HOME BUSINESS TAX CONSULTANT
Prepared by Melvin D Love, CLU, CEP
Chartered Financial Consultant
Anyone can be a Millionaire…..if they use their head!
If you are not in business for yourself you cannot take advantage of the tax laws!
Everyone has a non-working silent partner - it's called the IRS. Over an average lifespan you will earn over 1 million dollars! And, according to the Tax Foundation 2005 numbers the government will take nearly 30% of those life earnings…(that’s $300,000!) and return almost ZERO! Put another way, you will have to work until April 17 just to pay your taxes for the year. Becoming financially secure by giving away 30% of your income is simply impossible.
If you think people who become financially successful put up with a 30% loss of their income, I have to tell you that the statistics say that you are very wrong! If you think the people who wrote the laws pay 30% of their income in taxes...you guessed it, wrong again
There are two sets of rules: one set where you lose 30% of all your money (I call them the short formers) following the majority of Americans into financial suicide and the other set where you play smart and get to keep most of your money (I call them business owners). You see, one of the big secrets in amassing money is that you have to be in business to take advantage of the tax laws! If you aren't you can't, and with very few and usually expensive exceptions that's just the way it is. That being said, you must know “the rest of the story”; that is, it is very easy to have a small business and take advantage of the same loopholes that the big boys do.
One of the best-kept secrets in this country is the network marketing industry. Everyone should be involved in a network or MLM Company. If nothing else, they open up huge tax deductions for you! You can literally make thousands - if not tens of thousands
of dollars every year in returned tax dollars even if you never turn a dollar profit! And you can have fun doing it! How would you like to take your favorite hobby and turn it into a tax deduction - legally! Who wouldn't? Imagine having your husband or wife actually wanting you to go play golf because it was tax deductible! …Or fishing, or traveling, or whatever - you fill in the blanks.
Do you want to become a millionaire? Guaranteed? You can if you are willing to think like the house instead of the "marks" as they are called in Las Vagas. I'll give you a hint; all it takes is being able to keep a few extra dollars every month instead of sending them off to Washington (to be spent by someone who thinks they can do it better than you).
HOW TO START THINKING LIKE THE HOUSE
You can't take advantage of the tax laws unless you own a business; so start a business. Another reason…You'll never get paid what you are worth by working for someone else, so start your own business!!!!
OK! OK! So what business should I start?
Here are the 3 business types to consider.
Option A. Start a business from scratch. The benefits of a scratch business are that you have the highest profit margin and complete control of every aspect of the business.
The shortcomings are that you must be capable of managing all the different areas of the business including personnel, payroll, travel, accounting, research and development etc. The downfall of many small business owners is that we do only the parts of the business we like and tend to ignore the boring stuff. In addition, we are financially responsible for everything.
Option B. Buy a franchise. The benefits are that we can pick something we like and just "plug into" a working system. The success rate is high, and we don't have to be too creative. All of the systems are in place, and the company usually supports the owner with lots of training. The downside is that they are restrictive in what they let you do, and they usually require a large expenditure of time and money.
Option C. Find a "Network Marketing" company. The benefits of a Network or MLM Company are that it costs almost nothing to start the business. They have already put the products together and do most of the paperwork for you. They are a true lifestyle business, which allows you to deduct almost anything you do. You control your time and location. You work out of the house so you get to avoid rush-hour traffic. The income levels can be outrageous with the added benefit of residual income (that's like a pension plan - the income continues even though you have stopped working). The downfalls are that there is not much structure to the work environment so you will need to be a self-starter. Many people see the huge incomes and mistake the business for a lottery or get-rich-quick scheme. Most Network marketing people who are successful devote as much time in their network as they would any other business. *Note* Questionable companies encourage or require new distributors to invest large amounts of money into inventory. Most legitimate companies frown upon this practice.
Getting started in your "HOME BASED BUSINESS"