Are you finally tired of paying taxes and still struggling to make ends meet while the government spends money on crazy programs that you can perceive zero value in, then stop paying taxes! Okay, so you probably shouldn't just stop paying taxes. We were just kidding since tax evasion is something the U.S. Government takes pretty seriously. But there are tax laws that were written to help you keep more of your money working for your family. The number one way to do that is by starting a home business.
But you don't have time. You don't have investment capital. You ... just don't know what you don't know. The tax advantages of operating a home business can save your family thousands of dollars every year EVEN IF YOUR HOME BUSINESS DOESN'T MAKE ANY PROFIT. There are thousands of excellent home business options that cost little or nothing to start. If you need inspiration, enter "network marketing business ventures" in a Google search. If you have a child, own a car, use a phone, go to the bathroom, have a computer, and so on, there is money to be made.
HIRE YOUR CHILDREN: Give your children a legitimate job in your business. They can do research, print fliers, sort mail, or whatever other age appropriate task you can give them. You can put your child on your payroll TAX FREE to both you and your child. You merely have to limit their income to around $5,000 annually. The catch is that you really have to pay them, but then it will be their responsibility to buy trendy clothes, purchase special food treats, pay for transportation, school tuition, and soccer, et cetera. We're not suggesting they begin paying for their normal care, but many extra's they want in life can become their own responsibility.
NEVER GO ON ANOTHER VACATION: Every time you get more than 75 miles from home, you could legally be on a business trip. Make sure you do business though. If you have invested in a network marketing business, surely, there must be some people at Disney World or Universal Studios who would love to know about this unique business opportunity.
3) STOP RUNNING ERRANDS IN YOUR CAR: If you need to go to the store, do something business-related and write off each mile. Maybe you are running low on toilet paper for your business office or maybe you need to pick up a few more leads off the bulletin board.
GIVE UP YOUR PERSONAL CELL PHONE: It is now your business phone, so make sure to use it when doing business. There may be some catches with this deduction so plan accordingly. For instance, do you have a personal phone number at home? If not then your ONLY phone number must surely be for personal use.
5) TURN YOUR GUEST ROOM INTO A BUSINESS CENTER: Now that you have an office at home, make sure you have got gas, electricity, lawn service, a supply of coffee, and someone to pay a rental payment to.
This is just the tip of iceberg. The advantages of a small business are too numerous to mention in this short article. There is a network marketing company or other opportunity with a product or service that you would love to let other people know about that is waiting for the opportunity to change your life. Go find it, and then tell Uncle Sam that he's not getting quite as big of a Christmas gift this year.
But you don't have time. You don't have investment capital. You ... just don't know what you don't know. The tax advantages of operating a home business can save your family thousands of dollars every year EVEN IF YOUR HOME BUSINESS DOESN'T MAKE ANY PROFIT. There are thousands of excellent home business options that cost little or nothing to start. If you need inspiration, enter "network marketing business ventures" in a Google search. If you have a child, own a car, use a phone, go to the bathroom, have a computer, and so on, there is money to be made.
HIRE YOUR CHILDREN: Give your children a legitimate job in your business. They can do research, print fliers, sort mail, or whatever other age appropriate task you can give them. You can put your child on your payroll TAX FREE to both you and your child. You merely have to limit their income to around $5,000 annually. The catch is that you really have to pay them, but then it will be their responsibility to buy trendy clothes, purchase special food treats, pay for transportation, school tuition, and soccer, et cetera. We're not suggesting they begin paying for their normal care, but many extra's they want in life can become their own responsibility.
NEVER GO ON ANOTHER VACATION: Every time you get more than 75 miles from home, you could legally be on a business trip. Make sure you do business though. If you have invested in a network marketing business, surely, there must be some people at Disney World or Universal Studios who would love to know about this unique business opportunity.
3) STOP RUNNING ERRANDS IN YOUR CAR: If you need to go to the store, do something business-related and write off each mile. Maybe you are running low on toilet paper for your business office or maybe you need to pick up a few more leads off the bulletin board.
GIVE UP YOUR PERSONAL CELL PHONE: It is now your business phone, so make sure to use it when doing business. There may be some catches with this deduction so plan accordingly. For instance, do you have a personal phone number at home? If not then your ONLY phone number must surely be for personal use.
5) TURN YOUR GUEST ROOM INTO A BUSINESS CENTER: Now that you have an office at home, make sure you have got gas, electricity, lawn service, a supply of coffee, and someone to pay a rental payment to.
This is just the tip of iceberg. The advantages of a small business are too numerous to mention in this short article. There is a network marketing company or other opportunity with a product or service that you would love to let other people know about that is waiting for the opportunity to change your life. Go find it, and then tell Uncle Sam that he's not getting quite as big of a Christmas gift this year.
About the Author:
Learn more about hiring your children and spouse tax free in your home business. Terry A. Sacia has published tax information for home business owners since 2000.
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