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Title: Tax Advantages Of A Home Business! Post by: BKamanski on February 08, 2007, 03:23:08 AM Anyone Want To Save Money? =================================== Tax Incentives! =================================== Many people overlook this very important benefit but it can make a huge difference for you come Income Tax Day! Running a business out of your home can S A V E you u^p to $5,000 or mo~re on your taxes every year! Here are just some of the things you can write off: =================================== ---[ Your business start-up costs ---[ A portion of your house payment or rent ---[ A portion of your utilities ---[ Car expenses ---[ Travel ---[ Meals ---[ Magazine subscriptions ---[ Child care ---[ Telephone bills ---[ Postage ---[ Office equipment (need a new computer?) ---[ Software ---[ Bank fees =================================== The L i s t goes on! Many of these things you have and pay for anyway! But now that you operate a business from home, they become a tax write off. You can even pay your kids to work for you and write it off! Now that's a smart way to save for college! Of course you'll want to consult your accountant as laws vary from state to state, country to country and year to year, but we can promise you this: having a Ho^me Based Business will help keep more of your hard earned money in your pocket instead of The Tax Man's! Continued Success! Brad Kamanski ;D ::) :-* :'( Title: Re: Tax Advantages Of A Home Business! Post by: Terri-LynnYoung on February 08, 2007, 03:09:23 PM Great Post! Thanks!
Title: Re: Tax Advantages Of A Home Business! Post by: P_Gringel on March 01, 2007, 10:28:56 PM Many thanks B Kamanski
this is something I have let slide. Title: w8 form for non us affiliates Post by: Leonard Roth on January 31, 2010, 07:19:39 PM Hi I am just filling out the forms that we have to submit and I see that that the us government is going to take 30% of my $1 a month. Are you kidding me? Is this really true? Can anybody doing this business outside of the US confirm this for me?
Thank you Title: Re: w8 form for non us affiliates Post by: crusade2wealth on January 31, 2010, 07:24:21 PM Hi I am just filling out the forms that we have to submit and I see that that the us government is going to take 30% of my $1 a month. Are you kidding me? Is this really true? Can anybody doing this business outside of the US confirm this for me? Thank you That's a great question: If you reside outside the US, you are not required to submit a W8 Form and cannot be taxed by the US Government. Only US citizens are required by law to report their income. With that being said, I am not certain of your country's tax laws. So proceed accordingly. Do consult your tax professional. Title: Re: Tax Advantages Of A Home Business! Post by: MikeWilson on February 08, 2010, 03:13:20 PM Brad,
You are correct most people do overlook the tax benefits of having a HomeBased Business. What I have found out the last couple of years talking to people who have a HomeBased Business is alot of the time it`s because they don`t use a Tax Professional who is knowledgeable in HomeBased Business taxes. The second thing i found out is most HomeBased Business owners don`t know where to look to find any information on these tax benefits. If you click on the little globe of the world on the left corner you will go to my website. On my website you will find a link for tax benefits information. This is for USA taxpayers. Financial Freedom Solutions Title: Re: Tax Advantages Of A Home Business! Post by: Stephen Hanley on February 16, 2010, 02:50:14 PM The most wonderful thing about owning a business is that you are able to spend 'Before Tax Dollars', so before the tax man takes his cut, you've already had access to it (which you could have invested into making more money!)... In a traditional job, up to and/or exceeding 50% of your income can be consumed in after tax dollars, which is your pay cheque after the tax has been deducted! In this case you'd never receive that portion to be able to invest it in the first place! So there's a fantastic benefit that I hope inspires some of you to keep going with your home based business!
All the best! ;D Title: Re: Tax Advantages Of A Home Business! Post by: David Minns on March 25, 2010, 12:37:37 PM In the UK will have to pay a percetage of your $1 for each sale to the tax man. If you don't have a "real" company then you will have to do it via self assesment. So you will pay between 23% and 40% of your $1 to the tax man.
If you set up a company then you can be more tax efficient, however I would not suggest an LLP or you will be at the normal tax level. If you make a LTD (limited company) you can store your earnings until you need then and only pay coporation tax which is about 21%. Then you can buy computers and hardware on your company before you pay tax. So for example, if you are a 40% UK tax payer and buy a laptop it may cost you £1000. If you have a LTD company and buy with your profits before tax it will have an effective costs of £600. You can then make people share holders and pay them dividends. If you have a wife or husband who doesn't work then you could pay no extra tax on money you take out. When you start to make serious money you need 1. A company 2. An accountant With out these you could be breaking the law if you don't claim your earnings. |