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Taxes Information |
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Knock-Knock-Knock
Knock-Knock-Knock Who's there? The IRS! The next quarterly payment of estimated income tax forthe self-employed is not far off. Network marketers whoreceive a form 1099 at the end of the year, and/or whoare expected to owe $1,000 or more in taxes, must filea form 1040-ES Payment Voucher quarterly to avoidpaying a penalty. When it comes to paying income tax, I'm like ArthurGodfrey who said, "I am proud to pay my taxes. I'd bejust as proud to pay half as much. Like most network marketers, I work hard for what Iearn and do not savor sending the government anymore money than what I legally owe. So you canimagine how I felt four years ago, when I learned Ihad overpaid my income tax by some $9,800 overthree years. I had trusted the guy who did my tax returns. After all,preparing tax returns was big part of his business. But guess what, I fired him. Once I learned what the law provides home-basedbusiness owners to deduct, I went back through threemost recent years of returns, revising my 1040 to claimdeductions my tax guy didn't have the foggiest notionexisted. Or if he did know, he failed to ask me aboutthem. For instance, my tax guy failed to ask me if I had anydogs. Did you know your dog (or three dogs in my case)qualifies as a "security system" for your home-basedbusiness? 100% of all dog food, Vet bills, license feesand medication is tax deductible! I have the IRS taxcode to prove it. My tax guy didn't know that. I calledhim on it and told him to look it up for himself. You see, I did something worthwhile. I invested in awell-known and respected home-based businesstax-reduction book. I learned that with some 43,000tax codes on the books, a typical CPA could notpossibly know them all. How could they? CPA's typically specialize in corporate tax code, andare often short sighted when it comes to tax deductionsfor home-based business owners. But I now have myhome business tax-guide that lays out exactly whatdeductions I can take and cites the tax code foreach one. Thankfully, the law allows me to revise previous taxreturns, so I was able to save a bundle of money,money I thought was gone. My point to you is this:The likelihood is great that you, too, have overpaidyour taxes and are not even aware of it. How much? According to what I read, the average home-basedbusiness owner overpays $1,000 to $2,000 in taxesevery year. But the IRS is not about to refund whatwe overpay without us asking for it through anamended tax return. When you add in the interest that tax money is earning and refunded with youroverpayment, the average refund is more like$3,000 to $6,000. From my experience, do not trust anyone doing taxpreparation who is not intimately familiar with home-based business tax deductions and tax strategies.They could cost you thousands of dollars if they arenot up on home-based business tax law, no matterhow many initials they carry after their name. Congress knows that small business is the enginethat runs our nation's economy. To encourage smallbusiness, Congress has passed legislation givinghuge tax breaks to people who invest in a smallbusiness. Your network marketing enterprise placesyou squarely into that small business category. That fact presents another problem for many part-time network marketers, because they do not thinkthey have earned enough money from their businessto qualify for tax deductions. This erroneous thinking is costing them literally thousands of tax dollars. When I do business seminars, I hold up a DistributorApplication and romance it. Why, because just theact of signing that piece of paper qualifies us as ahome-based business owner; one who is now eligibleto claim thousands of dollars in legally authorizedtax deductions; deductions we could not claimbefore signing that piece of paper. Profit or loss is not the criteria, it is our intent to makea profit that allows us to claim deductions year after year. No matter how you view your business, this is yourmoney. So it should behoove you to learn what youcan about minimizing your tax liability. You should do so for yourself, and then for others.How much more good could we do if learned how tokeep tax dollars at home? How much more could wedo for others if we taught them the same? Jim Lynn is the author of, "Real World Secrets BehindAmerica's Most Successful (And Profitable) PeopleWho Network." Website: http://peoplewhonetwork.net
