.33 per hour at this new part-time "job".
Hmmm. How many self-employed people can go out and make five grand a year for 24 hours of work? Can you think of any? I sure can't.
I showed him the numbers I just showed you.
His response: "But I don't want to change the way I do business."
Ahh, now we're getting somewhere. Now we just got to the heart of the matter. He finally told me the real reason for his unwillingness to save $5,000/year: he was unwilling to change.
Did you get that?
And this is actually a very common reaction to an effective tax reduction strategy. I've seen it many times.
If there is change involved, people are often unwilling to implement tax reduction strategies -- it's too new, too different, too time consuming. Too whatever.
So I'd like to challenge you with this simple question: Are you really willing to make the changes required by an effective tax-reduction plan?
All the tax knowledge in the world won't do you any good without the right attitude toward change. Before pursuing tax reduction strategies, make sure you are ready to change.
About the Author
Wayne M. Davies is author of 3 tax-slashing eBooks for the self-employed, available separately or as a 3-volume set, "The Ultimate Small Business Tax Reduction Guide". http://www.YouSaveOnTaxes.com/ultimate-guide
To get your free copy of Wayne's 25-page report, "How To Instantly Double Your Deductions" visit: http://www.YouSaveOnTaxes.com
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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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