Tax Benefits by Owning a Home Based Business by Sandy Bodkin

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Complete Video Transcript

0:07I just said market author of the bestselling book
0:10lower your taxes big-time over the past 20 years
0:14I it’s hot thousands home-based business
0:17was how to save millions on your texts
0:21I spent three years the tax department the international accounting firm
0:25Trish Ross and also five years as the legal specialist
0:29in the office of the chief counsel which are observers
0:32currently on the CEO the tax reduction
0:35Institute over the next few minutes I’m going to explain
0:39yupp rain not to have a home base business
0:43I believe you find that this is going to be the most important
0:46four minutes a bit like when it comes to your financial future
0:51simi wanna take some notes and put aside
0:54anything that might distract you for civil
0:57I want to emphasize something right up front the rich
1:01know something that most people don’t no have a sequence
1:05and the secret is that we have to taxes
1:09was the United States now when I say that most people think this one for the
1:13rich
1:13and one for the poor that’s not quite true this want to make you rich
1:17the members want to make you poop there’s one for employees
1:21which designed to take your wealth and 84
1:24because you are taxed on dollar 1 and then this one for self-employed
1:29individuals
1:29which is designed to create economic growth
1:32and the reason is that small business generates over seventy percent
1:38up the job growth in North America is not IBM
1:42it’s not Microsoft for American Airlines its
1:45girl business so Congress passes
1:48good tax laws for small business in fact
1:52the important points is that small business get to take deductions for
1:56Speed 4
1:57they pay taxes unlike employees with the taxes are down to one
2:02you can save big-money by taking advantage of these
2:05good axles and these was are available to in business whether it’s in full time
2:12in business school work
2:13part-time or just in your spare time
2:16it doesn’t matter as long as you run your business
2:20within honest expectation up profits
2:23which means you’re really trying to make money in fact
2:26if you know what you doing the small business you have the potential to write
2:30off part of your house
2:31your spouse the equivalent of your kids education
2:35and weddings I’m not kidding when I said that monthly
2:38you can set up a pension plan that makes honey government plans seem poultry
2:43by comparison the potential is just
2:46enormous could prove this was the worst rated by Liz
2:50mean jane bryant quinn came franklin is it nationally-syndicated economist
2:54her that she is nationally known commentator on personal finance
2:58books columns red trusted by millions
3:01shit this study the couple who make forty thousand dollars for a year
3:05and forty thousand go that far so the husband said to the life
3:10honey gotta go out and get a job which she did and she did
3:13extract twenty thousand dollars now they’re looking at the bank account and
3:17they seem no difference if the
3:19ended the year I mean she’s making twenty thousand what that she made the
3:23year before
3:23what’s going on the jury duty have their two incomes to make it in this country
3:28why you’re about to get a six-month financial planning
3:33course the next few its how long they shouldn’t why
3:36extra job was the wrong decision the following example
3:40is based on 2009 tax rates on that twenty thousand dollars
3:45they have to pay 4845 dollars in new
3:48federal and state taxes most is that was nah on
3:51deductible they have to pay Social Security I’ve 7.65 percent
3:57on twenty thousand dollars that’s 1530 dollars have social security which is
4:01non
4:02deductible with sewage growth 10 miles a day
4:06round trip and that’s probably pretty conservative think the let’s go
4:1010 miles a day round-trip five days a week 52 weeks a year
4:15IRS’s currents 55 said the moderates
4:19thats 1430 dollars a commuting which is
4:22on deductible we assume lunch does that work
4:26and we assume that they spent seven dollars
4:29death five days a week 50 weeks a year
4:33that seventeen hundred fifty dollars a lunches which is non
4:37deductible we assume that you have to have clothing
4:40better clothing in fact if you working more upkeep because now you’re working
4:45you’re gonna have more dry cleaning and that’s gone up by at least
4:49twelve hundred dollars over not working and finally
4:52with both spouses working you think they want cook
4:55now the one out with their full costs have gone up by at least two thousand
4:59dollars what child care
5:01I get to spend at least 125 miles a week in our example
5:05I’m not sure we get child care for three kids one twenty-five dollars
5:08but a hundred twenty-five thousand week 50 weeks a year
5:11is sixty two hundred and fifty dollars in childcare
5:15most that is now on the deductible the glee is over the credit on that
5:19out of the twenty thousand dollars they’ve earth from the part-time job
5:23they are only left with a staggering nine hundred ninety five dollars
5:29I year they’re putting in times I was working
5:32they’re putting up with the commute and they’re putting up with a process that
5:36is spelled backwards double
5:38ass hopi you know I know it sounds funny
5:41but it really isn’t and people are working choose jobs
5:44three jobs and nobody this able to watch the kids
5:48so what’s the answer the insert is to take advantage
5:52at the greatest tax write-offs available in america
5:56and that is why haven’t you home based business and working that business
5:59like a business nothing can be better than
6:03because if you know what you’re doing you can write off as I mentioned part
6:07your house your spouse
6:08the equivalent to kiss pigs occasion and weddings you can serve a pension plan
6:12that makes
6:12any government plan see voted by comparison and there’s much more
6:16than just the tax benefits for example get tremendous
6:20time freedom you can work at your home
6:23you dick teacher ok hours and not be subject to the bosses wins
6:28if you need to go somewhere were good kids basketball games will go two sons
6:31and daughters music lessons are concerts
6:34you can’t do that there’s no commutes
6:37there’s no liability or very little liability with his fists
6:41you don’t have any influence and you can make fun
6:45limited income that’s probably the most important factor have the company’s
6:49business
6:49there is a no glass ceiling other any type
6:53having a home based businesses probably the smartest thing that
6:57anyone can do and web these
7:00is that people work overtime to try to get the company
7:03when frankly this week putting in as little time as possible to avoid getting
7:07fired
7:08getting the part-time home base business going my house
7:11maybe that this will generate enough money we can’t quit your job
7:15altogether with the nice that’s the point
7:19having a home based business will generate gormless benefits for South
7:24and your family it’s something you should really consider
7:28and it will make your life lots less taxing
7:32I would strongly encourage church carefully
7:35the value wait to get started with your own home base business to death
7:40the tax benefits are incredible but a home business there’s so much more to
7:44offer
7:45extra income being your own boss
7:48financial security setting your own hours working from the comfort of your
7:52home
7:53more time with family and the list goes on and on
7:56most importantly you are working hard your dream
8:00instead of someone else’s now that’s the beautiful thing

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