No other category of taxpayer in America that gets more deductions and tax breaks than home-business owners, period. As Congress bounces back and forth between decision and indecision about tax changes for next year – now a mere 3 months away – taxpayers are left stymied, having no idea what to expect. “Tax planning” seems to have become an oxymoron. There are only two things we can be sure of – (1) taxes will increase for nearly every tax bracket, and (2) the best way to limit the damage is by running an active home-based business. Why? Because there is no other category of taxpayer in America that gets more deductions and tax breaks than home-business owners, period. Small business is the backbone of the American economy and, in this shaky, flaky economy, Congress is not dumb enough to kill the golden goose. NULL
Home-business owners can confidently expect one thing – the major tax advantages of home-business ownership will continue to get better and better.
The special home-business tax deductions for the average person translate into additional tax refunds averaging about $100 a week! To qualify, we simply have to work our business a whopping 3-4 hours a week. Do the math! That’s like Uncle Sam paying us $25-35 an hour to run our own home-based business – and then we get to keep the money we make working those few hours. As Forrest Gump would say, “It don’t git no better ‘n that!” For years we have heard the powerful manta, “Friends don’t let friends drive drunk.” The new mantra of the average American taxpayer is, “Friends don’t let friends not have a home-based business.” American taxpayers who do not have a home-based business overpay their taxes by $3,500 to $6,000 a year or more! The other way to put an extra $5,000 cash in your pocket is to work a second (or third) job, working 10 hours a week for $14 an hour for 50 weeks a year (after taxes).
Let’s see. I can either work 10 hours a week for somebody else doing something I’s probably hate, or work 3-4 hours a week for myself – and financially come out the same either way?
- WATCH THIS CLASSIC NOW! HomeBusinessTaxSavings by Dr. Ronald R. Mueller - October 31, 2020
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