Tax Tips - Which Tax Form Is Right For Me?

IRS Tax forms can be confusing.

Am I a 1099 or a W-2.
Do I need an 8832 or a W-7.
What the difference between an "S" corp and schedule "C" income?

Our program is designed to teach you to build lasting wealth. In order to do so, we've got to start with a fundamental principle.

Stop focusing on IRS Tax forms and start focusing on generating income.

Asset Protection

I don't mean to be rude, but some people are so hung up on which form to use, they never really get out of the starting gates. So here's my suggestion - get your business making money first and then worry about the IRS forms.

As you build your asset column bigger and stronger, you got to start surrounding yourself with competent advisors. I call this your wealth team. You need a great attorney (or two). You need a financial planner and probably an estate planner. And you need a knowledgeable C.P.A. that is familiar with the tax saving strategies we teach.

The truth is, you should never worry about which IRS forms to use. That's your accountant or C.P.A.'s job. Your job is to make lots of money and then structure yourself so that lawsuits and taxes can't take it away from you.

Tax Strategies

So, keep your eye on the ball. Stay focused on the right things and let your C.P.A. figure out which IRS forms to use.

All the Best, -Drew Miles

Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.

MORE RESOURCES:

Darling ready to admit taxes must rise - guardian.co.uk

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/0i-0fd=Rurl=http://news.bbc.co.uk/1/hi/uk_politics/7741232.stmcid=1273133831ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNGgaq5WLjl733s18VeO7nR6ANx-sAimg src=http://news.google.com/news?imgefp=mqBp4T7BAOMJimgurl=newsimg.bbc.co.uk/media/images/45226000/jpg/_45226831_darlingpbr226cr_pa.jpg width=80 height=60 alt= border=1brfont size=-2BBC News/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/0-0fd=Rurl=http://www.guardian.co.uk/politics/2008/nov/22/economy-alistairdarlingcid=1273133831ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNFhBU8LKVRHoWdlcoBWq_GLUExEAwDarling ready to admit btaxes/b must rise/abrfont size=-1font color=#6f6f6fguardian.co.uk,nbsp;UKnbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1The chancellor, Alistair Darling, is preparing to admit that btax/b will need to rise after the next election as borrowing projections emerged showing the b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-1fd=Rurl=http://www.independent.co.uk/opinion/commentators/andrew-grice/andrew-grice-a-cool-chancellor-must-consider-putting-up-taxes-1029891.htmlcid=1273133831ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNEHv1pk8z2rCLgzZnRNVE0g1ocj6AAndrew Grice: A cool Chancellor must consider putting up btaxes/b/a font size=-1 color=#6f6f6fnobrIndependent/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-2fd=Rurl=http://www.google.com/hostednews/ukpress/article/ALeqM5hf-YcvLHZOZCzWk1joMoEQhpYz5wcid=1273133831ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNGOBfKtlWMD6ZeEfz0B95Bq7IJrzASwinney#39;s call to cut btaxes/b/a font size=-1 color=#6f6f6fnobrThe Press Association/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-3fd=Rurl=http://www.guideandgazette.co.uk/latest-scottish-news/Swinneys-call-to-cut-taxes.4716301.jpcid=1273133831ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNGr9pDu-xl_H78dI4x1ZjBcp65fUwSwinney#39;s call to cut btaxes/b/a font size=-1 color=#6f6f6fnobrGuide and Gazette/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/0-4fd=Rurl=http://uk.reuters.com/article/domesticNews/idUKTRE4AH44X20081118cid=1273133831ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNE_Ir_Zli0vfoG1kwqQX7rKrAnYEgnobrReuters UK/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/0-5fd=Rurl=http://www.herald.ie/opinion/columnists/dan-white/slash-public-sector-pay-to-allow-tax-cuts-1542330.htmlcid=1273133831ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNHWIIOjZyyogFAB1rto04u2Jg1klAnobrHerald.ie/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273133831hl=ennobrall 115 news articles/nobr/a/font/div/font/td/tr/table

