Creating a Legal Tax Write Off, Options, One, Two and Three
We have often times encouraged tax payers, who have owedtaxes in the pass to do one of three things to reduce their tax liability,
1. Purchase a primary home and use the mortgageinterest as a write off to reduce taxes
2. Make an appointment with an Investment Plannerand include tax planning in with your Investment strategies. (long-term)
3. Invest in a small home based business, andreceive the tax benefits.
Today’s post involves the details in starting a home basedbusiness for the sole purpose of creating:
1. An opportunity
2. A legal tax write off
The downside in starting a home based business, especiallyto help lower your tax liabilities, is the IRS audits more of these types of taxreturns than most. Two, you usually canonly “loose” money for 3 out of 5 years before the IRS starts asking questionsabout your intent. Questions such as, “Isyour business a hobby?”
To avoid these types of questions and to within stand ANYquestions the IRS may have about your home based business, you should beprepared to do the following:
1. Create a business platform, which you areserious about running as a small business
2. Keep records of all expenses
3. Plan on making a profit, and once you do, thenstart another business, and another, and another to offset your income.
The end result will be:
1. You owe IRS more money, because you have moreincome
2. You can delete your day job, and become your ownboss
The bottom line is: If you earn money from a home based business, and you set it up so youcan run it from anywhere in the world, you create an option to make your homebased business an International Corporation, move off-shore and request fromthe IRS, exclusion from foreign income up to $95,100 (2012) per year! (Contact your attorney, ask questions)
Are you understanding, why so many web site owners aremoving offshore? This post sponsored by Virtual Realty, Web Sites for Sale, perfect home based business, tax benefits, passive income, opportunity. Web site ownership will enable you to qualify for tax write offs on the following expenses: (partial list of expenses)1. percentage of mortgage or rent paid2. percentage of utilities and cost of the upkeep of your home3. cost of cell phone, communications4. Internet Service Provider5. all business expenses, including research6. all payments to Freelancers and Independent Contractors7. cost for equipment for the business, including computer, laptop, printer, fax machine, etc.8. cost for furniture for the business9. any and all expenses related to your home based business.10. travel for business purposes, you know, the annual workshops in Las Vegas, New York and San Francisco
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