Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions > NetSparsh - Viral Content you Love & Share

Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions

Adding Your First Additional Stream of Income

Most new wealth builders currently have a full-time job. After realizing that means "Just ----Over Broke" they commit to quitting their job and starting their own business.

Tax Secrets of the Rich Found Here

The concept is good, but let's turn it around some. One of the philosophies of the wealthy is to reduce risk. In this scenario, that means keeping your job until your business has been firmly established. That's because the biggest stress point for new businesses is cash flow. Even if the owner has a viable business strategy, it takes time to get the machine operating smoothly. In the meantime, income can be sporatic. Cash flow shortages, even temporary, can create havoc for the small business owner.

Use your salary as your core business income. In other words, if your job brings in $50,000 a year, treat that in your mind as if you have one client that brings in that much cash flow. Be frugal with it, manage it carefully.

Asset Protection

Now use your business to generate a "second" client and a "third" client. Continue to build your business until the business income matches your salary.

At that point, you can make an intelligent decision about timing the move to full time businessperson.

The mistake some people make is to leave their job too soon. Three to six months later, there is a shortfall of cash. Without sufficient cash, bill don't get paid and the pressure mounts. Creditors start calling and the downhill spiral begins. While you build your business, keep your job resentment in check. View your job as an opportunity to finance the development of your own business without unnecessary pressure. Then, as your business grows, avoid the temptation to spend the additional income on fun and games. Instead, invest the additional income back into the business to help it grow. Build the systems that allow you to delegate lower level activity. Add the computers and data base programs to make things run smoother. Focus on marketing your business and attract new customers.

Expect to re-invest at least 50% of the additional income in growing your new business.

Tax Strategies

Now, as your net business income meets and exceeds your job income, you can transition yourself into a full-time business owner.

Sincerely,
Drew Miles, The Tax Saving Attorney

Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

New York Times

Republicans, Closing In on Final Tax Bill, Aim for a Vote Next Week
New York Times
WASHINGTON — Republican lawmakers, scrambling to reach agreement on a final tax bill that they hope to pass next week, are coalescing around a plan that would slightly raise the proposed corporate tax rate, lower the top rate on the richest Americans ...
Tax package would lower top tax rate for wealthy AmericansThe Denver Post
Republicans propose to delay, pause Obamacare taxesReuters
GOP negotiators move closer to reducing top tax rate for high-income households but face blowbackWashington Post
Politico -ConsumerReports.org -Treasury Department
all 799 news articles »

New York Times

How the Tax Bill Hurts the Poorest Schools
New York Times
Currently, taxpayers can deduct their state and local taxes, and that deduction makes them more likely to support higher spending on programs funded by those taxes, including public schools. With its bills, Congress would significantly cut the ...

and more »

CNN

Trump winds up for final pitch to Americans on tax overhaul
CNN
Joined by about 120 people -- families and military personnel who have been invited -- the President will speak Wednesday afternoon from the Grand Foyer of the White House. Some young people will be among those invited, and the President will dedicate ...

and more »

Bloomberg

Facebook to Start Paying Taxes Locally, Instead of Through Ireland
Bloomberg
The Commission also has ordered Apple Inc. to pay about 13 billion euros (about $15 billion) in back taxes to Ireland, after it said the country granted unfair deals that reduced the tech giant's corporate tax bill. Apple and Ireland are appealing the ...
Facebook to overhaul Irish tax schemeBBC News
Facebook to stop routing ad revenue via Ireland amid pressure over taxesThe Guardian
Facebook to Give Countries a Chance to Tax Its Profits From Local AdsWall Street Journal
Irish Times
all 45 news articles »

New York Times

California Today: A Tax Challenge for Sacramento - The New York ...
New York Times
Tuesday: Proposition 13, Mayor Ed Lee of San Francisco dies, Mulholland Drive and a box of chocolates.
As California burns, Congress plans to slash tax write-offs for fires and other disastersLos Angeles Times

all 16 news articles »

