Hi and welcome to the latest issue of
'Nita's Helping Hands'! A special welcome to our new
subscribers -- I hope this finds you all safe and well!
It's soon to be Thanksgiving here in 'The States' and I
want to wish all of you a very Happy Thanksgiving! Now
is the time to remember and be thankful for all your
blessings.
We live in a truly wonderful country and time, and have
so many things to be thankful for. Family, friends, our
computers (well, sometimes!), the ease and speed of
finding information via the internet, the ability to
read this ezine . . . The list goes on and on. So take
some time out of your busy schedule to remember everyone
and everything that you enjoy in your life. I wish we
would all remember to do this much more often!
This issue includes more about tax savings -- you may think
I 'harp' on this subject a little too much but I've learned
how much money people are leaving on the table (giving to
Uncle Sam) just because they don't know what they can
claim, how to claim it so it's a legitimate (i.e. legal)
expense, what needs to be done, etc. I want to help you
make the best choices for your business (or convince you
to treat your hobby like a business so they become
legitimate tax deductions) so you receive the best tax
breaks available -- which ultimately puts more money into
your pocket!
If you've not yet ordered your tax saving information I
highly recommended a couple issues ago, click on this NOW:
http://www.kickstartcart.com/app/?af=267749 -- you
can't afford to wait any longer -- the end of the year
is coming up much more quickly than you think! Learn
how to easily add a couple thousand dollars (or more) to
your pocket each year!
You'll also see below a link to 'The Secret'. Take a look
at it -- I think you'll really like it and it will help and
and entertain you at the same time! Don't miss this one!
Also, for a limited time, I'm now offering a tremendous 35%
discount to all existing or new clients! By clicking here:
www.NitaHelpingHand.com/referral.htm you can see how
you can obtain your proofreading and/or copy editing
services absolutely FREE!! Now is the exact right time to
get your business or book geared up for a special promotion
the first of January! Contact me right away before I get
booked up!
Enjoy each and every day!
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filters.
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Quote:
"The greater danger for most of us is not that our aim is
too high and we miss it, but that it is too low and we
reach it." -- Michelangelo
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Guest Article:
Using The Tax Code To Create Abundance
By Kalinda Rose Stevenson
You know that old riddle. "Which came first, the chicken
or the egg?" I have my own version of the riddle. "Which
comes first? Taxes or expenses?"
Unlike the chicken or egg conundrum, this riddle has a
clear answer. And the answer is, "It depends on whether
you are paying taxes as an individual or as a corporation."
We hear a lot of talk these days about the inherent
unfairness of the tax system. The claim is that "the
rich" get tax breaks while middle and lower class
taxpayers pay far more than their fair share.
What gets lost in these comments is an even more
fundamental imbalance in the tax system. The tax system
favors corporations vastly more than it favors individuals.
The crucial difference between corporate taxes and personal
taxes is the point at which taxes are calculated. If you
are taxed as an individual, your taxes come off the top of
your income. If you are taxed as a corporation, your taxes
are calculated after expenses.
Consider how the taxation system works. If you are an
employee, you collect a paycheck. Before you ever get
your paycheck, there will be deductions. Federal tax, FICA,
maybe state tax, maybe medical insurance. You will be left
with your "take home pay." Interesting concept, isn't it?
What you "take home" will be less than what you earned.
In other words, you get to use whatever is left over of your
salary or wages after taxes. Food, housing, clothing,
transportation, medical, dental, recreation. You need to
pay for all of these expenses with your "after tax" money.
What happens if you set up a corporation? You are the
founder of a corporation and hire yourself as the employee
of the corporation. As the founder of the corporation, you
are able to set up a health insurance plan with pretax
dollars. If there are insurance deductibles, you, as the
founder, can write a resolution and put it in your corporate
book. Your generous corporation will cover all of the costs
of medical care for its employees (that means you,)
including deductibles, and any medical costs that most
insurance policies will not cover.
Your corporation can provide generous pensions, annuities,
life insurance policies, and other benefits to you as an
employee. It can even donate generously to nonprofit
corporations, schools, and churches, if it chooses. And
after it has paid all of these expenses, and made all of
these charitable donations, it can then calculate tax on
the wee bit of profit left over. Or maybe the corporation
will not have any profit at all, and then it will not pay
taxes at all.
I feel compelled to point out that it has not always been
this way. Corporate America used to pay a much higher
portion of taxes than it pays now. This is the real
unfairness of the tax system. The discrepancy between
tax rules for corporations and tax rules for individuals
means that the tax burden has shifted from corporations
to individuals.
Why are "the rich" getting richer? At the heart of the
matter, "the rich" understand the tax system and know how
to set up corporate entities to make the most of the
favorable tax laws available.
Setting up a corporation allows you to use your income to
provide benefits you cannot afford with your after-tax
dollars. The corporate tax code allows you to create
wealth in ways that you will never be able to accomplish
as long as your taxes come off the top of your income.
In addition, corporate tax rates are lower than personal
tax rates.
If you have not set up a corporation, I encourage you to
consider doing so. People are afraid that incorporating
means a lot of extra work and trouble. Yes, incorporating
involves time, effort, and expense. And keeping your
corporate records up to date also takes time, effort, and
expense. You will also need to have increased knowledge
of taxes and accounting. The reward for this extra work
and effort is that you will be able to use corporate tax
rules for your own benefit, and the benefit of those you
choose to support with your money.
To answer my own riddle, "Which comes first? Taxes or
expenses?" If you are paying taxes as an individual,
the taxes come first. If you are paying as a corporation,
the expenses come first.
This difference is enormous. When you understand this
distinction, you have one of the most powerful means to
transform your economic life from struggle to abundance.
Knowing how to use the corporate tax code legally and
ethically will allow you to create an abundant life far
beyond anything you will be able to create with the
personal tax code.
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Kalinda Rose Stevenson, Ph.D. WARNING: BEFORE YOU
INVEST IN REAL ESTATE... FREE "No Money Limits
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Special Tip:
'The Secret' A must see for everyone, no matter who you are
or what you do!
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Tip:
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Can't afford Lexis-Nexis for business information? Access
EBSCO research databases for free through your local
library Web site. Instantly search thousands of business
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You can talk to your reference librarian for details.
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Quote:
"When defeat comes, accept it as a signal that your plans
are not sound, rebuild those plans, and set sail once more
toward your coveted goal." -- Napolean Hill
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Tip:
If you're doing any marketing online at all, you'll love
this new free service I've found for you:
http://www.GrabURL.com
You can instantly protect your affiliate links and
transform long urls into money-pulling ones with just
one click.
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Quote:
"Every day do something that will inch you closer to a
better tomorrow." -- Doug Firebaugh
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That's all the handy tips and tricks for this issue of
'Nita's Helping Hands' -- I hope you enjoyed it and found
some useful information. As always, please e-mail me if you
ever have questions, concerns or would like me to include
information about certain topics.
Have a joyful and safe Thanksgiving, and always remember to
count your blessings and be happy!
I'll 'see' you in a couple weeks!
