Avoid Paying Taxes Legally!!! The Power of A Home-based Business. #StillRelevantToday #ContactMe

[Music] greetings champs my name is Chino seducin and I'm excited to come to you as a CEO and founder of your tax girl many of you know that I am a network marketing professional and of course one of my specialties happens to be in the arena of taxes helping put people put together solid strategies that will afford you an opportunity as a home-based business owner to maximize on the tax code so moving forward and having a great tax experience I want to share with you some very valuable information that I think will allow you to make an informed decision as to why you should be a home-based business owner you know I have a conversation and I asked the primary question all around the country what is the greatest expense that you believe you will ever incur in your lifetime and you know what I get some powerful answers book one of the three that stick out is your home your children and education and while those are very sizeable expenses the largest expense that you will ever incur in your lifetime is in fact taxes you see you pay a tax on just about everything they pay taxes when you're born and taxes will be paid on you well after you're long gone now I want you to understand that there are two types of systems one for the employee and one for business owners let's start with the employee employees are taxed five times before ever receiving earned income my goodness the power of a home-based business is literally getting them in position to lower their tax liability whereas business owner you are allowed business deductions before paying taxes on the income that you have earned let's think about that there has been some amazing information that the US Treasury has put out they've said themselves that a tax is a compulsory payment for which there is no specific benefit received I want you to think about that for a moment there is no benefit received on the taxes that you're paying and then of course I love this one former IRS Commissioner Don Alexander's Sen said it himself he said the truth is that they have such limited budgets such limited manpower that the only way that they can enforce the income laws and collect the revenue and keep you honest is by letting you be afraid if you will in paying your taxes let me test that theory what do you think will happen if you don't pay your taxes the common answer is Jail right I'm gonna tell you something tax evasion is indeed illegal but tax avoidance well folks it's not illegal you get a raise understanding every time you can look gentlemanly avoid paying a tax on something and that came from CPA mr. George Brown himself so again what we're talking about today is tax avoidance legitimately avoiding paying taxes let me talk about how now understanding that there are expenses that you are incurring every single day and my job as a tax professional is to help you convert these everyday living expenses into profitable tax deductible business expenses let me say that again my job as a tax professional is to help you convert your everyday living expenses into legitimately business deductible expenses think about the expenses you're already incurring on a daily basis Auto gas insurance right home expenses the mortgage the interest electricity maintenance travel expenses right my goodness they travel that you're doing as business owners travel expenses those are everyday expenses right entertainment meals legal or professional services repairs and maintenance interest fees I could go on and on and on but there are so many expenses that you're already incurring and so again we're going to help you transition those expenses and to tax deductible expenses legally now I often hear tax professionals or should I say some of my new clients who have told me listen I went to my preparer and they told me that they could not file that business on my return because I didn't create any income now I'm gonna be very honest with you I would love for you to pack up your belongings grab your things in exit stage left why because when a preparer tells you that that's gonna generate a red flag or they can't do that they're really politely telling you that they don't know how to prepare your return so let's talk about the red flags because there are really only four categories by which red flags fall into one being expenses or credits not associated with your business category two is items of lavish or extravagant nature for personal or recreational use number three is large deductions that out of line with the amount of income that you are reporting and number four is the abusive use of deductions or credits associated with your business if you don't fall into any one of these four categories then there will be no red flags now again the other thing that the tax professionals may tell you is that if I do that that may trigger an audit will let me inform you the IRS has literally taken that word audit and transferred it into conducting examinations you see they realized the negative stigmatism that is associated with that word and so they want to make it a little bit more consumer friendly if you will the only thing about an audit is that they are looking to prove that the information on your return is accurate the deduction is legal and your income is honestly stated so with that being said there is nothing wrong with an audit unless in fact you're lying and of course that's not going to be the case this year with you so you just to give you some statistics with audits those who make anywhere from $200,000 and up have a three point three percent chance of actually being audited whereas those who