#1
Financial Strategy for Starting a Home
Business on the Internet for US residents
The #1 Financial
Strategy in America today is to start a
home based business. The home based
business revolution is the fastest
growing industry in the world, with 1
home based business opening every 11
seconds. Starting a Retire Quickly
home based business, offers a very
flexible income earning opportunity from
the comfort of your own home, whether it
be part-time or full-time. In
addition, by implementing the eTax
Solutions Plus?service, you will become
aware of the many tremendous tax
deductions now available to you as a 21st
century entrepreneur. These new tax
deductions could allow you to cash flow
your business with up to several hundred
dollars a month, from the very first day
you start. That's right, by
starting and operating a home based
business "with an intention for a
profit", you can legally convert a
portion of your non-deductible personal
expenses into new deductible business
expenses. These deductions will
then carry over to your individual 1040
tax return at the end of the year. This
could lower your taxable income by
thousands of dollars and quite possibly
even lower your tax bracket. Listed below
are just a few of the tax deductions
available to you by starting a home based
business.
·
Employ your children in your home based
business and pay them up to $4,700 a year
per child tax free to them and tax free
to you. After paying them, you can then
have that child pay his/her own expenses
(with the parent’s supervision) such
as clothing, allowances, college fund,
entertainment, school supplies, etc.
·
Deduct mileage @ $.365 per mile when
driving anywhere to conduct business.
·
All telecommunications expenses (except
for basic residential service) such as
long distance, call waiting, call
forwarding, 3-way calling, internet,
pagers, cellular phones etc. can be
deducted 100% if they are business
related.
·
Travel expenses could be deductible by
properly structuring & planning your
travel itinerary with the eTax Solutions
Plus™ tax team.
·
Employ your spouse and supply them with a
100% Medical Reimbursement Plan as an
employee benefit. This makes 100%
of all your medical, dental & optical
expenses such as premiums or
partial-premiums, deductibles, co-pays,
prescriptions, teeth maintenance and
repair, braces, contacts, eyeglasses,
cosmetic surgery, etc. (for your spouse
that is employed and their entire family,
which includes you the business owner).
·
Deduct the business use % of all expenses
associated with your house and/or
apartment such as mortgage or rent,
utilities, improvements and/or repairs,
insurance, real estate taxes, security
systems, lawn care, etc. (This deduction
is one of the smaller deductions and can
only be deducted to the level of gross
receipts for your business. The
amount remaining would roll to the
following year.)
·
Deduct 50% of all entertainment &
meals when in the activity of conducting
or discussing business.
IMPORTANT:
The deductions listed above are of a
general nature and should not be acted
upon without consultation from a tax
professional or a member of the eTax
Solutions Plus?tax team, as the specifics
of each deduction vary depending on the
circumstances of each individual's
particular tax situation.
These
are just a few of the many tax deductions
available to you in a Sole Proprietor
home based business. The
characteristics needed for the IDEAL Home
Based Business are listed below:
LOW
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LOW
FIXED EXPENSES
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