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5 Tax Myths That Are Costing You A Bundle
By Wayne M. Davies
This article is based on the following 2 assumptions:
1) You are a small business owner or self-employed person
(including home-based andor part-time businesses).
2) You don't like to pay taxes. In fact Cheap Kevin Long Jersey , whenever you think
about paying taxes, you get so mad you end up "all lathered
up and nowhere to go."
Now, if paying taxes makes you so upset, what have you done
about it lately?
Why was your tax bill so high last year?
You paid too much tax last year (and the year before that,
and the year before that . . .) because you have probably
been an innocent victim of many popular myths about taxes.
Here they are. Get rid of them or you'll be stuck paying
too much tax forever!
Tax Myth #1: "I don't make enough money to worry about
reducing my taxes."
Nothing could be further from the truth. People at all
levels of income can pay less tax.
Tax reduction strategies are not just for the rich and
famous. No matter how much money you make Cheap Stephen Strasburg Jersey , you can pay less
tax than you currently pay.
In fact, even if your business (or part-time entrepreneurial
venture) has a loss, you can use that loss to offset other
sources of income, such as wages from a "regular" job, your
spouse's wages Cheap Victor Robles Jersey , investment income, rental income, and other
business income.
Tax Myth #2: "Tax reduction strategies are too complicated
for me to use."
Again, hogwash. There are plenty of ways
for you, the average American Cheap Matt Adams Jersey , to lower your taxes.
Tax reduction is not just for the wealthy who pay high-
priced attorneys to finagle their way out of paying taxes
with sophisticated tax-avoidance schemes.
The average Small Business Owner has plenty of tax reduction
strategies at hisher disposal. You just have to know what
they are and how to use them.
Tax Myth #3: "I had my return prepared by an Accountant, so
I know I paid the right amount of taxes."
There are thousands of excellent, hard-working accountants
doing a great job. And if you use a tax professional, maybe
heshe has done everything possible to reduce your taxes to
the legal minimum.
Based on my own experience, however Cheap Ryan Zimmerman Jersey , I'm convinced that many
taxpayers who use professional tax preparers are overpaying
their taxes, sometimes by thousands of dollars each year!
Why is that? There are many reasons. The most
obvious one is this: Many professional tax preparers are
just that -- tax preparers and tax preparers only.
A good tax accountant may know how to prepare a tax return
in hisher sleep. He knows the forms backwards and
forwards. He knows what numbers go on which form perfectly.
But that's it. That's all heshe knows.
A good tax preparer is not necessarily knowledgeable in tax
reduction strategies. There's a big difference between a
good tax preparer and a savvy tax reduction specialist.
When you look for a good accountant, make sure you find one
who doesn't just "do the returns", send out a bill and say
"Next, please."
Tax Myth #4: "My tax situation is OK because my BLANK (fill
in the blank with a family member or other "good friend")
takes care of my taxes."
There are various versions of this myth. Do any of these
sound familiar?
"My brother-in-law takes care of my taxes."
"My uncle takes care of my taxes."
"My college buddy takes care of my taxes."
And of course Cheap Michael Taylor Jersey , the same problem exists with Myth #4 as Myth
#3. Even when someone you know and trust does your returns,
how do you know that this person is a good tax reduction
specialist?
And often, many of these family members or "buddies" are not
even professional tax preparers. This person just happens
to be "The Family Accountant. Just like every family has
one person who knows a lot about cars (or mutual funds, or
carpet cleaning, or whatever) Cheap Adam Eaton Jersey , many families have someone
who "knows enough to be dangerous" with regard to taxes.
And even if your "Family Accountant" is a professional tax
preparer, he's probably not charging you for the return.
He's doing you a favor. He prepares your return; you change
his oil. If he's doing the return for free, you are getting
what you pay for.
Tax Myth #5: "My tax situation is OK because I prepare my
own returns."
If this statement applies to you, then perhaps you are a
"do-it-yourself-er". Money is tight and you are used to
doing things yourself anyway, so why not save a few bucks
each year and do your own returns?
So you've spend countless hours over the years pouring over
the forms and instructions Cheap Wilmer Difo Jersey , trying to figure out how to do
the returns. And you've done OK. No letters from the IRS,
no audits. Hey, pat yourself on the back!
And now that tax preparation software is so readily
available and affordable, doing your own return is a breeze!
Just key in a few numbers here and there, push the print
button Cheap Sean Doolittle Jersey , and presto, you've got your return done in record
time! And now you can even e-file your return with your own
computer.
Have you ever heard of the book, "The Millionaire Next Door"
(by Thomas J. Stanley and William D. Danko)?
Th You've been a model employee: responsible, industrious, creative and productive. You've gone the extra mile time and again Cheap Max Scherzer Jersey , with a smile. |
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