gross under 25,000 your chances are slimmer it's a 1.2 percent chance that you actually receive or go through an audit or should I say conducting an examination and like I said earlier nothing wrong with an audit unless you're lying now I want to tap into some of the things that employees don't know the key to unlocking your income and of course maximizing is called taxable income let me give you a basic formula imagine that you are a w-2 employee and you're grossing a little bit over $40,000 a year we'll use that as a rough number you're gonna get a standard deduction for $6,100 and then you're gonna get an individual exemption for $3,900 when you deduct those two you end up with a total deduction of $10,000 you take that away from you're what we call AG adjusted gross income that $40,000 you generated and now the taxable income you're left with is $30,000 what I need you to know here is that your expenses cannot exceed your taxable income what do I mean by that if you only have thirty thousand dollars of taxable income you cannot report thirty thousand one hundred dollars if you will have expenses that's where you're triggering red flag and we don't want that for you now again guys I want you to take the self test and go to your last year's return looking on line 43 and what you're looking for is what's called as I said taxable income if there is a number there your tax professionals job especially with you being a bit home-based business owner is to take that number my goodness take your expenses and decrease that number so it will in turn increase your refund or decrease your overall tax liability I am excited because again as a tax professional one of the jobs that I have is to help you identify the duck shion's and credits that are available to you my job is also to help you reduce your AGI as an employee your adjustable gross income and of course as a 1099 or self-employed individual helping you to reduce that tax liability by again leveraging credits and deductions the beautiful thing about is that tax credits are more valuable however they are created as I said to stimulate the economy meaning that they will change from year to year and while deductions are actual business expenses and the cost that are associated with running your business they remain the same from year to year and there are hundreds of deductions I would be able to say thousands of deductions that are available to you as a home-based business owner while there are only a few credits so with the right tax professionals such as myself we're going to be able to help you maximize and identify all the credits that you qualify for there are two requirements in order to do this one you must run your business on a regular and consistent basis what do I mean by consistent three to four hours a week at minimum point number two you must run your business with the intent to make a profit we always say and I know that no one gets in business for the purposes of taking a loss you have to understand that your intent is translated to the proof and documentation that we will solicit from you in order to provide you with an amazing tax experience let's talk about your home as a place of business as a home-based business owner this is one of my favorite areas the law simply says this you must carry on a bona fide business your business part must be exclusive and regular and for the trade of your business and the business part of your home must be one of the following areas one your principal place of business or a place where you meet and deal with your customers in the normal course or trade of your business or a separate structure used in connection with your trade or business now for me my home I have offices and of course I have an area that I meet with my guests and those are areas that are bona fide to support my business guys I'm so excited because your home as a place of business is the most critical portion of being a home-based business owner now because you're working out of your home you're able to literally deduct a portion of your rent your electric your gas your water your home phone and of course we're in the travel industry so things like your internet your cable I can go on and on and on but let me just give you a few other tidbits here you see those of you who have mortgage interest you're in a great position especially those of you who are also paying property taxes you see from your bank you're gonna receive what's called a 1098 which normally gets filed on a Schedule A but now because you're a home-based business owner it'll also be filed on florrum eighty eight twenty nine which is a form that serves for the business use of your home and of course you're able to tap into that double deduction because it gets filed on both forms now again guys think about that you have insurance you have repairs and maintenance you have utilities all of these in a portion thereof qualify as legitimate deductions for you the home based business owner now I get excited because I know that you've got that jazz vehicle you got that car but guess what we can now convert that vehicle into a home based business vehicle your company vehicle right now every time you leave your home it could be for the potential business expense right you may be or in most cases are in the pursuit of profit I want to recommend that you get a sign a car sign advertising your business because in the end of a now you can earn fifty six point five cents for every single mile that you drive and of course you simply have to identify the circumstances where you can redirect those expenses to a tax-deductible event I also want you to keep a great mileage log see the beautiful