How to Minimize Your Taxes

Tax time does not have to scare you. Money Management is a very important skill to learn.  When you make money, you should also learn where your money is going.  It is also important to know how much is being taken out of your paycheck for taxes. Make your money work for you trust me you want your money working for you. In this post I have a list of three ways that you can minimize taxes.

1. Correct Tax Witholding—–According to the IRS , 80% of all employees have to much money withheld from their paycheck for taxes.  When too much money is withheld for taxes, the employee loses money because he is unable to use that money.

2. Income Shifting–According to MYEcon.net website, Income Shifting via Homebased Business Deductions.  Home based business owners have access to hundreds of deductions that employees do not. The process is simple, shift some of the thousands of non-tax deductible dollars we spend annually on vehicles, travel, cell phones, internet access and children into tax deductible business expenses.

3. Tax Record Keeping— The Company that I work with, MyEcon gives each Associate online tax record keeping software. This software is great, it tracks down all your income and expenses in one app. you can capture all your receipts and submit them to the software.  This puts a end to having all these crumpled up receipts to run into the tax office with. If you have mileage to report, especially those that pick people up daily and or deliver food daily, you would really enjoy this system. You just have to put in tack mileage and just drive and while your driving the system is tracking your mileage. This makes filing  simple and quick. This program is called Cashflow Manager.

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For more information Contact me at:  hillwealthgroup.myecon.net

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