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HOW TO CUT YOUR TAXES LEGALLY AS AN INDEPENDENT BUSINESS PARTNER

Last updated :  Jun/15/2009

The only way to keep up with the latest about residual income is to constantly stay on the lookout for new information. If you read everything you find about residual income, it won't take long for you to become an influential authority.

 Most of this information comes straight from the residual income pros. Careful reading to the end virtually guarantees that you'll know what they know.

HOW TO CUT YOUR TAXES LEGALLY AS AN INDEPENDENT BUSINESS PARTNER
A large number of expenses may be deducted from your income taxes when you work with Symmetry Direct as a Symmetry Independent Business Partner, and you can save thousands of dollars in taxes by taking advantage of these perfectly legal deductions.
Please note, the items listed below are merely to serve as a general guideline for tax deductible items; they are not to be used as a substitute for adequate counsel from your tax professional, and the costs or expenses of any items deducted must relate to your job as a Symmetry Independent Business Partner.
General Office Supplies and Equipment:
Items which are used to do your job are also deductible. This includes office supplies, your personal website, phone service, office furniture, computers, copiers and fax machines. You are allowed up to $17,500 a year for such deductions.
Automobile:
The cost of maintaining your automobile can be a large deduction, especially with the cost of gasoline these days. The amount of the deduction for fuel and maintenance of your car depends upon what percentage of usage is for business.
If you have two cars and one is used exclusively for business, 100% of the cost of the car used for business is deductible, including gas, oil, repairs, insurance, licensing, parking, etc.
Food and entertainment:
These costs are deductible if you are spending time with existing or potentially new clients. Travel Expenses: Hotels, motels, cab fare, and parking can be deducted if you are traveling for any business-related reason, such as meeting new clients, or attending a seminar or conference.
Education and Self Promotion:
Membership in organizations, subscriptions to publications, seminars and conferences can be additional deductible items.
Mortgage:
You are allowed to deduct many of the monthly costs of your home if a section of it is designated as your office. The deductible portion is based on what percentage of the total square footage or rooms is designed for business use.
This means a portion of the cost of your rent or mortgage and interest can be deducted, in addition to various types of home insurance, utilities and taxes, including a portion of home repairs, painting and even house cleaning.

 Knowing enough about residual income to make solid, informed choices cuts down on the fear factor. If you apply what you've just learned about residual income, you should have nothing to worry about. For more info

 

 

 
 

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