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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

 

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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