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I'm Sanna Garrett-Smith Executive Vice President with myEcon. Today we are going to talk about
the business tax advantages of owning a home based business. In this example you have three
couples, they all make $70,000 piece and they all have two kids. If you don't own a business,
the government is not going to allow you to take advantage of the tax deduction, max amount
of tax deductions, your only going to get a few deductions with the government because
you don't own anything. We going to be able to show you how to plug all those holes. Couple
number one, and they all have their standard deductions of $28,000, so their paying taxes
on $42,000, couple number one. Couple number two decided to get them a part time job. See
as a society we were conditioned that if you want more money get you another job. The acronym
"JOB" stands for "Just Owe Broke" because your busy jumping out of bed. So they put
themselves in a higher tax bracket but they have all of these holds inside of their paycheck.
Their struggling because they wanted more money they are away from their family even
more. Couple number three decided to get them a home based business. Folks let me tell you,
if you own a business, there are over 400 tax deductions you can take advantage of with
the government. Lets cover a few. If you have a car, you get to drive your car and get to
write of $.56 and a half cents for every one mile you drive your car. You get to write
off your expenses or your mileage but you can't do both. The mileage changes throughout
the year so if fluctuates based upon the gas. Meals! If you talk your business to someone
you get to write off 50% of your meal you were going to eat anyways. Communications!
Got a cell phone, using the internet right now, guess what, if you own a business your
able to write that off. So couple number three are able to write off over $25,000, but they
make $12,000 from their business. Their able to change their W-4 forms from their employer
and increase the amount of allowances that they are claiming because they own a business.
Now they have sheltered their hard earned money. Here the difference between how Poor/Middle
Class people think verses wealth people think. Poor/Middle Class people they earn their money,
first. Their taxed on it, second. Then they try to invest or spend what is left over.
But wealthy people, they earn their money first, they spend it second because they get
to shelter all their hard earned money, and then they get to be taxed on anything that
is left over. There is a difference, it's a mindset, it's a culture. If you want to
learn more how to shelter your hard earned money from your employer and increase your
income from your job anywhere from $300 to $1000 a month, CLICK ON THE LINK BELOW and
we will give you the key to access three video that show you how to increase your income,
TNT, "tonight not tomorrow". I'm Sanna Garrett-Smith. I'll look forward to reconnecting with you.
Have a fantastic day.