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Ervin Whitaker
Member Since: 4/24/2012
  
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Ervin Whitaker   My Press Releases

Taxes

Published on 5/4/2012
For additional information  Click Here

Why Claiming Income can actually LOWER your tax bill Many people “forget” to declare the $500, $1,000, or $2,000 they made on the side, in order to avoid paying taxes on it. What they often don’t realize is that in earning that money, they often had huge potential write-offs available, that would not only completely offset the income made, but actually reduce their taxable income from employment. DO NOT FORGET THIS! IF YOU MADE MONEY-- YOU ARE IN BUSINESS-- and if you are in business-- you have write-offs... Would you like to increase your refund by $1,700? Following is a true story of how we used these principle for a personal friend. To keep me from getting bored, as one of my hobbies, on weekends, I’m a professional musician. Well, one evening at band practice, my bass player commented that he was mad because he had just gotten his tax returns back from his preparer (H&R Block). According to their calculations, he had a $63 dollar refund coming. I was very familiar with his financial situation and told him that simply was not right. I asked him how he had handled his band income. He, like so many others, had not reported the income thinking that this would reduce his tax liability. I suggested that he allow me to redo his taxes, add the income, but also take advantage of what I knew were deductions that he had available. I used the tax principles alluded to above, plus write-offs for equipment he had purchased. When all the dust had cleared, his refund was almost $1,800 dollars. Other examples of where this comes into play... Think of hobbies or even favors, that produce income or compensation, no matter how little. Remember, often, there are many legal deductions, that will let you not only zero out that income, but create a loss that will lessen your overall Gross Income, often lessening your tax liability or increasing earned income credits and/or refunds. a. Examples, sewing, handyman, mechanic, musician, babysitting, cooking for others, animal breeding (you don’t need license to take the deductions), (we actually once created a legitimate $5,000 loss for someone who bred snakes for fun), it increased his refund by over $1,000!). The examples are almost endless. Remember, when it comes to taxes, examine ALL angles Don't cheat. Don't lie. But, don't needlessly give your money away! When you have your taxes prepared, make certain that you use a professional who will ask you the questions that will allow you to minimize your liability.
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