Fourteen Power Tax Tools for Your Internet Business

(EMAILWIRE.COM, April 19, 2007 ) Suwanee, GA -- Matt Bacak, the Power Promoter, provides a sample of the hundreds of business deductions available that can slash your taxes. Know thy tax codes! Tax codes can save internet marketers thousands of dollars if they use them properly. Following are codes and tax deductions that internet Gurus can take immediately. Power Tax Tool #1: Section 280: Home Office deduction and related expenses. Most CPAs will say that these put up a red flag with the IRS, but that is not true. If they do it properly, it is legal.Power Tax Tool #2: Section 274: Food, office equipment.Power Tax Tool #3: Section 132: Deduct for their corporate gym.Power Tax Tool #4: Section 105 and 106: Deduction of health care costs. Chiropractic, eye care, laser surgery. 100% tax deductible.Power Tax Tool #5: Section 162: Seminars and achievement awards. Internet Gurus can write off the entire cost of seminar: hotel, transportation, and products they invest in. Their company can give up to two achievement awards each year worth $1,600 a piece. They can give the achievement award to themselves since they are the sole person in their business.Power Tax Tool #6: Section 274: Season tickets and club memberships can be written off 100% if they do it correctly. Have to do these correctly because if they don’t the penalties and interest can be more than the tax was to begin with.Power Tax Tool #7: Section 119: Meals and lodging: Can write off 100% while traveling for business.Corporate meetings and vacations. They are in a business so you don’t go on “vacation”. However, the IRS requires that you have an annual meeting. So take the annual meeting in a vacation spot and pay for the entire meeting (vacation) through their business.Power Tax Tool #8: Kids can be put on the payroll and can be paid up to $6,500 per kid per year. They can opt to put this money in an education IRA.Power Tax Tool #9: Section 129: Nanny and nurses. The owner can write off $5,250.Power Tax Tool #10: Section 127: Scholarships. They can also pay for private school with pretax dollars. They can write these costs off through their business.Power Tax Tool #11: 217: Executive move. Storage, packing, moving can be written off as business expenses.Power Tax Tool #12: Fringe benefit programs.Power Tax Tool #13: If they buy new equipment that is 60,000 pounds or more, they can write off the whole cost THIS year. (Note: The tax code changes yearly.)Power Tax Tool #14: Retirement plans: Roth, Sep, IRA, and IRA business system. IRA business system is when they can self direct their retirement fund. They gain check book control over the money in your retirement system. This means that they can access money in their retirement account for things such as real estate transactions and other business ventures.These are just 14 deductions out of a possible 300 deductions.Additional tips to creating your own wealth include: Follow the piles of cash. Find people who have successfully http://www.promotingtips.com [created wealth] and learn from them. Remember, it's not only what you know, but who you learn it from. Learn from someone who is more successful then you. Learn the tricks of the trade and http://www.powerfulpromoter.com [internet marketing tips] from someone that has actually built wealth and not just written a book about it. Forget the past. It does not matter who you are or where you came from. Everyone deserves to be a millionaire. Contact Information: Stephanie Bunn 2935 Horizon Park Drive, Suite D Suwanee, GA 30024 (770) 271-1536 www.internetmillionairemind.com. Source: National Real Estate Network. Check out their website at http://www.megaeveningevent.com.Tax codes, Business deductions, write off, Retirement plans, Business expenses,Tax savings###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.

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National Real Estate Network

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