5 Last-Minute Tax Tips - BusinessBlog : McGraw-Hill
Finance & Investing

5 Last-Minute Tax Tips

Excerpt from  Lower Your Taxes— Big Time! by Sandy Botkin.

You should know about these 5 tax myths:

Myth 1: I didn’t make a lot of money this year so I don’t need to know about tax planning. This is absolutely false. If you are a consultant or have a small or home-based business, you have access to the last great tax shelter left in this country.

Myth 2: My home-based/small business has to have a profit at least three out of five consecutive years. Did you believe this myth too? Hundreds of people, including accountants, have said this to me. This is absolutely false.

Myth 3: My accountant takes care of my taxes. A similar myth is “My spouse takes care of my taxes.” This is the biggest myth of all. These seven words impoverish more people than any other myth. It’s like saying, “My doctor takes care of my body.”

Myth 4: Tax knowledge won’t save me that much money anyway. Did you know that taxes are the number-one expense in this country? If you add up your federal, state, and Social Security taxes, you may find that what you pay in taxes rivals or exceeds what you pay for food, lodging or mortgage payment, transportation, and clothing combined!

Sandy Botkin is a CPA and former Attorney for the IRS. One of the most well-known national lecturers in the field of tax reduction and audit proofing techniques he has toured with Tony Robbins Donald Trump and John Grey. Botkin knows the ins and outs for those who are business-owners or self-employed and is the author of the audiotape series Tax Strategies for Business Professionals and Tax Advantages of a Home-Based Business.

 

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