04 May 2009 @ 1:02 AM
W2 Employees — How to Keep More Income
What is the biggest single financial obligation of each person in the USA? Taxes. With all the bailouts, and government spending we can be sure that our taxes will not be being reduced any time soon. W2 workers are taxed before they get their earnings. Then they are taxed every time they spend their earnings as well. Then they think that because they put some money into a qualified plan that is tax deferred, they are saving on taxes, but the reality is they will be paying more on taxes in the future when they try to use their savings. It is like having the choice of paying taxes on the bag of seed now, or paying taxes on the bag of seed and the harvest later on. Which do you prefer? Inflation, the printing of more green backs, is also a tax. We think inflation means the price of goods has gone up because they are now worth more but the reality is that the value of the dollar has gone down, so we have to spend more dollars to buy the same item. This means the government collects more dollars of taxes from us and our income level rises so our tax bracket gets higher so we have to pay more taxes because of that as well. People would be outraged if the government just sent them a bill for the actual amount of taxes they are truly charging them for each dollar they earn. That is why instead, they (the government) have created this hidden system of stealing our money from us, pretty much at gun point), with the threat of jail time if we don’t pay up and people feel powerless to do anything about it. This blog post will be looking at how to increase your net worth by just becoming a part-time home-based business owner, and withOUT necessarily making any more money. But making more is always a good thing, if you know the tax rules. Why own a home-based business? 1. Be your own boss. 2. Capture the power of residual income 3. Be rewarded for business achievements 4. Reap the tax benefits — This is a major major benefit. We all know that the more money we pay in taxes, the less money we get to keep. So let me ask you this, what can give you a better bottom line, a $2000 raise or owning a home-based business? Keep reading and you’ll guess and understand the answer. More »
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