Every year people dread tax time and procrastinate filing their taxes until the last possible minute. It's no coincidence that people are delaying paying out hard earned money when the National Debt Clock is reporting over 11 trillion dollars in debt. There are 3 very important things that all U.S. citizens should know before filing taxes.
1. Do Not Rely Solely on Accountants
Most CPAs are swamped around tax season collecting a service fee for assisting customers in the filing process. Customers assume that accountants have the responsibility of minimizing payouts and informing their clients how to save on taxes. It is important to know that accountants are available to focus on helping the filing process only. They are not required to know or help minimize the payouts. There are excellent tax attorneys, systems and tools available that would be more beneficial to utilize during the payout season. Attorneys are great to use as long as the filer has a good idea of their own legal rights and write off opportunities.
2. Start a Business
Starting a business has tax savings and benefits available that will leave a business owner better off than if they had decided to work a second job instead. The average part time business owner saves $2,000 to $10,000 per year. Most part time business owners do not realize their own legal benefits and they are handing over way more money than is really owed.
3. Become Tax Savvy
So many people are afraid of numbers, technical knowledge and the IRS. Knowledge is power and being precise is important but the filing process is easily applicable. The tax system is set up to assist business owners by allowing extra benefits. There are many great books, tools and attorneys that can make the learning process easier and it will definitely be worth learning when payouts are consistently the legal minimum each year.
Before filing this season keep in mind that the accountants job is not to know and/or share extra tax saving strategies. Know that starting your own business is better than picking up a second job when it comes to the yearly financial situation and make sure to research different tax saving resources that will build confidence during this coming up season.
Greg has over 30 years of entrepreneurial experience and is known for his willingness to share all of the dirty little trade secrets that many business newbies and novices do not know about this lucrative industry. For more information on business startup, business opportunities, tax savings info, financial planning tools or internet marketing tips and services go to http://workfromhomedreamteam.com/ Article Source: http://EzineArticles.com/?expert=Greg_Hancock |
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