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Taxes The biggest lifetime expense you'll ever encounter is neither a home nor college education, but income taxes, What
we were never taught is that the amount of income tax you are liable for has little to do with your total income, and everything
to do with your knowledge of tax strategies. The
importance of an effective tax plan cannot be overstated. One third to one half of all the wealth you will accumulate in your
lifetime is dependent on your tax-reducing plan and not your income, investments, or retirement program.
Checklist for Employee Business Deductions Air
Fares Association Dues Auto Expenses Book,
Maazaines Car Insurance Christmas Gifts Cleaning Club Dues Convention
Trips Correspondence Courses Depreciation Displays, Samples Education Furniture Home Office House - Hunting Laundry Legal
Expenses Liability Premiums Meals Medical Exams Moving
Expenses Musical Instruments Parking Fees Passport Fees Reimbursed
Expenses Repairs Safety Equipment Salary of Assistants Supplies Tape
Recorder Taxi Fares Telephone Tips Tolls Tools Typewriter/Calculator Uniforms Union
Dues
What is loopholes? They are gray,
untested areas of the tax law that allow you to claim "default deductions (since a specific no does not exist, you create
a loophole by saying "yes" loopholes are sought after by desperate, high income tax payers, whom never took time
to plan. TAX STRATEGIES - are
positive, legal uses of the tax laws to reduce your income taxes. Tax strategies are actions you take that automatically and
legally qualify you for additional deductions. These strategies can inclue opening an IRA account, starting a small
business, buying real estate, traveling, college education for your children. We have a tax system that imposes taxes, not on your total income, but on a far smaller number known
as your taxable income; your residual income after you substract your exemptions, adjustments, and deductions. If you would like to learn more about these strategies order my TAX Reducing Strategies Binder.
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