“Tax Codes that Save you Tons of Money!”

Here’s the situation. You have recognized that having a working knowledge of the tax codes can save you thousands of dollars in taxes. However, now you want specifics. What do you need to take advantage of these tax codes? What are examples of tax codes that you utilize right now? Read on to find out.

There are two powerful strategies you can take advantage of immediately:

1.) Documentation: Keep a tax diary that makes your records audit proof. Keep accurate and detailed records to realize the full potential of tax savings.

2.) Find deductions that you have missed because you were unaware they existed or did not take them properly.

Examples of Specific Tax Codes that can help you slash your taxes:
Code Section 280 – You can deduct your home office.
Code Section 274 – Office equipment, supplies, supper money.
Code Section 132 – Corporate gym. Your corporation can deduct the entire cost of gym equipment that you buy. There is no limit.
Code Section 162 – Seminars. Write off the entire cost of a seminar. You can write off air fare, meals, etc.
Code Section 74 – Achievement awards. Your company can give away up to two achievement awards each year worth $1600 a piece. Give yourself an achievement award!
Code Section 119 – Meals and lodging. All the meals and lodging for seminars, etc. can be written off 100%.

Tip: Put your kids on the payroll. You can pay each kid up to $6,500 each year. This decreases your taxable income.

Tip: You can deduct up to $5,250 for dependent care. (I.e. kids and elderly adults)

Code Section 132E – Let’s you set up your own fringe benefit program.

Tip: You can also take an equipment deduction. For example, if you buy a piece of equipment that weighs 6,200 pounds or more then you can deduct up to $25,000 in the year you bought it.

Tip: Remember the tax codes change all the time. So you need to be aware of the changes.

Tip: There are legal ways to shift income from a high tax state to a low or no tax state.

Tip: You can build your retirement plan tax free with business and investments that you have control over.

Warmest regards,

Matt Bacak

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“Don’t Let this Happen to your Business!”

What are the effects of not having a properly structured business? Your assets are at significant risk! Lawsuits can go after your property, your bank accounts, your business, etc. You and your business are extremely vulnerable. Your business could be foreclosed and your bank account drained dry.

Never hold real estate or businesses in your name. It doesn’t matter what type of business you have. You could have a software company or a deli, it doesn’t matter. Let me repeat – never have a business in your own name.

What do you have to do to start your “own” business? All you have to have is a profit motive. You have to have the intent to make a profit. The tax codes and laws favor people that run their own business. If you have your own business then you can slash your taxes.

The minute you make money your asset columns grow. If you are in business then your next move is to make money again. If you want to build lasting wealth then you can’t have a one shot deal. You have to have the desire to continually make money.

People won’t sue you if you don’t have money. People will wait until you make money. Once they see that you have enough money then they will sue you. So it’s great to make more money, but with more money comes a higher potential to be sued. However, you can thwart these lawsuits if you have the right corporate structuring knowledge.

Think about what you want to do with the money you earn. Do you want to travel? Do you want to buy a boat? Does the way you run your business favor these activities? Don’t forget about taxes. Every week taxes chip away at the money you could use for these activities. If you are employed by a corporation or other business then taxes are automatically taken out of your paycheck. These continual taxes make it more difficult to build lasting wealth.

Also don’t forget about lawsuits. Lawsuits can hit you without notice and grab huge chunks of your money. Your dream vacation can be down the tubes in the blink of an eye. Basically, taxes and lawsuits can make it hard to get ahead financially.

The bottom line is to not have businesses in your own name. Learn the business structure of successful entrepreneurs. They have learned how to protect their assets and run a thriving business.

Warmest regards,

Matt Bacak

P.S. If you haven't signed up for my
Powerful Promoting Tips yet, then you
are really missing out, go here:

http://www.promotingtips.com

P.P.S. Do you want to be updated on the new things I'm doing
to market my companies? Then you need to grab a copy of my
`Internet Marketing Dirt'. It's now better than ever before!

Go here and get a copy: www.internetmarketingdirt.com