Several years ago
Woman's Day Magazine published an article by Jane Bryant Quinn describing
"How to Live on
One Salary". This article pointed out the sad truth that having
more than one job does not produce any major effect
on the
family bank account because of the tax laws Congress has enacted over the
years.
Here is a summary of
the net take home pay determined from a typical second job earning $18,000
per year
Gross
Income
$18,000
Less:
State and Federal
Taxes
$5,600
Social Security
Taxes
$1,377
Car Expenses (50 miles/week at 37.5
cpm)
$
975
Child Care (after tax credit at
$85/week) $4,420
Lunches at work ($6 per
day)
$1,500
Business clothing & Dry
Cleaning
$1,200
Higher food costs (eating out, snacks,
etc.) $1,500
Net Take Home Pay
to help with bills:
$1,268
============
Is this worth enduring the daily commute,
putting up with the boss and missing out on the
kids?
When you
start a legitimate home based business, you will not be spending
dramatically more money than your
current spending. You will still
eat out, go on trips, run to school and community events, go shopping, etc.
and
thus have
similiar car expenses, etc. However, by having an Ameriplan® home business, run with honest
expectation of
eventual profit, you can now deduct many of the same expenses that you are
incurring anyway,
along with deductions for a home office, medical
expense deductions and many others.
CLICK
HERE to listen to reknowned tax authority Sandy Botkin*, in an
interview with Ameriplan® NSD
Mike
McDonald, give more reasons why
every working American family should start a home
business.
(There is a 48 second
delaly while the recording is being
loaded.)
(You will
need RealPlayer for this. If you don't have it you can download a FREE copy
at www.realone.com )
* Sandy Botkin is a tax Attorney, CPA and
former trainer of IRS tax Attorneys,
and author of the best selling book "How to
Lower Your Taxes . . . BIG TIME!"
(Available at most Bookstores and Amazon. com for
$16.95)
