How to pay less taxes. How to write off everything, almost! Pay less taxes by using little known tax loop holes.  Get tax relief and tax reduction by utilizing these tax strategies that let you pay less taxes or even pay no taxes. Learn simple, little known tax strategies to increase your refund & minimize or eliminate any tax liability. Free consultation.   877 604 6636 ask for Bruce

Many thousands of people every year, all over the country pay too much in federal income taxes.  Ironically, this often is the result of trying to avoid declaring income, in an attempt to pay less taxes.  Often times it makes more cents to declare more money.  How is this possible?  The simple application of the principles below will save you hundreds-- maybe even thousands!

Many people “forget” to declare the $500, $1,000, or $2,000 they made on the side, in order  to avoid paying taxes on it.  What they often don’t realize is that in making that money they often had huge write-offs available that would not only completely offset the income made, but actually reduce their taxable income from employment. 

Note: For a business that requires no investment, but allows for great income, that allows you to earn money from everything, save money on everything, and also acts as a great tax shelter, see allsolutionsnetwork.com

 *Note: The following is not to be construed as legal advice.  But rather, a general overview of tax advantages that are often available but missed.

             Generally, all expenses incurred in the maintaining or expanding of any endeavor intended to make money or increase personal assets are deemed as tax deductible.

 1.   HOME.  Your home often is your place of business.  Are you using your living room to hold business meetings;  do you have a spare room for an office? Do you make coffee for your clients?  Do you have a place in the home that you store your tools of trade?  Since you are allowed tax deductions for the upkeep of your place of business, you are allowed deductions for maintaining your place of residence.

             1.  If you own your own home, you have the right to depreciate a percentage of the home's total square footage depending on the percentage of your home that is used exclusively for your business.  

             2.  If you rent, you are paying not only for living quarters, but for rental on your place of business, as well.  You may therefore be entitled to write off a substantial portion of your monthly rent as a business expense.  Example:  You rent your home for $900 per month, assume one third of your home is used exclusively for business means that 33% of it or $300 per month could be tax deductible.  300 x 12 = $3600 allowable income tax deduction.

             3. Do you have utilities, electricity, gas, phone, etc.  Up to a third of these can be deductible.

 2.   AUTO.  Any driving which takes you to or from any place in which you have performed or intended to perform some action or actions which in some way directly effects your business, is allowed as a mileage deduction.

             Let us say the allowable mileage deduction for the year of filing is 32 cents per mile.  (again, you should check on current tax information.)  If during the year you drove 10,000 business miles, your allowable mileage deduction would be 10,000 mi. x 32 cents = $3,200

             Some examples of allowable mileage deductions: 

            a. Driving to and/or from a meeting with customers or partners.

            b. Driving any place in which you will attempt to meet new customers. 

                (parties or other gatherings).

            d. Any driving done in which you will subsequently attempt to make 

               retail sales or deliver merchandise.

            Another option is to lease a car for your business purposes.  If this is done, virtually every cent invested into the auto will be tax deductible.  (monthly payments, repairs, etc. )

 3.   BUSINESS MEALS. Any time that you dine in any restaurant or other such establishment, it will be considered a business meal and therefore tax deductible if you were in the company of a prospective customer or business associate (your spouse is a business associate); and if during the course of the meal, some aspect of the business was discussed. Check current tax information for correct allowable percentage.)

 4.   TRAVEL EXPENSES  Virtually all expenses incurred during the course of traveling with the purpose of maintaining or expanding your business are tax deductible.  For example: Let us say you live in California and for the purpose of expanding your business or meeting with prospective customers or partners, you decide to spend two weeks in Florida.  You would fly to Florida and secure your accommodations.  In the course of your stay you would, of course, make several attempts to expand your customer base or find investment properties. See (No Down Real Estate),  At the end of your two weeks, you fly home, and virtually all expenses incurred will have been deductible.  (air fare, hotel expenses, meals, etc.)

             In every case shown above, you must keep accurate records if you are to qualify for the tax deductions.       

HOW TO SAVE HUNDREDS

 Here’s an example of how I used these facts for a friend of mine...

To keep me from getting bored, as one of my hobbies, on weekends, I’m a professional musician.  Well, one evening at band practice a couple of years ago.  My bass player commented that he was mad because he had just gotten his tax returns back from his preparer.  He had used a nationally known company and according to their calculations, he had a $63 dollar refund coming.

 I was very familiar with his financial situation and told him that simply was not right.  I asked him how he had handled his band income.  He, like so many others, had not reported the income thinking that this would reduce his tax liability.

 I suggested that he allow me to redo his taxes, add the income, but also take advantage of what I knew were deductions that he had available.   I used the tax principles alluded to above, plus write-offs for equipment he had purchased.  When all the dust had cleared, his refund was almost $1,800 dollars. 

Remember, when it comes to taxes, examine ALL angles  Don't cheat.  Don't lie.  But, don't needlessly give your money away!  When you have your taxes prepared, make certain that you use a professional who will ask you the questions that will allow you to minimize your liability.   

Is it possible that you've been paying too much in taxes?  Are you missing some of the loop holes that could allow you to keep more of your money?  If you are concerned that you are or have given the government more than its fair share of your money-- Feel free to call for a free consultation, or Email us.  

The Paralegal Network  (916) 532-3795 OR Email--Paralegal Network

 Do you have a business and not even know it?  Are you a mechanic?  Cake decorator?  If not, you may want to consider starting a business.  Worst case scenario, it can minimize your tax liability; best case, you might get rich!  Looking for a potential business?  Click here for ideas to increase your income.

Have a question?  Need advice?  Write to the  Forum 

Other All Solutions Services and Oppurtunities that you might find useful.

Credit Repair-- http://www.rentownsolutions.com/creditrepair.html

Free Credit Report-- http://allsolutionsnetwork.org/credit_report.htm

Bankruptcy-- http://www.rentownsolutions.com/bankruptcy.html

Home Loans with Bad Credit-- http://allsolutionsnetwork.org/real_estate_loans.htm

Earn $5k per Month FROM HOME in the Finance Industry-- http://www.affairsoflife.com/officers.htm

Short Term Loans Even with Bad Credit-- http://allsolutionsnetwork.org/payadvance.htm