thing is that there are apps out there that will help you like trip log write a great mileage log that will help you tap into the gas that repairs the insurance because now you are fully using your vehicle as a home-based business vehicle or should I say a company vehicle and think about the expenses that go along with that company vehicle the gas the tires guys the maintenance the washing it every single week right you want to make sure that you're in position and as I say in pursuit of profit your meals and entertainment another amazing deduction that home-based business owners absolutely love you see your meals and entertainment in the realm of business should serve as a way for you to do one of three things one generate income to create goodwill 3 thank your employees your contractors your business partners your sideline partners however you categorize them for a job well done and of course you must be able to document and show that this was done on the same day of course show that you held a business meeting to again create income in pursuit of profit of course or for a purpose or should I say business benefit and again you can also find a way to deduct your spouse's expense because if you can show that the purpose for the spouse was clearly for business then the spouse cost is also a tax deduction now also as a home-based business owner there are operational expenses alike office like gifts that you give out you know I call it the Oprah Winfrey effect every single year Oprah would give out all these amazing gifts see what I've come to know is that she files the same exact xforms as you and i she just has a few more zeros on the end of hers the beautiful thing is that you don't give those gifts out from your personal side you let your company give those gifts out you put your your logo your business cards attach them to the gifts and you give those away making those operation expenses you also have business uniforms and clothing business image maintenance things you're going to get together like your hair or your barber these are things depending upon what you do as a home-based business owner that you may be able to leverage moving forward you also have cell phone expenses another operational expense of being in business now here's one of my favorite expenses being able to hire your children and most of you know me so as a single mom of two children I love the fact that children between the ages of 7 to 17 can receive and offer you up to a 60 100 all the deduction per child you see on that schedule see there are 24 areas by which we categorize and one of those areas of course is contract labor a children present a tax-free option for you why because they are not subjected to payroll taxes now again the rules of engagement are very simple you must have a w-9 on file for that child you must provide a 1099 for the income that you've paid out to that child and you must create a contract for the services performed and again there are a couple of things that I don't want you to do my job is to help you audit proof your business so one thing you must do is purchase a business go to your secretary of state set up your corporation get a DBA or an assumed name go to the IRS and apply for your EIN it's absolutely free open a business account because what the government does not like to see is the commingling of your funds and of course one you can do it through a DBA doing business as or assumed name and of course an EIN that stands for your identification employment identification number and of course you're able to now have a business account and deposit your income without the fees tax-free a couple of things I want you to consider I often hear people tell me listen my preparer did not allow me to add my business onto my return and I want to tell you that amending your previous returns does not hurt to have a second look I want you to revisit the last three years of which you filed taxes check line 43 let's see if there's something on there because we don't want you to leave any money on the table when you look at line 43 that'll tell me as prepare how much money that you've possibly left on the table and so again guys I want you to remember this in order to have an amazing tax experience documentation beats conversation every single time document get organized and of course let your tax girl help you and of course provide an amazing solution a solid strategy as you move forward as a home-based business owner guys I want to thank you for your time thank you so much for listening to this information definitely share this with other home-based business owners and of course as a tax preparer there's some definitely expenses that you're going to incur this year but I want to get you organized so let's sit down let's have a consultation you can reach me at your tax girl at outlook.com you can call my office directly at area code for zero four four six four six seven three three and of course you can go to my website at your tax girl comm for more amazing information let's get you started I'll see you at the top because the bottom is just too crowded thank you you

Channel: Chinaza Speaks

Views: 786,355

Rating: 4.9378743 out of 5

Keywords: MLM, multi, level, marketing, Tax, (Literature, Subject), network, markerting, taxes, paycation, chinaza, speaks, income, business, benefits, of, home, based, Soc, sandybotkin, taxprepaper, intaxicated, maximizeontaxes, maximize, Cash, Social Network (Industry), money, refund, Money (The Office), taxbot, strategy, EFIN, IRS, homebased business, chinaza duson, EIN, LLC, travel business, xstream travel

Id: Gj5pSVpKV4M

Length: 17min 12sec (1032 seconds)

Published: Thu Dec 11 2014