Tax Season Is Over Or Is It?

Tax season especially for CPAs and other tax professionals is over. April 15th is the deadline to file your taxes and every year the media covers the long line of cars at the main post office trying to get that postmark on their return before midnight. When that’s accomplished, they can forget about taxes until next year.

I propose that you think about taxes for 2009. How much did you pay for 2008? Would you like a way to save on your taxes for this year? Start a home based business.

A home based business allows you to shift some of your normal after tax expenses to before tax expenses. Normally people pay taxes and then pay expenses. Businesses pay expenses and then pay taxes.

Allowance paid to your kids is not tax deductible, but hire them into your business and their payments become a business expense. If you create a home office, portions of your mortgage, utilities, etc. becomes a business expense. These and other items can lower your tax burden over $300/month. That’s like getting an instant net raise of $300 without asking your boss.

I am not a tax professional and you should talk with one before you do anything. You can also look at a book called Lower Your Taxes – Big Time! by Sandy Botkin. In fact, the title of his first chapter is, “Why You Would Be Brain Dead Not To Start A Home-Based Business (If You Don’t Already Have One)”

If you would like to find more about whether a home based business is for you, pick up your free copy of “The Perfect Business” CD at FreeRKCDForYou.com. Robert Kiyoskai, of Rich Dad, Poor Dad fame, gives you more information about your own business.