i already know about writeoffs like your house car tools ect but want to know how else i can lower my taxes
2006-12-03 15:29:40 · 7 answers · asked by thetulley0 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
incorporate, make yourself a corporate asset!
2006-12-03 21:54:24 · answer #1 · answered by Anarchy99 7 · 0⤊ 0⤋
Each person's tax situation is different. Your best bet would be to get with a CPA or other tax professional who could advise you based on your personal situation. Even someone such as H & R Block should be aware of many tax deductions that you could take advantage. One thing you could do is set up an IRA. You can put a percentage of your income. The amount you can contribute is limited to whether you are married or single.
2006-12-03 23:41:12 · answer #2 · answered by Flyby 6 · 0⤊ 0⤋
From what I have seen, the biggest loophole is to own your own small business. That way, you pay taxes on you income AFTER taking out your expenses. If you have a job, you pay taxes BEFORE taking out your expenses. To use numbers:
Income of 50,000 (these numbers are only a basic example)
With a job, you pay taxes on 50K, then take out all of you expenses, and you get to live on what is left.
With your own business, you take out your expenses, (lets estimate them at 15K), pay taxes on 35K, and get to life on what is left.
Would you rather pay taxes on 50K or 35K?
2006-12-03 23:40:42 · answer #3 · answered by Brian V 2 · 0⤊ 0⤋
go to school and learn how to do taxes ,sometimes you can go to agencies that do taxes and they will train you so you know how to do them for employment . when you learn you will know all . good luck
2006-12-03 23:47:41 · answer #4 · answered by chotpeper 4 · 0⤊ 0⤋
consult a tax accountant
2006-12-03 23:33:09 · answer #5 · answered by Pc 1 · 0⤊ 1⤋
What system? You ever heard of the Boston Tea Party...it won't be long!!!
2006-12-04 02:43:19 · answer #6 · answered by JAWBONE!!!! 3 · 0⤊ 2⤋
Let me know when you find out!!! LOL
2006-12-03 23:33:28 · answer #7 · answered by TS 3 · 0⤊ 2⤋