Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?

Tilting the Tax Laws in Your Favor.

In order to accelerate your movement along the wealth building curve, you absolutely MUST have your own business. I don't care if its real estate investing, a sales company or a service business. But you must own it yourself or with a partner. Why, because the tax laws are tilted in favor of people who are in business for themselves. Let's take a closer look. If you are not in business for yourself, you are earning your money as a W-2 employee.

Unfortunately, this is the highest tax form of income that there is. In fact, the average American gives up between 42% and 55% of his or her income in the form of taxes. Sound high?

Well, consider this:
Currently we have a Federal tax rate of approximately 39%. States can charge as much as 9.6% and some of us even have to pay a City income tax as high as 3%. Then, there is the Invisible Killer tax known as FICA or Social Security. Why do I say that it's the Invisible Killer? Please let me explain. Tax Secrets of the Rich Found Here

Social Security tax is broken down into two components.
The first component of 7.65% is paid directly by the employee. It's taken directly from your paycheck before you even touch it. In addition to that, your employer must "match" your contribution by paying another 7.65%. And this all happens BEFORE you see a nickel of your paycheck. Its like the government is playing a game of now you see it, now you don't with your money. And isn't it true that if your employer has to pay that money to Uncle Sam, its less money that he can pay it to you? THAT'S OVER 15% OF YOUR HARD EARNED MONEY THAT YOU ARE LOSING RIGHT OFF THE TOP!!!!! Asset Protection

Can you see how hard it is to get ahead when you are paying out roughly half of your earnings in taxes? Decades ago, a Supreme Court Justice named Learned Hand made the following observation:

To paraphrase, he said "there are two income tax systems in this Country; one for the educated and one for the uneducated" Here's your chance to get a powerful education. The following two diagrams hold the secret to tilting the tax laws in your favor.

The first one illustrates the tax system for the Uneducated:

Earn
Pay taxes
Spend

Both systems start, of course, with earning income. However, in the UN educated tax system, your taxes are immediately deducted from your paycheck ? BEFORE you ever see it. Then, you have to live on what's left over.

Lets apply some numbers to this: $100,000 Income $ 50,000 Taxes $ 50,000 What you have left to Live on. Now, contrast this with the EDUCATED system.

Earn
Spend
Taxes

Tax Strategies

Again, we start with earning income. But look closely at the next line. In the EDUCATED system, you get to spend your money BEFORE you pay taxes. Can you see how this could have a HUGE impact on your financial well-being? This is the first step.

This is one of the strategies that people like Ross Perot, Donald Trump and Bill Gates use to reduce their taxes from the 50% that the average American pays all the way down to 4%-5%! That's right: 4% - 5%.

Now you know the first step, you MUST have your own business. So, get ready for lesson 2 where I'll provide you with the list of 300 deductions that are available to our business.

Sincerely,
Drew Miles, The Tax Saving Attorney

Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.

In The News:


pen paper and inkwell


cat break through


Estate Taxes - It Pays to Plan Ahead

Estate taxes. It's not enough to simply know they exist,... Read More

Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake

With gas prices at an all time high before Hurricane... Read More

Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the... Read More

What to Do If You Can?t Pay Your Taxes

The end of tax filing extensions is quickly approaching. What... Read More

10 Tax Tips to Reduce Costs and Increase Income

No one likes paying tax. Everyone understands that tax is... Read More

Slash Tax when Buying a Business

When buying a business, how the "purchase price" is made... Read More

Highlights of IRS List of 2005 Tax Scams

Each year, the IRS lists various scams taxpayers get caught... Read More

Tax Tips for Home-Based Business Owners

As tax time approaches, many home-based business owners begin completing... Read More

Keeping Your Own Money ? NOT Handing It Over To The Taxman

Most people trying to make a crust online (or offline... Read More

Get Uncle Sam To Pay $36,000 For Your Childs Education!

Let's assume that you would like to begin saving for... Read More

Paying Workers ? What Can You Write-Off?

As your business grows, you are going to need help.... Read More

Electronic Commerce Taxation and Pakistan

Assume a buyer in Pakistan downloads software from the Internet... Read More

Organizing Your Taxes

Does this scene sound familiar? It's April 7. You haven't... Read More

Understanding Marketing Tax Deductions

Marketing is a necessary expense in running practically any business... Read More

Complaince of Tax Return in Electronic Commerce Taxation

Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More

How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund

The U.S. Department of Agriculture estimates that it costs nearly... Read More

E-commerce Taxation

The means and types of businesses have transformed with advent... Read More

IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters

The IRS has obtained civil injunctions against more than 100... Read More

The Tax Man Cometh... To Search

You're at your office, or home, and the doorbell rings... Read More

Seven Key Tax Deductions for the Self Employed

As a sole proprietor, it's wise to familiarize yourself with... Read More

History Of The Federal Income Tax

The powers of Congress, and the limitations set upon those... Read More

SFR Substitute for Returns: IRS Action on Non-Filers

In the latest Star Wars episode, the evil empire executes... Read More

Donating Cars To Charity - New Tax Rules

On June 3, 2005, the IRS released guidance on charitable... Read More

Deducting Points On Home Refinances

Deduction of Refinance PointsAny points that you pay in the... Read More

Take Control of Your Taxes

As everyone in the U.S. knows, we have just passed... Read More

How To Get An Instant Pay Raise

As a gentleman was leaving my class recently, he wanted... Read More

Business Tax Loophole: Leasing Assets To Your Corporation

While there are many equally valid reasons to incorporate, saving... Read More

1031 Exchange Rules and Requirements

Following is a reproduction of the IRS's rules and requirements... Read More

How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share

How Home-Based Businesses Can Avoid Giving Uncle Sam... Read More

What You Need To Know About Taxes If You?re Getting Married

It may not be high on the list of wedding... Read More

How To Get An Extension To File Your Business Tax Returns

Yes, the tax season is upon with the first filing... Read More

Tax Trap #3 -- IRS Penalties, Interest and Love Letters

As a small business owner or self-employed person, one of... Read More

Save Money on Taxes - Let Uncle Sam Pay for Your Fun!

"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More