Employees, get taxed off their income, but Companies get taxed off their profits. (income less expenses). See the big difference?
Some smart people realized this 50 years ago. If employees had a part time home based business, then they too could claim expenses like travel, petrol, tolls, car expenses, internet access, salaries for part time help, phone bills & stationary from their business income.
In the early years of starting their home based business, this business loss can be deducted from their employment income to receive a tax refund.
Most people I have consulted to, save between $1 to 4 thousand yearly on tax planning - not tax evasion!. Enough for a nice holiday, don’t you think?
So if you pay too much taxes, and want to reduce it, contact me and I can help you get started in a home based business today.
Friday, April 20, 2007
Tax planning for dummies to pay less next year
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