Making Your Life Tax Deductible

Take advantage of every tax deduction the law made available to you.

It’s tax time again and it is election season too. Many taxpayers failed to prepare for tax time and will end up paying more taxes than they ought to. Some politicians said that they will raise our taxes. Some promise that they would not do so. However, one thing for sure is that your tax liability would increase every year if you do not plan properly for your taxes.

Attorneys on "60 Minutes" on Sunday January 31, 2016 confirmed what many people have speculated.  The attorneys said that lawyers are a privileged group in the US and are the ones who run this country. The lawyers do not worry about a subpoena or about going to jail because they are the ones who pass the laws and they pass laws that benefit themselves. Incidentally, taxes are levied on the population by tax laws formulated by lawyers.

Therefore, taxpayers should learn as much as possible about the tax laws. They should also use the tax loopholes installed in the tax system by the lawyers to the taxpayer’s advantage. One of the most taxpayer-friendly tax strategies to implement is to start and operate a small business. An individual may convert a hobby, or a skill into a business. He/she may join a marketing company to provide goods and services to the public.

However, whichever method is used to set up a business, the taxpayer must document all their income earned and all their expenses incurred in operating the business. As a result a taxpayer may deduct the expenses of an office in their home; the cost of hiring their children; and the use of their automobile; just to name a few possible personal expenses that may qualify as a tax deduction.

If the taxpayer is not knowledgeable about these tax matters he/she should consult a tax professional to make sure all strategies used are in compliance with applicable tax laws. Nevertheless, depending on your situation expenses that you incur during your everyday life could be tax deductible.