The new federal budget was just released. Not surprising, taxes are going up for many people. Not just the super wealthy, many small business owners who create jobs for millions of Americans will now have to deal with a huge financial loss.
In a nut shell, overall income taxes are going up 4% (which is $10,000 per year for the LOWEST income earner who will be paying) AND a large part of mortgage interest will no longer be tax deductible AND some charitable contributions will no longer be tax deductible.
For these people to continue to grow personally as well as grow their businesses (thus keeping or creating jobs), they will have to find ways to shelter as much money as possible from taxes.
What’s true for those affected by this federal budget, is also true for you. Even if you do not fall in the tax bracket that will pay these higher taxes, you need to lower your taxes as much as you LEGALLY can.
The most effective tax shelter for most people is a home business. In his book, “Lower Your Taxes Big Time,” former IRS attorney Sandy Botkin says you can normally save $2000-$10,000 PER YEAR in taxes with a legitimate part-time home business.
There many types of businesses you could start and you need to decide what’s right for you. Consider your background, skills, and personal interests. However, do not avoid one type of business just because you would have to grow and learn a new skill. You’re future is just too important.
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