Google

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.

MORE RESOURCES:

RELATED ARTICLES

Tax Jokes and Quotes
Do you realize that some tax forms ask you to check a box if you are BLIND?Quote: "Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through.
Your IRS Tax Appeal Rights
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.
Tax Strategy - Let Washington Pay for Your Corvette, Porsche, or Air Plane
Deducting Your Auto ExpensesAuto deductions are a very complex topic. So, to clarify, we are not going to attempt to cover all of the intricacies of the subject.
Truly Bizarre Taxes: The Tax on Illegal Drugs
One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results.
Euro Tax Haven Threat
Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, Malta and Andorra, to disclose bank account owner information to their home country's tax authority.
Income Tax Returns Your Accountant Should Not File
You've been feeling uneasy (perhaps even guilty) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money.
Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.
How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund
The U.S.
Requirements To Produce Tax Information (Whats Up With That?)
"What we've got here is a failure to communicate." --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, it's what they do.
Tax Secrets - How Drew Miles Helped Me
How about a Tax Tip?As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives.
Are You Overpaying Taxes If You Use Tax Preparation Software?
For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click "print" and out comes a completed return that will pass muster with the IRS.
Tax Help Secret: Avoiding the Entreprenuers Curse
Your days as an entrepreneur and businessperson are consumed with one primary activity; making money. Whether you think in terms of growing your business, getting the word out there, or some fancy new marketing technique, your days and weeks and months in business are focused on that one group of activities.
Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake
With gas prices at an all time high before Hurricane Katrina left her mark on our nation, most Americans were hoping that gas prices would settle down once summer passed. But gas prices have jumped as much as 80 cents a gallon across the country once Hurricane Katrina destroyed the Gulf Coast and impacted all of our lives.
IRS Offer-in-Compromise, Hype or Hope?
"Settle for Pennies on the Dollar! IRS debts settled for $20 Wipe out the Penalties with an Offer"-such is the language of Offer-in-Compromise promoters. What they fail to tell you is that one has to qualify for an Offer and few taxpayers will be able to meet the tough standards for an OIC.
Home Business Tax Tips
If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly.
Uncle Sam is Ready...Are You? Organizing Tips for Tax Time
Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites.
Insider Guides to IRS Audits!
Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?If you're in the right type of business, you can get that information, directly from the IRS!Traditionally, IRS examiners have been responsible for auditing many types of businesses. An examiner might audit a grocery store one week and a construction company the next.
Anticipating Your IRS Refund Can Cost You Plenty
While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world.
The Annual Gift Tax Exclusion: Getting The Edge
Whether helping the kids with a down payment on their first home, paying the premiums on a life insurance policy in an irrevocable trust, or moving appreciated assets to a younger generation, annual gifting will touch the lives of millions of Americans. But before the transfer is made, an investor should spend some time looking at the investment and the tax ramifications of the property to be passed.
E-commerce Taxation
The means and types of businesses have transformed with advent of era of e-commerce, resulting in global seller and buyer. The Internet offers consumer choice, business efficiency and recreation.