There is a brilliant Tax Saving Strategy As A Home Based Business Owner that I have just found surfing around and I would like to share it with you.
Did you know that in the U.S. and Canada there are Tax Laws that allow you to reduce the amount of money you pay in taxes by hiring your children to work in your Home Based Business?
Here is exactly what Mr. Ron Walsh, CEO & Founder of EZ Wealth Solution found out when he met former IRS Attorney Sandy Botkin:
About 12 years ago I have the privilege of attending a seminar hosted by Sandy Botkin (Tax Lawyer, CPA, former IRS Attorney). Sandy was a former trainer for the IRS who had decided to join "our side", and he started teaching people how to reduce and audit proof their taxes.
Two of the things I remember Sandy saying during that seminar were; "Everyone should own a Home Based Business to take advantage of the tax laws, and I also remember him explaining how parents could write off the "equivalent" of their kids education and weddings." I was lucky enough to be invited to dinner with Sandy that evening, and after I got done talking to him I knew that I would never be without a Home Based Business, and I wasn't from that day forward.
Here's how Sandy explained how parents could write off the "equivalent" of their kids education and weddings. Instead of giving your kids an allowance every week (which is not tax deductible), pay them a wage for promoting your Home Based Business (EZ Wealth)! You can pay each child a wage of approximately $5,000 a year for promoting your EZ Wealth site, as long as you pay them by check and keep a time sheet for hours worked so that you have a way to audit proof this as a legitimate business expense.
Your kids put that money in the bank, and use it to pay for their college education and or wedding. Kids do not have to pay taxes on income under $5000 (approx.), and you get to write that money off as a business expense, and it's all legal!
Please consult your Local Tax Professional for any tax advice, and tax saving strategies.
Here's video clip I found on YouTube of Sandy being interviewed by Fox News. Pay close attention to the part where he says; "You can write off the equivalent of your kids education, and weddings." This is the part I discussed in detail with him when I was invited to have dinner with him.
Well, of course this does NOT apply to EZ Wealth Solution only but to Home Based Businesses in general...
But - in my oppinion - EZ Wealth Solution is the place where average people and even beginners get a chance to make serious money with little effort.
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