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Amazon
Law Office of Ken Koenen
Category:
Business/Investing
Publisher: CreateSpace
ISBN-10: 1519656521
Type: Non-Fiction
Pages: 446
Copyright: Dec. 4, 2015
ISBN-13: 9781519656520
This book will help self employed people save hundreds, or even thousands of dollars in taxes. It will also provide some short cuts in record keeping.
Can I ask you 3 questions?
1. Would you like to pay less in income taxes?
2. Would you like to spend less time keeping tax records?
3. Do you think that you can do a better job spending your money than the government does?
If you answered yes to any or all of these questions (most people answer "YES" to all of them), then my new book is for you.
Self employed people would save $2,000, $4,000 or more per year on taxes if they used the tax tips contained in my new book They would also reduce the amount of time they spend on record keeping, leaving them with more time to get more clients and earn even more..
Start your 2016 Tax Year out right! Get this book and start saving and spending YOUR money.
By the way, the book is tax deductible as a business expense.
Excerpt
You need to understand how much money you can save, or to put it another say, how much you will not be wasting, by simply knowing what expenses are deductible, and keeping good records to support those deductions.
When you are an employee, your employer will deduct 7.65% of your wages for Social Security and Medicare (FICA), with the employer paying another 7.65% on your behalf. Once you are self employed, you are now paying the entire tab of 15.3% (Self-employment tax) of your net business income.
As an illustration, we will assume that you are married, filing a joint return and all of your income is business income reported on Schedule C. For tax year 2016, your net taxable income in excess of $75,300.00, but below $151,900.00, will be taxed at a 25% tax rate. When you add the 15.3% Self-employment tax, and you are now paying in excess of 40.3% in taxes on your income. Depending on which state you reside in, you could be paying up to another 10% in state taxes.
That means that for every dollar that you earn, you are paying 40 - 50 cents in taxes. To put it another way, for every dollar you deduct, you are saving 40 - 50 cents in taxes that you can spend yourself.
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