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Tax Help Secret: Avoiding the Entreprenuers Curse
Your days as an entrepreneur and businessperson are consumed with one primary activity; making money. Whether you think in terms of growing your business, getting the word out there, or some fancy new marketing technique, your days and weeks and months in business are focused on that one group of activities. In fact, some of you are marketing machines. m123.infusionsoft.com/go/MikeDrew/MikeDrew/EntCurse">Tax Secrets of the Rich Found Here Maybe you've developed a new product line. Or, set up a joint venture with a new partner. If you're a real estate investor, you're looking for another deal or strategy for locating under-valued properties. No matter how you break it down, entrepreneurs are single-focused. MAKE MORE MONEY. You live it, you breath it and you sleep it. m123.infusionsoft.com/go/dm/MikeDrew/EntCurse">Asset Protection I call it the entrepreneur's curse. Don't get me wrong. It's not completely bad. In fact, the most singly focused people I know are the most successful. But building your business up can't be your only focus. There are two BIG reasons why. Taxes and Lawsuits. Left unmanaged taxes and lawsuits will eat you alive. Taxes do it slowly but surely. They chip away at your net worth a little at a time. It can be so subtle, that you've stopped noticing. Let's face it, when was the last time you looked at your pay stub (yes, even if you're self-employed). There's one line of income and three lines of taxes (Fed, State and FICA) they're alone. But when was the last time you really noticed it? You've been conditioned not to care. But every dollar that you overpay in taxes is a lost opportunity to build wealth. Think about it; if someone handed you $10,000 or $20,000 to invest in your business, couldn't you leverage the heck out of it? Maybe you'd buy a piece of (almost) no money down real estate and flip it for $20,000 profit. Or launch an ad campaign - radio or print. Or start a web marketing campaign. Whatever your strategy of choice, you would parlay that money into something bigger and compound the returns on top of it. But if you throw that money away by unnecessarily overpaying your taxes, it's gone. (Remember, a penny saved is a penny earned) And so is the opportunity. Forever. What a shame! Then there's lawsuits. They mess you up differently. If taxes steal away your money in the night, lawsuits are like a tiger. Waiting. Stalking. Circling. And then, at the opportune moment - BAM! It's over. They pounce on you and you don't even know what hit you. It might be an angry tenant, or the passenger in a car that you ran into. It could be your spouse or a disgruntled employee. It could be any one of a thousand reasons that people can sue you (there are millions of lawsuits each year). Whatever the reason, before you can fully regain the use of your senses, you're upside down and inside out. And it can take years before you can pull yourself up by the bootstraps and start over again. Then, you find you're digging yourself out of a big hole. It doesn't have to be that way. There is a better way. A way for you to build consistent protected wealth that lasts for generations. m123.infusionsoft.com/go/pfbsaff/MikeDrew/EntCurse">Tax Strategies That's what my new Wealth Accumulation program is all about. The last thing I want to see is you work for years building a great asset base - only to have someone bring it toppling down. It's not necessary and you deserve better than that. I am trained as an attorney and practiced in the State of New York for 12 years as the senior partner of my own firm, where I was admitted to both the State and Federal Bars and specialized in the areas of business and real estate. I have benefited from the strategies he teaches and I've saved thousands and thousands of dollars in the process. Ladies and Gentleman, I give you P.S. It's the little things in life that make all the difference. Missing the details here could be devastating to you and your family. P.P.S. Be a hero to those you love. Do it right the first time. 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.
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How to Reduce the Estate Tax Using the A-B Revocable Living Trust In a past article I relayed the plight of the widow who stated:"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."She told me that she only learned of this after her husband passed away. Access to E-records by Taxing Authorities: A Case for Pakistan (Part I) Background issues of access to recordsTo assess the records at hosted remote retained out of the jurisdiction of Pakistan root many legal issues which are needed to be addressed. Hereinafter there is description of the emerging legal issue of access to e-records. Taxation of Forgiven Debt: The 1099C & You Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. The Implications of Income Tax Charge on Estate Planning OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon Brown announced proposals to levy an Income Tax charge from 6th April 2005 in those circumstances where the transferor of an asset retains and interest or continues to benefit from that asset. In the instance of real property, the 'benefit' envisaged is the transferor continuing to reside in the property he/she has allegedly given away. Tips and Simple Guidelines on How to Calculate Payroll Taxes Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. Alas! In E-Commerce Taxland In trying to comply with tax laws for your e-business, you may find yourself falling down the rabbit-hole, going through the looking glass, and attending a Mad Tea-Party.Common sense, logic, and fairness never did apply fully to the field of taxation but this is especially true of e-commerce transactions. Euro Tax Haven Threat Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, Malta and Andorra, to disclose bank account owner information to their home country's tax authority. 10 Thoughts on Tax Offer in Compromise Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you. Donating Cars To Charity - New Tax Rules On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car. Taxation of Isle of Man Companies from April 2006 At the present time a company incorporated in the Isle of Man, owned by non-residents and which complies with the other statutory requirements, is not liable to Isle of Man taxation. Whilst locally trading companies pay tax at 18%, a qualifying offshore company pays a flat annual tax of £475 or £1,000. Tax Time Tune Up Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize. Employment Taxes - What Are They? If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. The Internet Tax Man Cometh Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? -- Charlie B. Uncle Sam is Ready...Are You? Organizing Tips for Tax Time Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. Tax Trap #4 -- The Quagmire of Depreciation If you are a Small Business Owner or Self-Employed Person, there's one especially lucrative tax break that not only puts money in your pocket, it also makes the filing of your business tax return much simpler.What am I talking about? It's called the Section 179 deduction, and if there's one tax break you need to understand, this is it. How To Set Up A Tax-Saving Bookkeeping System One of the most important, but least understood or appreciated aspects of any business is its bookkeeping or accounting system. And, because very few people know much about the reasons for a bookkeeping system, most people are frightened by the thought of the work involved in setting up such a system, and the drudgery of daily maintenance. 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. Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions Adding Your First Additional Stream of IncomeMost new wealth builders currently have a full-time job. After realizing that means "Just ----Over Broke" they commit to quitting their job and starting their own business. Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips Recently, I stumbled across a concept that could change your financial life. You can call it a paradigm shift or a new perspective or just a different way to look at things. Back To School - Educators Deduct School Expenses As teachers and students head back to school following a glorious summer, it's time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain school-related expenses from adjusted gross income.
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