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| comment | | "parent_author":"",<br>"parent_permlink":"money",<br>"author":"bigsilver",<br>"permlink":"don-t-let-the-government-steal-your-dreams",<br>"title":"Don\u2019t Let the Government Steal Your Dreams",<br>"body":"![dream stealing image.jpg (https:\/\/steemitimages.com\/DQmeiczMhFNhvu5WFCAtVnrdEta62tRaP8tbzM144yiGabX\/dream%20stealing%20image.jpg)\n\nAs the old axiom goes,<br> the only certainties in life are death and taxes. It surely can be deflating to see the sizable chunk that the government takes out of your pay. There are a number of strategies you can employ to take some of that sting out. What separates many successful business owners is their savviness when it comes to legal tax mitigation. \n\nObviously I\u2019m not advocating tax evasion or not paying your fair share. Contributing taxes is part of what keeps government functioning in a stable society. That\u2019s a bit of an oxymoron of course,<br> but I\u2019ll leave that to your own thoughts for this piece. Functioning government services provide crucial infrastructure and help protect assets through upholding the rule of law. But you can still surely spend your own money far more wisely than a government agency will. Holding on to more of your money will allow you to keep it at work growing your own wealth,<br> not inflating government coffers. It is simply foolish to pay a penny more in taxes that you owe,<br> especially when there are usually an array of legal tax strategies. That is just as true for patriots who love their countries. Nobody owes more than the law demands of them. \n\nYou should strive to keep your personal and business tax bills as low as they can possibly be. You should take a long look at every deduction that you can possibly qualify for,<br> whether they are on contributions to charity,<br> mortgage payments,<br> retirement contributions,<br> or others.\n\nSorting all of this out can suck up a good deal of time and energy,<br> along with running the risk that you will make an innocent mistake and be hit with a penalty. This effort and these efforts keep many from fully taking advantage of ways to use the tax code to their advantage. So take my advice and hire a professional. There are a lot of things in life that it makes sense to tackle completely on your own,<br> but working with a quality accountant can help you to make sure that you are fully taking advantage of your opportunities to save on your bill. This is a perfect example of an instance in which it makes a world of sense to invest some money upfront in order to save big on your bill in the long run. \n\nAvoiding an overtly harsh bite on your taxes just requires that you put in a little planning upfront,<br> which will lift a lot of stress over time. It might be too late to do much about last year\u2019s returns but you can still get on the ball to prepare for your next filing. A big part of being organized in this area is keeping careful close of deadlines; your taxes can be bad enough without you receiving a penalty and interest fees for filing late,<br> so always be sure to get your return in on time. Keep careful track of your records throughout the year so that if an expense or cost is challenged,<br> you have a documented paper trail to help you back up your claim right away without needing to go digging into your files. \n\nWhether or not you agree they should be public policy,<br> there are several government tax incentives that do reward citizens for behaviors that most of us agree are positive and which you may be doing anyway. These include items like purchasing a home,<br> having children,<br> contributing to charity,<br> and saving for your own retirement. You simply get a second boost if you can also use these expenses to lower the amount that you owe at the end of the year. Having these incentives will also provide a boost for younger people to be saving money away for a rainy day,<br> which is not always the easiest concept to get across when there is so much fun stuff that they can be spending their earnings on today if they chose. There are often also tax gains to be found from investing in your own education and training. \n\nThere are also an array of benefits if you,<br> like many entrepreneurs,<br> work from your home. Work with your accountant to identify the deductions that you qualify for as a result of your home office. Don\u2019t fall into the temptation of stretching the truth; not only is it unethical,<br> but you run the risk of being slapped with an audit or fee down the road. But there are plenty of legitimate expenses that you can be writing off,<br> including business phones,<br> internet services,<br> office supplies,<br> and more. \n\nDon\u2019t forget about the range of other taxes out there that can potentially make a big dent in your earnings. There are a number of strategies you can take to help offset the cost of your property taxes,<br> for example. These might include installing energy efficient heating systems and keeping up to date with the value of what your property is currently being assessed at. Even just taking a few simple steps can ultimately help you to save thousands upon dollars. \n\nNever assume that you are above the law. Examples abound of Hollywood celebrities not filing their fair share or \u201cforgetting\u201d to list expenses and ultimately being hit with heavy fees or even prison time. Actor Wesley Snipe and \u201cSurvivor\u201d winner Richard Hatch are just a few examples of high-profile figures who have wound up spending considerable time behind bars for failing to report their full share of earnings. No temporary savings or relief on your bills is worth risking prison time. After all,<br> the entire objective behind building wealth is to attain greater independence,<br> a goal that you will have a hard time attaining in jail. I know that it can seem unjust to be paying taxes at all,<br> but you have plenty of legal options at your disposal; not to mention the option of becoming involved as a citizen and lobbying your elected officials for the changes to the tax code that you would like to see your leaders implement to encourage greater economic activity and business development. Another time I will explore legal offshore tax planning and asset protection options. But that is for another day.\n\nSo be sure to explore the steps you can take to help offset the government from taking more than their fair share?\n\nI would suggest starting off by educating yourself about the process in general. Too many people are intimidated by the seeming complexity of the process and refrain from actually wading into the details. They remain complacent and just fork over their income without thinking about it. Keep in mind that this is a deliberate strategy on the part of the government; they have every incentive to keep you confused and unwilling to wade into the nitty-gritty details of what is laid out in your bill. The best way to fight this is by thoroughly educating yourself; even if you do hire an accountant or tax preparer,<br> you should also take the time to have a basic understanding of the tax code for yourself so that you know what strategies to target in lowering your amount due out. Finding the right professional will go a long way to help.\n\nPlease upvote,<br> follow and resteem. :)",<br>"json_metadata":" \"tags\":[\"money\",<br>\"life\",<br>\"tax\",<br>\"government\",<br>\"dreams\" ,<br>\"image\":[\"https:\/\/steemitimages.com\/DQmeiczMhFNhvu5WFCAtVnrdEta62tRaP8tbzM144yiGabX\/dream%20stealing%20image.jpg\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " | | comment_options | "author":"bigsilver",
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