MORE RESOURCES: Tax Loopholes For 2023 Yahoo Finance Alternative minimum tax changes will make it harder for high-income earners to avoid paying taxes Financial Post Alaska House Republican introduces 2% sales tax bill as part of fiscal plan Anchorage Daily News St. Paul Mayor Carter, St. Paul Chamber face off in testimony around local sales tax for roads, parks St. Paul Pioneer Press
Could Direct Indexing Lower Your Taxes? Morningstar Bill eliminating tampon, diaper sales taxes OK'd by Texas House The Texas Tribune Who Has to Pay an Inheritance Tax? Yahoo Finance Bill exempting feminine hygiene products, diaper from sales taxes ... Cleburne Times-Review Here's how undocumented Minnesotans can file their taxes Sahan Journal FACT SHEET: Extreme MAGA Congressional Republicans Propose ... The White House Taxes 2023: Common Math Errors That Could Delay Your Refund GOBankingRates Mayor: 6 UPMC properties not paying 'fair share' in taxes Becker's Hospital Review North Dakota to exempt military pay from income taxes Military Times Tax season 2023: These are the places where state taxes are not ... Washington Examiner State income taxes: Everything you need to know Fox Business Need Help With Taxes? These 2 Programs Help Seniors For Free NBC 6 South Florida Taxes 2023: How To Prepare For a Disappointing Refund GOBankingRates How student loans impact your taxes Yahoo Finance Pappas: Cook County property taxes due April 3 PR Newswire Taxes could toss sand in gears of Georgia governor's drive to ... Georgia Recorder Controversial Capital Gains Tax Upheld in Washington Kiplinger's Personal Finance Tax season 2023: IRS warns of questionable tax preparers ahead of ... Washington Examiner Austin warns utility legislation would cause taxes to go up Austin Monitor Are Taxes Really Lower in California than in Texas? Cato Institute Kansas City voters to decide on adding local taxes for weed, short term rentals like Airbnbs Kansas City Star Constitutional amendment would require supermajority approval for ... Iowa Capital Dispatch Opinion | Now's the time to repeal the grocery tax in Alabama Alabama Political Reporter Owner of Covina Employment Staffing Company Sentenced to 2 ... Department of Justice New Kansas flat income tax plan has little benefit for middle class The Topeka Capital-Journal School choice, property taxes, election changes all added to fray at Nevada Legislature deadline KLAS - 8 News Now CT property owners could see higher taxes even with a cut in the ... Hartford Courant Taxes are due April 18 and these volunteers help RI residents file for ... The Providence Journal Senate recreational cannabis bill differs from House bill over taxes WBAL TV Baltimore Election 2023: How should Woodstock handle property taxes ... Shaw Local News Network Yes, to qualify for Georgia's surplus payments, you have to have paid taxes in 2021 11Alive.com WXIA Tax Collector Announces Fourth Quarter Taxes Due: April 1, 2023 ... Westport, CT (.gov) Texas Senate approves $16.5 billion for property tax cuts The Texas Tribune More Time to File State Taxes for Californians Impacted by ... Office of Governor Gavin Newsom Lots on taxes after transmittal The Havre Daily News The Independent View: Hidden taxes again! | News | recorderonline ... Porterville Recorder Tax Heaven 3000 launches a week early and its Collector's Edition ... Rock Paper Shotgun Gov. Little: “Let's get property tax relief done right.” | Office of the ... Governor Brad Little Landscaper pleads guilty to evading over $500K in federal income ... Hot Springs Sentinel Couple sentenced for failure to pay withheld payroll taxes North Platte Post Opinion: 'Budget guardrails' blocked CT property tax reductions The Connecticut Mirror Where Do Property Taxes Bite (and Where Do They Nibble)? The New York Times How to File Taxes for Free Without TurboTax ProPublica Where Is My Tax Refund? ProPublica Long-Term Care Planning vs. Taxes: Finding a Healthy Balance Kiplinger's Personal Finance Life's Certainties: Death, Taxes and Bailouts - WSJ The Wall Street Journal Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes The New York Times IRS and State Move Spring Tax Deadline to Oct. 16 for Most ... CPAPracticeAdvisor.com Climate Change Prompts Proposed Property Tax HIkes Kiplinger's Personal Finance Federal Electric Bike Tax Credit Would Offer up to $1500 Kiplinger's Personal Finance Motor fuel and highway diesel motor fuel tax suspension ending Department of Taxation and Finance |
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