Special Report
How YOU Can Get Uncle Sam to
Pick-up the Full Costs of Running
Your Small or Home-Based Business
Congress has told the IRS to reimburse you for your
sign-up fees, product purchases, marketing
materials, and
even out-of-pocket costs! Details in this Special
Report.
Are you like me? Do you hate it when someone offers to give you some really valuable information, but then they make you wade through 12-15 pages of “preliminaries” before finally getting to the point? Once you get to “the point,” it usually does deliver on the promise of incredible value, but why should we have to wade through so much verbiage before getting there?
Do you hate
that? Me to, so, in this Special Report,
I’ll get right to the point, and then I’ll fill you in on the
background. So here’s…
“The Point”
The point is, when you have a qualifying home-business, you can reduce the amount withheld from you pay for taxes, which will increase the amount of your take-home pay from your “day job.” Here’s why: Congress told the IRS to give huge tax deductions to people who have a small or home-based business. When you can claim more deductions, you’ll pay less in taxes. When the amount of taxes you’re required to pay decreases, the amount of money withheld from your paycheck should also decrease. When your paycheck withholding decreases, your take-home pay increases. Usually by hundreds of dollars per month!
The net increase in take-home pay usually is
more than enough to cover the costs of running your small or home-based
business – costs like sign-up fees, product purchases, marketing materials, and
even out-of-pocket costs.
Say, What?
That’s the bottom line. Now here’s a brief explanation… Congress wants to encourage as many of us as
possible to have a small or home-based business. It’s good for the overall
Money is a
great motivator for the vast majority of us, so Congress passed legislation to
give huge tax breaks to those of us who recently had, currently have, or are
willing to start, a home-based business.
Most of
those “breaks” have come in the form of a long list of legal tax deductions
ranging from Rent and Utilities, to Furniture and Furnishings, to Vacations and
Entertainment, to use of your Car and Truck, to the Kids’ Allowance and Pet
Food. The list goes on and on.
For the
right kind of home business, these deductions can literally slash
your taxes in half or more!
You may be
thinking, “I don’t want to wail until next April 15th to have Uncle
Sam “pay for” the home business I’m running right now!”
You say…
“Gimme My Money NOW!”
At the top of this Special Report, we said you can get Uncle Sam to ‘pick-up’ the costs of running your small or home-based business – costs like sign-up fees, product purchases, marketing materials, and even out-of-pocket costs.
Tax deductions are great, but does that mean you have to “carry” all of the expenses of running your home-based business all year long on your own, and then get repaid in the form of a Tax Refund the following spring?
No. As mentioned earlier, you can begin getting hundreds of dollars per month in cash payments starting almost immediately.
Here’s how that works…
Out of
every paycheck, before you even see it, your employer has withheld money,
mostly for taxes. Most people do not
understand the purpose of withholding taxes.
If you’ve ever owned a home, you probably understand the term
“escrow.” It means that, with each
month’s house payment, the mortgage company is also collecting and
“holding onto” 1/12th of your annual Property Taxes. That way, when the tax bill comes in, your
mortgage company has the money “saved up” to pay it for you. Assuming your property tax amount does not change
mid-year, when the bill comes in the mortgage company will have “in your escrow
account,” exactly the amount needed to pay it off.
Withholding taxes work exactly the same way. The number of Allowances you put on your W-4,
a form you filled out your first day on the job, tells your employer how much
you expect to owe in Income Taxes during the course of the year. The employer, then
deducts a pro rata amount from each
paycheck.
To use
round numbers, let’s say you expect to pay $6,000 in Income Taxes this
year. If you get paid once a month, your
employer will withhold $500 from each of your 12 monthly paychecks. If you get paid twice a month, your employer
will withhold $250 out of each of your 24 paychecks. So by year-end, they will have withheld exactly
$6,000 to cover your taxes.
In theory,
just like “escrow,” the amount withheld during the course of the entire year,
should come out to exactly what you owe in taxes. If your number of Allowances was computed
accurately, at the end of the year you will owe no additional taxes, and you
will get no tax refund. That’s the way
is should be.
Now,
let’s say that, thanks to your home-based business and the tax breaks you are
just starting to learn about, you compute that your taxes are going to be
reduced by 50% (which is realistic for many, many people).
Guess
what? Your employer now will only have
to withhold half as much taxes from each of your paychecks. Borrowing from the previous example, if your
employer was withholding $500 per month for taxes, they now will
only have to withhold $250!
Any
idea what happens to the other $250?
