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 Athletics Walt Weiss 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 Athletics Tony Phillips 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 Athletics Rickey Henderson Jersey , investment income, rental income, and other business income.
Tax Myth #2: "Tax reduction strategies are too complicated for me to use."
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 Authentic Dave Henderson 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 Authentic Terry Steinbach 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) Authentic Rollie Fingers 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 Authentic Jose Canseco Jersey , trying to figure out how to do the returns. And you've done OK. No
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