6 States Raising Taxes in 2018
Motley Fool
Let's face it, no one enjoys preparing their taxes or complying with federal and state tax code each and every year. It's not hard to see why, either. The federal tax code was nearing 10.1 million words in length as of 2015, and it's gained an average ...

and more »

Business Insider

Paying taxes on bitcoin isn't nearly as hard as it sounds
Business Insider
Bitcoin's incredible rise in value from just shy of $1,000 per bitcoin on January 1 to more than $19,000 on December 8 has likely caused many bitcoin owners to sell all or part of their investment. But as tax season approaches, it may not be ...

and more »

New York Times

Tax Plan's Biggest Cuts Could Be in Living Standards
New York Times
In the summer of 2006, as President George W. Bush was pressing to make permanent the tax cuts he had pushed through Congress in 2001 and 2003, the Treasury Department published a so-called dynamic analysis that, the administration hoped, would prove ...

and more »

Protection sought to ensure gross receipts taxes from LANL
Santa Fe New Mexican
Santa Fe County commissioners want the state Legislature to protect Northern New Mexico communities from the possibility that a change in management at Los Alamos National Laboratory could cost local governments millions in tax revenue. Commissioners ...

and more »

Realty Income: Oh No Not Higher Taxes
Seeking Alpha
But if you are holding the stock in a taxable account, there could be some tax implications you weren't expecting. Over the years, Realty Income has paid out dividends that have been classified into three categories: Ordinary income, nontaxable ...

and more »
Google News

Send Your Kids To Summer Camp and Write It Off

If you paid someone to care for a child so... Read More

What Is Tax Law?

The federal tax code is complex. This complexity generally arises... Read More

The Tax Man Cometh... To Search

You're at your office, or home, and the doorbell rings... Read More

Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the... Read More

History Of The Federal Income Tax

The powers of Congress, and the limitations set upon those... Read More

Taxation of Isle of Man Companies from April 2006

At the present time a company incorporated in the Isle... Read More

Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money

Why a Corporation Helps Save You TaxesThe Tax Rates (Notice... Read More

Amending Procedural Laws for Collection of E-taxation

The electronic transaction ordinance defines the certificated copies in which... Read More

Small Business Tax Deductions for Year End 2004

As a small business owner, it's wise to familiarize yourself... Read More

Rearrange Your Affairs For Maximum Tax Savings

One way to maximize your business profits is by reducing... Read More

Section 179 ? Tax Relief From Depreciation Rules

"Depreciation." For business owners, this word is the one most... Read More

Slash Tax when Buying a Business

When buying a business, how the "purchase price" is made... Read More

Insider Guides to IRS Audits!

Ever wish that, as a business owner, you knew exactly... Read More

Highlights of IRS List of 2005 Tax Scams

Each year, the IRS lists various scams taxpayers get caught... Read More

Some Folks Pay A Lot Less Tax Than Others On Very Same Income?Did You Pay Too Much Tax In 2004?

Someone once remarked, "Next to being shot at and missed,... Read More

Get Uncle Sam To Pay $36,000 For Your Childs Education!

Let's assume that you would like to begin saving for... Read More

State Tax Information

All states also have their own tax system. Typically there... Read More

Tax Reduction Tips

In the rush to get tax returns prepared and filed... Read More

1031 Exchange Rules and Requirements

Following is a reproduction of the IRS's rules and requirements... Read More

Anticipating Your IRS Refund Can Cost You Plenty

While accountants are reaching for aspirin, millions of Americans are... Read More

Alas! In E-Commerce Taxland

In trying to comply with tax laws for your e-business,... Read More

Getting A Second Extension to File 2004 Taxes

Millions of people file tax return extensions every year. The... Read More

The Seven Deadly Tax Sins: Commonly Missed Deductions

It's that time again, the April 15 tax deadline is... Read More

Where to Find Tax Breaks for Your Home Based Business

April 15th looms in front of most people every year... Read More

Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes

With the massive losses caused by Katrina, the economy of... Read More