Now that I'm back on my mission to save the world, its time for me to share my knowledge.
Here is is a little known and often misunderstood fact.
The Government wants you to start your own business. The government will PAY you to start your own business.
It's true. The payment comes in the form of tax savings. For anyone that gets a W-2 form at the end of the year, you pay on average, 20 to 38% of your earnings to the Government. By starting your own home based business(i.e. no over head) you can take deductions that will cut your tax rate to 10 to 17%. Yes, you can get back as much as 50% of what you are now paying in taxes back. Every month you can put that money back in your pocket.
The only requirement is that you spend at least 2 hours a week working your business trying to make a profit. Even if you don't make a profit, you still get the tax deductions. And by deductions I'm talking about things you spend money on every month: Rent, utilities, Cell phones, Internet, gas, mileage and up-keep on your car, dining out, gifts, parties, trips and vacations and more.
As long as you keep records you can stop paying taxes on the majority of these things. How would you like to have an additional $300 to $600 a month, every month?
It's possible. It's easy. And the Government wants you to do it. So do it already! Ask me how.
This isn't a sales pitch. I don't want anything from you. I just want you to know how much you're giving away that you don't need to.
What are you going to do with your extra money?
There you go. Saving the world lesson one.
1 comment:
I just upped my W2 deductions from 1 to 5 as my tax return is higher than I like it to be when you consider I'd like to have the extra money each month.
(When my wife and I saw the return number my comment was, 'this is like we're lending the government money interest free.')
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