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Why is this Tax-Free income Overlooked by business

    • 2 posts
    December 19, 2011 8:15 AM EST

    I'm not a tax professional, a retired FA/broker and Entrepreneur, so I am aware of some tax issues, such as:

    1) Vehicles are one of the biggest and easiest tax deductions, just keep a record of mileage - the lesser of either business use or personal use, then you can deduct a (%) of lease/depreciation, insurance, fuel, upkeep, tolls, parking (including your home garage!),

    2) The easy Tax-Free income discussed above, at the website:

    3) Business meals with clients or discussing business, at 50%

    Business structure depends on your situation and where you can get the best benefits from either C-Corp, S-Corp or LLC... tbd. Personally, I like C-Corp - lower cost, more deductions and flexibility and my year-end is June 30....!

    More ways to Make Money - Tax-Free!

    • 2 posts
    December 18, 2011 4:42 AM EST

    Most small home business owners don't realize there's thousands of dollars of tax-free income sitting in their home business and they just don't recognize it.

    Its simple too, all you need to do is business at home (ok), and this "one activity" that you are already doing (ok), but haven't recognized the easy income sitting right in front of you... and it's Tax-Free too!

    Most CPA's and accountants have missed this benefit because its hidden at the end of an IRS Rule (last page, last paragraph - no wonder, right?) and not readily apparent.

    Plus, the thousands of dollars in Tax-Free income to you, the business owner, is also a big tax deductible expense to your business, so you save thousands in taxes too!

    And, there are many new ancillary business expenses that add-up to new tax deductions for your business and even more tax savings!

    Its simply a matter of converting some of your daily living expenses into legitimate business expenses and reaping the tax and income rewards... after all, that's part of why you're in business aren't you?

    Talk about a win-win-win... and all the details are available at the Foundation's website:

    More ways to Make Money - Tax-Free!

    • 110 posts
    December 18, 2011 10:15 AM EST

    HI Tax-Free,

    Sounds interesting.  I have one quick question.  If you do work from home as a consultant for yourself what is the best way to structure your taxes and business liabilities? What would be the top 3 tax deductions you should be accounting for? Any tax help you can give me is greatly appreciated.