Wow! I'm curious. Why does the concept of inviting others to start a business of their own, when linked to paying taxes, generate a negative reaction? Interesting. Does anyone have an idea on the subject to share?
The Tax Man Cometh! Having the Tax Laws Work for All
During the "tax season," stress can be reduced and the desire to pay our fair share heightened, when we encourage others to "start a business of their own." Biznik's are the best cheerleaders!
Weekly, bi-monthly and monthly, many Americans view their paychecks and are dismayed at the amount of income they receive after "deductions." Still others are distressed during the "tax season" and even angered at the amount of tax still due on April 15. It doesn't have to be this way! Biznik's KNOW there is another way! Let's share it!
We're fortunate. We live in a country where we report our earnings. We are not sent a bill that states how much we have to pay. Clearly, a schedule of how much we owe in taxes is determined by how much we earn. Additionally, how much we pay is determined by "allowable deductions," dictated by whether it is filed by an employee or business owner. The taxation system favors business.
Tax laws are written for business, not employees. The good news? Simultaneously, we can have both, a job/profession and a business!
In our self-reporting system, the Internal Revenue Service (IRS) only requires that we provide accurate and detailed documentation of deductions. Simply, we establish and maintain an organized system of receipts, expenditures, income, deductions, inventory, etc. When filing taxes, along with the normal Form1040, it’s a matter of reporting and finalizing the information on the "Schedule C."
Legitimately, tax deductions for the cost of operating an automobile, meals continuing education, travel, equipment for use in business and depreciation expenses are examples, that on a percentage basis, are deductible. For business purposes, some personal expenses can be converted into deductible business expense. A bookkeeper, tax preparer or accountant can provide guidance.
Biznik's! During this season of economic downturn and job loss, we have a a golden opportunity to encourage and support the unemployed or under-employed. They may now be open or on the fence in starting a new business. An invitation to explore our community website may inspire them to take action. One article, the face of one member or a story that mirrors their interest, may create take action energy. Browsers may self-discover a voice within that says, "if they can do it, so can I."
As we promote and enjoy our business success, we are self-directed, self-motivated, living our purpose and in control of our lives. In the natural order of things, it is not competition that drives and motivates us, it is cooperation and building relationships. We want for others, the same as for ourselves: a greater net spendable income and an avenue (business) to increase or improve our economic position.
The stress of paying taxes can be reduced and the desire to pay our fair share heightened by contributing to the potential of would be entrepreneurs. The more of us, who participate in the "American way," the more we all become invigorated, stimulated, imaginative and creative. AND, positive!
Biznik's! Let's open new vistas for individuals to live their purpose, passion and enjoy, as we do, the financial rewards of the designed and agreed upon system of taxation.
Collectively, for those who trust our experience and choose to own a business, we can advance our values of freedom and choice by having the tax laws work for all.
Learn more about the author, Jackie Martin.
Comment on this article
Posted by Jackie Martin, San Diego, California |
Feb 05, 2011
Posted by Janice Overton, Nashville, Tennessee |
Feb 05, 2011
Yes, your article requires in-depth thinking. A casual reader might miss the message.
Posted by Sheila Hullum, Southfield, Michigan |
Feb 06, 2011
Statistics prove that small businesses are building up the economy today and hiring people too. I agree that this is the time for many to think about starting their own business as opposed to finding a job, or at the very least it can supplement their income. Tax laws support business.
Follow your passion and think out of the box. Be creative and move forward. Many successful business people have lost everything more than once before achieving success. So, starting from nothing or starting from where you are can be the best place to start.
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