Save money on Tax.

Before you go running into this post thinking that I have found the latest tips for you to trick your tax man then I am sorry to say You won’t find that advice or tips.

Tax evasion is a crime and you do not want to be caught evading taxes. Heck even Al Capone was arrested for only tax evasion, never mind the other major felonies they couldn’t prove.

Tax evasion is easy to prove and very hard to dispute. “Earning less than $35000 per year but you have a beach house in the Bahammas raises red flags.

My tip is go to an acredited accountant and let him/her help you declare all your income, all of it. Then work with your accountant to reduce your tax liability. This can be done a number of ways. 

1) As a business you can claim certain costs as deductions. 

Internet business:- How about telephone costs? Yes per month your bill might not be much but per year its really something.

How about your office size compared to the rest of your house? Your business can pay rent for the office from you but this also means you have to declare your rental income as your personal income. So please hire a good accountant because it can get complicated.

The best news is that the accountant fees are tax deductable in most countries/states. 

So please declare everything. Being legal you can make way more money and enjoy the freedom.

Enjoy.

Keep up the comments.