It shows up
in your paycheck, putting an
extra $250 cash in
your pocket per month,
every month for the rest of your working
life!
It’s like
giving yourself an “automatic pay raise!”
That’s “The Point”
For
most people that “automatic pay raise” is more than enough to pay for your
home-business start-up fees, product purchases, marketing materials, and even
out-of-pocket costs.
Now you know how you can get Uncle Sam to ‘pick-up’ the costs of running your small or home-based business. BUT WAIT!
It doesn’t
happen automatically! In order to get your employer to withhold a
different amount (i.e., less!) from your paychecks, you must go
to your company’s payroll office and fill out a revised W-4 Form, claiming
additional Allowances. The more
Allowances you claim, the less money withheld from your pay; the fewer
Allowances, the more withheld.
By the way, the
term “Allowances” has absolutely nothing to do with the number of people in
your household. Allowances are not in any way related to the terms “Dependents” or
“Exemptions.” Many people with a
home-based business claim 6 or 8 or 10 or even more Allowances, because they
know they will qualify for a large number of the tax deductions passed into law
by Congress for home-business owners.
It is important to
accurately determine the value of the tax breaks that you will qualify for,
which is information you will need in order to accurately determine how any
Allowances to claim on your revised W-4, so that you don’t end up owing the IRS
money at the end of the year.
NOTE: If the need to
make all these “calculations” and
“determinations” is beginning to make you nervous,
don’t worry. In a couple
minutes, you will learn how to do all of that
very quickly, honestly and accurately by following a simple
step-by-step process.
How Quickly Can I
Get My “Pay Raise?”
How soon will your
“automatic pay raise” take effect? The
answer will pleasantly surprise many people.
By law, any employee may submit a revised W-4 at any time. And, by law, the changes in withholding must
be reflected in the employee’s very next paycheck (or the next one after
that, if payroll is already being processed at the time your new W-4 is submitted).
Depending on how
often you are paid, the “extra cash” should begin showing up in your paycheck
within a week or two! That should put
a few hundred extra dollars in
your pocket every month.
A few HUNDRED
dollars extra cash every month is fabulous, but what would you say if I could
ALSO show you a one-time opportunity to ALSO put a few THOUSAND dollars
ADDITIONAL extra cash in your pocket?
Could You Use an EXTRA
Few
Thousand Dollars?
Almost all
of the home-business tax breaks we have been discussing,
also apply retroactively to tax years 1999 and
2000, 2001. That means if you had a
home-based business in any or all of the past three years, you are eligible to
file a Form 1040X, Amended Tax Return, for those years, and claim thousands of
dollars in retroactive refunds, and the IRS will even pay you Interest
on the money they refund to you.
How much is
it worth to file Amended Returns?
Most
people who had a qualifying small or home-based business in 1999 or 2000, 2001 can get Refunds of at least $1,000-$2,000
for each of those three years – plus
interest! That
means your total refunds could be in the range of $3,000 to $6,000, and often
the total is far more!
Most people who qualify can get Refunds of
at least $1,000-$2,000
for each of those three
years – plus interest! That means total refunds
This
is not like the “automatic” Refund of up to $300 (or $600 for
taxpayers who file a joint return) recently approved by President Bush, which the
IRS is beginning to mail out to most taxpayers.
YOUR Refund
for filing Amended Tax Returns (which is worth ten-times more than the $300-$600
“tax-windfall,” as the media is calling it) is a Refund you will only
get if you file a claim for it.
Filing the
claim is not difficult, but if you don’t file your claim, Uncle Sam
gets to keep the money that could have been your refund!
We all have a legal, moral and ethical obligation to each pay our
fair share in taxes.
But none of us is required to pay more than our fair
share.
How Much Would You Pay for
Step-by-Step, Authoritative
Guidance
Regarding Everything in
this Report?
It’s How Much You KEEP,
That Counts! Not how much you Make, The
Ultimate Tax-Reduction System for Small and Home-Based Businesses, contains absolutely everything you need to claim
your retroactive refunds and to understand and use, this year and in
future years, all of the tax breaks
passed by Congress to reward those of us who have a small or home-based
business.
Chapter XI
contains a worksheet you can use to determine exactly how many additional
Allowances to claim on your revised W-4 Form.
The same chapter contains a table that will let you quickly estimate how
much your take-home pay will increase.
In Appendix E you will find the W-4 Form you’ll need to fill out and
take to your employer’s payroll office, and instructions for filling it
out.
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