7 Quick Secrets About How to Save on Taxes

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It isn’t what you make, it is what you keep. One of the biggest mistakes networkers and small business owners make is not understanding how to save on taxes, this will help.

Ways to Save on Taxes

Know there are two types of people in most taxable societies, those who have a business and those who do not. Know that IF you are an employee with no network marketing or any kind of business, you can’t get any of the below mentioned tax breaks. You are losing on average $20 per day or around $500 per month that you could easily keep with your family by just HAVING a business on the side.

7 Tips on How to Save on Taxes

First of all, all of this info comes from my friend, CPA and Tax attorney Sandy Botkin. I am NOT a CPA or attorney.

1. Ever wonder what receipts to save for taxes? Try all of them. I just did a webinar with Sandy Botkin, a former IRS trainer and he says they LOVE people who think their credit card statements will do the work for them. It doesn’t work that way, unfortunately. I use TaxBot which is a phone app to catalog all my receipts electronically and then throw them away.

2. You can write off a portion of your entertainment expenses IF you have talked about business in the same 24 hours. Be sure to watch the Sandy Botkin webinar recording for details on this but it is pretty awesome.

3. Keep detailed notes. The IRS ONLY believes documentation. Who, what, when, where, why and how much. This is another cool function of Taxbot as you can enter that info electronically real time. The IRS is bringing in over 16,000 new agents to happily check your documentation. =)

4. Lost your receipts? Too bad. Sandy shared that victims of Hurricane Katrina that lost their homes and paperwork were unable to claim any tax deductions, harsh but true.

5. Would you want to throw $1 out the window for every two miles you drive? Well, if you aren’t documenting where you are driving and for what business purpose, you are.

6. You can write off a portion of your utilities and your rent or mortgage with a proper home office. Make sure you see the details on how to do this and how lucrative it is with the video below.

7. It is definitely smart to learn how to save on taxes but you REALLY should understand how to create a tax free retirement. If you have interest in learning more about that, and no, it isn’t in 401k’s, shoot me an email at [email protected]