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I have a confession. Taxes scare me.
Ever since I can remember, I have never wanted to screw over Uncle Sam. I have nightmares of tax bills I can’t afford coming in the mail and me running for cover.
For some reason, I always thought if I ignored my taxes or waited until the last minute to do them, they’d go away.
Silly, I know.
When I decided to start my business, I knew there was a possibility I would earn more money. I mean, that’s the point of starting a business, right?
In my first year in business, I hired a CPA to overcome my fear of filing taxes. Yet still, after I handed over all the tax stuff, I anxiously waited for him to tell me if my husband and I owed or were getting a refund.
For years, we owed.
After so many big tax bills and so few tax deductions. I got scared that I would always owe. And believe it or not, a tax bill collector called me once to say my husband and I had a delinquent tax bill of $14,000. That was one of the scariest days of my life.
Fortunately, I really didn’t owe that bill, but that’s another story you can read here. At least that experience taught me a lot about what to do if you owe taxes.
How I Deducted Everything
Now fast forward to 2020. It was a pandemic and yet also one of my best years in business. Finally, I made a profit!
This year, I did my taxes early and had less fear because I discovered the key to winning the tax game.
My friend Carter Cofield created a course called, Deduct Everything. In his course, he teaches you how to maximize your income and minimize your taxes. He teaches you so many tax deductions for your business it’s insane.
He taught me so many tax deductions I could use for my family and my business. That’s why last year, while I made over $60,000 in my business, I only owe $6,000 in taxes.
Most businesses pay 30% of their revenue in taxes. And the average individual pays 40% of their lifetime income to Uncle Sam.
I decided to stop being average and keep more of my hard-earned money.
Although I owe taxes, it’s only 10% of what I made. The best part is, I used my business profits to pay myself, tithed 10%, and covered the costs of hiring several dynamic women on my team.
So, I don’t mind if I still owe Uncle Sam because this time, I know I managed to keep $12,000 I could have paid in taxes.
Whether you are an entrepreneur or an individual, I don’t want you to overpay your taxes. Check out Carter’s course, Deduct Everything, and see how much more you can save each year.
Deduct Everything Reviews
Don’t just take my word for it.
Here is what one of my clients said about Carter’s course too.
“Cofield’s class is gold. Just mind blowing.” B.B.
Everyone doesn’t need a CPA to start a business or to do your taxes. But take the time to learn as many deductions as possible because tax software doesn’t always find all the deductions you’re eligible to take.
Quick Tax Tips
- You have until April 15th to file your taxes.
- Even if you owe, it’s cheaper to file and set up a payment plan than to file late and owe. File on time to avoid penalties and interest.
- If you have a business, you can deduct expenses from business trips, meals, educational courses (like Deduct Everything), costs of website designers, supplies, and more.
- You can still lower your 2020 tax bill by contributing to your Roth Individual Retirement Account (IRA), SEP IRA, Solo 401K, and other retirement accounts. The deadline to contribute is April 15th.
- If you own a business, you can pay your children up to $12,400 a year and write it off!
Stay tuned. I’m going to write a series of articles about taxes. So please open my future emails so you don’t miss my juicy tax tips.
Curious about Deduct Everything? Check it out here.
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