Taxes are not the most fun conversation to have with someone. However, it's important that you start learning more about how they work. Taxes are your largest single expense. Due to the current financial crisis, taxes will have to go up, not down. If you want to decrease taxes you have to learn how to switch financial quadrants.
Ever wonder why you work more hours and you end up earning the same you were when you were working less hours? It's because you might have went into a different tax bracket and therefor were taxed at a higher level. Those who work as employees (in the E quadrant) are taxes at one of the highest levels.
If you want to learn how to start reducing your taxes, you need to learn more about how to make a shift to the B (Business) & I (Investor) quadrants. You can earn money from different quadrants at the same time.
One way we've learned more about these advantages is through owning a home based business with Shop•com. Owning a home based business has tremendous tax advantages, even if you're also working a full time job. 2016 is already half over, start planning your next six months to put more money back in your pocket.
Here are just a few of the advantages of owning a home based business:
1. Deduct Your Home Office
2. Home Utilities
3. Travel Expenses (Flight, Hotels, Meals, ect.)
4. Autos and Commuting
5. Taking a Client out to Lunch
"It's always best to consult with a tax professional. They will make sure that you have crossed your T's and dotted your I's."
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