I believe that there is no freedom without financial freedom. And, if you’re waiting for someone else to create your freedom, you might be waiting a long time.

If you don’t have a business, start one. If you already have one, make sure you’re taking advantage of all the tax breaks you can.

Do You Think the Tax Law is Fair?

The IRS Tax Code is full of tax secrets for business owners. The same tax secrets that work for big business also work for small business, solo-entrepreneurs and home-based businesses. There’s a trick, though. It’s up to you to find the tax breaks!
And, then, once you find them, you need to follow the step-by-step record-keeping requirements to make sure you keep the deductions if the IRS ever asks.

There are three steps to legally getting all the tax deductions you deserve:

  1. Record
  2. Report
  3. Defend

Record Record Your Deductions: Know what’s deductible and what’s not. Once you know that, you need to make sure you have good record-keeping habits to track all of the expenses.

ReportReport Your Deductions: Once you know what’s deductions and have good accounting to substantiate the expenses, it’s time to prepare your tax return. This is where a good CPA comes into play. You want to take all the deductions that are legally due to you, but you don’t want to attract IRS attention, unnecessarily. That takes experience and strategic planning.

DefendDefend Your Deductions: The last thing you probably want is a tax audit. But, if you do get one, you want to be ready. And we know that the IRS has staffed up big time. There are plenty of IRS auditors and they are focused on easy targets. If you file your return wrong, if you make one of a dozen easy mistakes or just if you get unlucky, your return might get picked for an IRS or state tax audit. And, it’s not just a matter of having good records if you get an audit, you need to have a tax audit strategy that starts with the very first conversation.