Are Taxes KILLING YOU Financially?

YOU can STOP the BLEEDING — NOW!

The BIGGEST "Economic Relief" in America goes to HOME-BUSINESS OWNERS!
In fact, our government will actually PAY YOU to run your own Home-Based Business!!!

WHY?

Small Business has always been the backbone of the American economy, so it is Small Home Businesses that will return America to Growth and Prosperity.

HOW?

It's called the "velocity of money." The more money in circulation and the faster it circulates, the stronger the economy. Small businesses spend money to make money, then they spend more money to make more money. So, the key to economic recovery is getting lots of businesses started quickly.

BUT…

I know, I know, half of Americans are broke, and the other half are afraid to spend the money they do have, so how do we get a bunch of new small businesses going?

SOLUTION–

Let Uncle Sam pay for the start-up costs and the ongoing operating costs. How? It's called an "Ethical Bribe," and here's how it works… YOU agree to start, and to run, a part time home-based business, to run it with a profit intent, and to keep adequate business records. UNCLE SAM says, "If you do that, I'll cut your taxes by $3,000 to $6,000 or more every year, starting RIGHT NOW, and furthermore, I'll let you collect part of your additional Tax Refund every couple of weeks, all year long – NOT waiting for April 15.

HOW DOES THAT WORK?

As soon as you add up all of your tax savings, you can visit your payroll office to fill out a short form called a W-4 that will begin to put an extra $300-$600 per month in your take home pay – beginning with your very next paycheck!!! That means you get part of your additional tax refund in every paycheck, all year long! It's like putting $100 extra cash in your pocket every week – week after week after week! That's just from tax savings not even counting the money you'll make in your business!

HOW EASY IS IT TO QUALIFY?

Work your business at least 3 to 4 hours a week, be able to show you’re trying to make a profit, and keep adequate business records. “THAT’S IT,” Congress said.

Federal Income Tax Brackets For 2010 – Based On Taxable Income Ranges

Tax Rate	Married Couples Filing Jointly	Most Single Filers
10%	Not over $16,750	Not over $8,375
15%	$16,750 to $68,000	$8,375 to $34,000
25%	$68,000 to $137,300	$34,000 to $82,400
28%	$137,300 to $209,250	$82,400 to $171,850
33%	$209,250 to $373,650	$171,850 to $373,650
35%	Over $373,650	Over $373,650

· 2010 Federal Income Tax Brackets (IRS Tax Rates)

WHAT ARE THE 5 BIGGEST TAX BREAKS?

Out of the 100-plus tax breaks passed SO FAR for home-based businesses, here are the TOP FIVE:

1. Home Office Deduction (this even lets you write-off your RENT!)

2. Business-Use of Personal Vehicles (this may be your BIGGEST deduction)

3. ALL out-of-pocket Health and Medical Costs (for the whole family!) and hiring your own children.

4. Combining Business with Pleasure while on Trips (vacations just became deductible!)

5. Meals and Entertainment (this deduction is bigger than ever, and totally safe!)

If you would like to take advantage of home-based benefits and put more money into your pockets, click here.

If you already have a home-based business and are concerned you may be overpaying your taxes, click here.

Home business tax savings are one of the most compelling reasons to start a home based business. Many people who get a second job actually bring home LESS money as they move into a higher tax bracket ... where starting a business and using the home business tax deductions can actually increase your take home pay.

Why Everyone Needs A Home Business

By Sanford C. Botkin

This may be a decade of tremendous corporate profits and economic growth, but for the vast majority of North Americans, the 90's have been a dismal, uphill climb. And many economists believe that this next, new millennium won't be getting better any time soon.

Why?

Changing business and government attitudes are the reason. There has seemingly been more anti-business legislation in the last decade than in any other this century. Stronger employment and labor laws, the Age Discrimination in Employment Act, the Comprehensive Omnibus Budget Reconciliation Act (COBRA, which includes mandating health insurance for workers for a period of time after they leave employment), safety laws, much tougher laws for discharging workers, more liabilities for lawsuits, Family Leave Act, Americans With Disabilities Act (which is creating immense numbers of lawsuits), along with higher minimum wages and fringe benefits.

