Is it tax time already?
April 13, 2010 12:57am CST
A friend of mine shared an interesting tid bit with me earlier today. "Yes, tax time is coming again. The government has a sophisticated strategy to make you pay the maximum taxes allowed by law. They are going to collect as many tax dollars as they can from . . . you! So what is your counter-strategy?" I am curious what you have to answer to this. With appreciation.
• United States
15 Apr 10
We did our taxes way back in February because we needed our refund money to get by for a while. Luckily, with having our house and with my husband's medical expenses from last year we were able to deduct the greatest majority of our taxable income. However, next year this might not be the case, so I am trying to keep good records of where money is spent business wise so that I will be able to write off business expenses which I have never done in the past. I think that it isn't right to tax people's income, instead, I think it would be far more fair to tax what people buy so that savers would be rewarded and spenders would be punished.
15 Apr 10
You could move to Canada, dear, where they tax your income, and your "non-essential" purchases, depending on the province, anywhere from 5 to 13%. Sigh, yes, I would highly recommend keeping tabs on your business, very well. My suggestion, that I just recently learned, from my Step Father in Law, is to write down the purchases each day, when you get home, from your receipts and allocate them onto specific columns in your spread sheet program, for each month. And be sure to chat with some Accountants, your purchases, for building your business should be tax deductible to an extent, especially if you need "X" number of product sold, to earn your bonuses. With Appreciation.