Hi everyone,
As we are all creating our millions here, we should also be protecting them by applying the tax laws to our best benefit. My husband does not start his truck without writing down the mileage - every time. It's a little annoying ... lol... however, I know he is saving us money every time he does that. We do take advantage of all tax deductions for having a home business.
Ron Mueller is our tax guru with regard to having a home business and I received these notes from him today. Hope you find them helpful too.
Ron is at http://www.HomeBizTaxSecrets.com and he says:
DID YOU FORGET? DO IT NOW!
If you forgot to do it on Jan 1, go out to your car right now and record your odometer reading. Make two copies.
Label one "2006 Year End Odometer Reading" and place it in your 2006 tax file.
Label the other copy "2007 Beginning-of- Year Odometer Reading" and place it in your brand new 2007 tax file.
If you have more than one vehicle you use for business purposes, make records for each car.
If you don't know why I said that, re-read Chapter 7 of "It's How Much You KEEP, That Counts! Not how much you Make."
(Don't have the book? See: http://www.HomeBizTaxSecrets.com )
PAY YOUR KIDS MORE MONEY THIS YEAR
In 2007 minors can earn up to $5,350 tax free.
As described on page 75, if you hire your kids age 7-18 to work in your home-based business, the wages you pay them is tax deductible, and the money they earn from you - up to $5,350 - is tax free to them (and is not subject to the Kiddie Tax).
AND you don't have to withhold any payroll tax on employees who are minors.
WRITE-OFF MORE BUSINESS ASSETS IN 2007
Remember when we discussed "Section 179" deductions on page 64? It means that you can depreciate 100% of business assets in the year of purchase, up to a dollar limit. That dollar limit just jumped to $112,000, effective Jan. 1, 2007.
SHAMELESS REQUEST FOR ENDORSEMENTS
If you have been audited by the IRS, and were helped out by the information in "It's How Much You KEEP, That Counts! Not how much you Make," I'd like to make you famous (well sort of).
Actually I'm looking for more quotes to post on my new web site under "Testimonials from Real People."
(Have you seen my new site? If not, check it out at http://www.HomeBizTaxSecrets.com )
I'll post your endorsement quote under two conditions:
(1) You attest that it's honest, and (2) you give me permission to post your full name and city/state for attribution. Please submit your 1-3 sentence quote to me at http://www.HomeBizTaxSecrets.com
Even if you haven't been audited, I'd love to have you say something nice about ...
My Book
My tele-conferences
My 1-on-1 telephone consulting
My in-person presentations
My Tax Organizer software
My Tax MiniMi$er recordkeeping system
or anything else I've done for you that legally saved you money on taxes.
If you provide your mailing address, I will send you a f>ree Certificate of Endorsement, personally signed by me, acknowledging your valuable contribution.
DID YOU MISS MY YEAR-END SPECIAL?
$417.95 worth of tax savings products and services for $97 (tax deductible!) -- the biggest value I've EVER offered.
It no longer shows-up on my web site, but if you act quickly (before my webmaster catches on) you can still get it by going directly to this link: http://www.HomeBizTaxSecrets.com
Those are my "Tax Tips You Can Bank On" for January 4, 2007.
Save A Bundle!
Ron Mueller, author of "It's How Much You KEEP, That Counts! Not how much you Make," available http://www.HomeBizTaxSecrets.com
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As Ron says, save a bundle!
Many blessings,
40% discount today...
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