Just reading this list is exhausting.

While these acts have beneficial and protective aspects, they have also encouraged businesses to move their facilities. That "sucking sound" popularized by Ross Perot is not just down to Mexico, but elsewhere as well. The result has been a dramatic loss of heavy industry in the U.S.

The young and the middle-aged alike are realizing that their dream of "having a job with a company forever" is an illusion. Companies have been downsizing, rightsizing and capsizing for some time now, and they continue to do so—more now than ever before. Even the federal and state governments are getting into the act with layoffs and attrition of jobs.

In addition to all this uncertainty and mutual lack of loyalty between companies and employees, even the workers who do keep their jobs have no guarantee of promotions due to the shrinking number of management positions. These circumstances aggravate the already tryingly long commutes in rush hour traffic and increasingly typical frustrated boss--spelled backwards, that double S-O-B.

Finally, if all this isn't bad enough, under recent tax laws employees are shafted more than ever with limits and thresholds for their employee deductions and higher social security tax limits. This results in more couples working than ever before and, on many occasions, working at more than one job. It is now almost impossible to have only one job in the family and make ends meet! Today, many households need three incomes just to survive.

Sadly, even having more than one job does not produce any major positive effect on most people's bank accounts. Why? Because of tax laws. This was well illustrated in 1994 by Jane Bryant Quinn in her Woman's Day article on "How to Live on One Salary."

Where The Money Goes

Ms. Quinn's example assumed that a man was earning $40,000 per year. His wife (we will call her Lori) wasn't working. They had more month than money. (Sound familiar?) Lori subsequently got an administrative job for $15,000 per year. You would think this would improve the family's financial situation, but when Ms. Quinn examined the economics of getting this extra income, the results were startling!

Lori had to pay federal and state taxes on her new income. Since they filed jointly, the family's combined income was what established their tax bracket. She paid $4,500 in new taxes, most of which was non-deductible, for federal and state income tax.

Lori had social security withheld from her paycheck at the rate of 7.65 percent, which amounted to an additional nondeductible amount of $1,148 being extracted from her salary. She also had to commute to work 10 miles a day round trip, which is probably conservative for most people. This resulted (in 1995) in nondeductible commuting costs of $696.

Lori also had some child care expenses, which give a partial tax credit. Ms. Quinn figured that the amount spent over and beyond the tax credit was $4,250 per year.

Lori also ate out each day with colleagues, spending an average of $5 per day, five days a week. This results in a nondeductible expense of $1,250 a year. (I would love to know where she ate for only $5.)

Now that Lori has a job, she has to have professional clothing--this means a hefty dry cleaning bill. Ms. Quinn assumed that Lori's increased expenses here amounted to an extra $1,000 per year, nondeductible, of course.

Finally, with both spouses working, Lori wasn't in the mood to cook dinner every night. They bought more convenience foods and ate out more frequently. This resulted in increased food costs of a nondeductible $1,000 per year at minimum.

Add it all up and Lori's take-home pay was a paltry $1,156 a year, for which she had to put up with a daily commute, an unpleasant boss and corporate hassles. (See the following summary of all these numbers, so you can do the math for yourself.)

Gross Income	$15,000
LESS
State and Federal Taxes	-4,500
Social Security Taxes
Car Expenses	-696
(at 29cpm-50 miles a week)
Child Care	-4,250
Lunches at the Job	-1,250
Business Clothing & Drycleaning	-1,000
Higher food expenses (eating	-1,000
out, snack foods, etc.)
Net take-home pay:	$1,156

No wonder more and more people are starting home-based businesses. In fact, there are currently an estimated 30 million people working from their homes. This number is expected to more than triple, to 97 million, by the year 2000, and to keep on growing. This has become and will continue to be one of the greatest mass movements in the U.S.

If you would like to take advantage of home-based benefits and put more money into your pockets, click here.

If you already have a home-based business and are concerned you may be overpaying your taxes, click here.

OK, let me get straight to the point ...

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Suze Daily Share

Friday, November 26, 2010

5 Tax Moves to Make This Fall - Yahoo! Finance

Monday, November 15, 2010