Tax Visionary Shows You How to Claim Your Ultimate Tax Reduction!
Congress has told the IRS to reimburse you for your sign-up fees, product purchases, marketing materials, and even out-of-pocket costs! Details how Top-Tax-Reducer Gets Uncle Sam to Pick Up Full Costs of Your Business...
Are you like me? Do you hate it when someone offers to give you some really valuable information, but then they make you wade through 12-15 pages of “preliminaries”before finally getting to the point? Once you get to “the point,”it usually does deliver on the promise of incredible value, but why should we have to wade through so much verbiage before getting there?
Do you hate that? Me to, so, in this Special Report, I’ll get right to the point, and then I’ll fill you in on the background.
So here’s… “The Point”
The point is, when you have a qualifying home-business, you can reduce the amount withheld from your pay for taxes, which will increase the amount of your take-home pay from your “day job.”
Here’s why: Congress told the IRS to give huge tax deductions to people who have a small or home-based business. When you can claim more deductions, you’ll pay less in taxes. When the amount of taxes you’re required to pay decreases, the amount of money withheld from your paycheck should also decrease. When your paycheck withholding decreases, your take-home pay increases. Usually by hundreds of dollars per month!
The net increase in take-home pay usually is more than enough to cover the costs of running your small or home-based business –costs like sign-up fees, product purchases, marketing materials, and even out-of-pocket costs.
That’s the bottom line. Now here’s a brief explanation…Congress wants to encourage as many of us as possible to have a small or home-based business. It’s good for the overall U.S. economy and good for economic stability.
Money is a great motivator for the vast majority of us, so Congress passed legislation to give huge tax breaks to those of us who recently had, currently have, or are willing to start, a home-based business.
Most of those “breaks”have come in the form of a long list of legal tax deductions ranging from Rent and Utilities, to Furniture and Furnishings, to Vacations and Entertainment, to use of your Car and Truck, to the Kids’Allowance and even sometimes Pet Food! The list goes on and on.
For the right kind of home business, these deductions can literally slash your taxes in half or more!
You may be thinking, “I don’t want to wail until next April 15th to have Uncle Sam “pay for”the home business I’m running right now!”You say…
“Gimme My Money NOW!”At the top of this Special Report, we said you can get Uncle Sam to ‘pick-up’the costs of running your small or home-based business –costs like sign-up fees, product purchases, marketing materials, and even out-of-pocket costs.
Tax deductions are great, but does that mean you have to “carry”all of the expenses of running your home-based business all year long on your own, and then get repaid in the form of a Tax Refund the following spring?
NO. As mentioned earlier, you can begin getting hundreds of dollars per month in cash payments starting almost immediately.
Here’s how that works…
Out of every paycheck, before you even see it, your employer has withheld money, mostly for taxes. Most people do not understand the purpose of withholding taxes. If you’ve ever owned a home, you probably understand the term “escrow.”It means that, with each month’s house payment, the mortgage company is also collecting and “holding onto”1/12th of your annual Property Taxes. That way, when the tax bill comes in, your mortgage company has the money “saved up”to pay it for you. Assuming your property tax amount does not change mid-year, when the bill comes in the mortgage company will have “in your escrow account,”exactly the amount needed to pay it off.
Withholding taxes work exactly the same way. The number of Allowances you put on your W-4, a form you filled out your first day on the job, tells your employer how much you expect to owe in Income Taxes during the course of the year. The employer, then deducts a pro rata amount from each paycheck.
To use round numbers, let’s say you expect to pay $12,000 in Income Taxes this year (about the amount someone making $40,000 would normally pay). If you get paid once a month, your employer will withhold $1,000 from each of your 12 monthly paychecks. If you get paid twice a month, your employer will withhold $500 out of each of your 24 paychecks. So by year-end, they will have withheld exactly $12,000 to cover your taxes.
In theory, just like “escrow,”the amount withheld during the course of the entire year, should come out to exactly what you owe in taxes. If your number of Allowances was computed accurately, at the end of the year you will owe no additional taxes, and you will get no tax refund. That’s the way is should be.
Now, let’s say that, thanks to your home-based business and the tax breaks you are just starting to learn about, you compute that your taxes are going to be reduced by 50% (which is realistic for many, many people).
Guess what? Your employer now will only have to withhold half as much taxes from each of your paychecks. Borrowing from the previous example, if your employer was withholding $1,000 per month for taxes, they now will only have to withhold $500!
Any idea what happens to the other $500?
It shows up in your paycheck, putting an extra $500 cash in your pocket per month, every month for the rest of your working life!
It’s almost like giving yourself an “automatic pay raise!”
That’s “The Point”
For most people that “automatic pay raise”is more than enough to pay for your home-business start-up fees, product purchases, marketing materials, and even out-of-pocket costs.
Now you know how you can get Uncle Sam to ‘pick-up’the costs of running your small or home-based business. BUT WAIT!
It doesn’t happen automatically! In order to get your employer to withhold a different amount (i.e., less!) from your paychecks, you must go to your company’s payroll office and fill out a revised W-4 Form, claiming additional Allowances. The more Allowances you claim, the less money withheld from your pay; the fewer Allowances, the more money withheld.
By the way, the term “Allowances”has absolutely nothing to do with the number of people in your household. Allowances are not in any way related to the terms “Dependents”or “Exemptions.”Many people with a home-based business claim 6 or 8 or 10 or even more Allowances, because they know they will qualify for a large number of the tax deductions passed into law by Congress for home-business owners.
It is important to accurately determine the value of the tax breaks that you will qualify for, which is information you will need in order to accurately determine how any Allowances to claim on your revised W-4, so that you don’t end up owing the IRS money at the end of the year.
NOTE: If the need to make all these calculations and determinations is beginning to make you nervous, don't worry. In a couple minutes, you will learn how to do all of that very quickly, honestly and accurately by following a simple step-by-step process. How Quickly Can I Get My “Pay Increase?”How soon will your “automatic pay raise”take effect? The answer will pleasantly surprise many people. By law, any employee may submit a revised W-4 at any time. And, by law, the changes in withholding must be reflected in the employee’s very next paycheck (or the next one after that, if payroll is already being processed at the time your new W-4 is submitted).
Depending on how often you are paid, the “extra cash”should begin showing up in your paycheck within a week or two! That should put a few hundred extra dollars in your pocket every month.
A few HUNDRED dollars extra cash every month is fabulous, but what would you say if I could ALSO show you a one-time opportunity to ALSO put a few THOUSAND dollars ADDITIONAL extra cash in your pocket, courtesy of Uncle Sam?
Could You Use an EXTRA Few Thousand Dollars?
Almost all of the home-business tax breaks we have been discussing, also apply retroactively to the past three tax years. That means if you had a home-based business in any or all of the past three years, you may be eligible to file a Form 1040X, Amended Tax Return, for those years, and claim thousands of dollars in retroactive refunds, and the IRS will even pay you Interest on the money they refund to you.
How much is it worth to file Amended Returns?
Most people who had a qualifying small or home-based business in 1998, 1999 or 2000, can get Refunds of at least $1,000-$2,000 for each of those three years –plus interest! So, your total refunds could be in the range of $3,000 to $6,000, and often the total is far more!
This is not like the “automatic”refund of up to $300 (or $600 for taxpayers who file a joint return) which the IRS mailed out to most taxpayers in 2001.
YOUR refund for filing Amended Tax Returns (which is worth ten-times more than the $300-$600 “tax-windfall,”as the media called it) is a Refund you will only get if you file a claim for it.
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