Cabinet Talk Aside, Corzine Faces State Crisis - New York Times

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/1-0fd=Rurl=http://www.nytimes.com/2008/11/23/nyregion/new-jersey/23polnj.htmlcid=1273129336ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNHQwbCaZWYQx-9bh5qDzeNN8p02awCabinet Talk Aside, Corzine Faces State Crisis/abrfont size=-1font color=#6f6f6fNew York Times,nbsp;United Statesnbsp;-/font nobr3 hours ago/nobr/fontbrfont size=-1They include a state work force already unhappy about cuts in benefits from a year ago, homeowners worried about rising property btaxes/b, municipalities that b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/1-1fd=Rurl=http://www.courierpostonline.com/article/20081122/NEWS01/811220364/1006cid=1273129336ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNErM-TpjShXCM6I5-Y88rKzFoau-wFreeze update to aid seniors/a font size=-1 color=#6f6f6fnobrCherry Hill Courier Post/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273129336hl=ennobrall 2 news articles/nobr/a/font/div/font/td/tr/table

UK Budget Deficit Widens as Recession Saps Taxes (Update2) - Bloomberg

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/2i-0fd=Rurl=http://news.stv.tv/uk/46193-government-to-ditch-prudence-for-life-support/cid=1272895415ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNFE93RYm0uc9vd_rWYt2FubDezRwgimg src=http://news.google.com/news?imgefp=xgcTpTo5IlkJimgurl=news.stv.tv/assets/img/feedImg/46193-government-to-ditch-prudence-for-life-support-200.jpg width=80 height=80 alt= border=1brfont size=-2stv.tv/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/2-0fd=Rurl=http://www.bloomberg.com/apps/news%3Fpid%3D20601102%26sid%3Da45f7Bf8OzZU%26refer%3Dukcid=1272895415ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNFUnt_o9q7riHr8ssoF0ChYoB_cIgUK Budget Deficit Widens as Recession Saps bTaxes/b (Update2)/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobrNov 20, 2008/nobr/fontbrfont size=-120 (Bloomberg) -- The UK fiscal deficit swelled as btax/b receipts stagnated, and economists warned of worse to come as the recession deepens and the b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/2-1fd=Rurl=http://www.iht.com/articles/reuters/2008/11/21/business/OUKBS-UK-BRITAIN-PREBUDGET.phpcid=1272895415ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNEq8xE9IZtJIy7rCKbtedyDJ5NbNwGovernment to ditch prudence for life support/a font size=-1 color=#6f6f6fnobrInternational Herald Tribune/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1272895415hl=ennobrall 30 news articles/nobr/a/font/div/font/td/tr/table

Economic View The New Deal Didn’t Always Work, Either - New York Times

As jobless funds fall, states look to raise taxes - USA Today

Legislature, governor must find $5 billion in spending cuts ... - Seattle Times

State Lawmakers Consider Tripling Car Taxes - KGET 17

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/6-0fd=Rurl=http://www.kget.com/news/local/story.aspx%3Fcontent_id%3Dcc4a1901-3516-4065-95fb-84e3f1f5c93acid=1273094296ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNGYyD78sam52ocgPb9_MAK4aYxXrQState Lawmakers Consider Tripling Car bTaxes/b/abrfont size=-1font color=#6f6f6fKGET 17,nbsp;CAnbsp;-/font nobr6 hours ago/nobr/fontbrfont size=-1State Lawmakers are once again talking about raising car btaxes/b to help erase a ballooning budget deficit. Democrats say it could bring in $6 billion a year. b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-1fd=Rurl=http://www.latimes.com/news/printedition/front/la-me-california-car-tax21-2008nov21,0,2097190.storycid=1273094296ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNEbL-qitBwRIbb1NVi1nDwJ2fTM3wBudget deal would include steeper car fees/a font size=-1 color=#6f6f6fnobrLos Angeles Times/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273094296hl=ennobrall 7 news articles/nobr/a/font/div/font/td/tr/table

State deficit grows; will taxes have to rise? - MiamiHerald.com

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/7i-0fd=Rurl=http://blogs.miaminewtimes.com/riptide/2008/11/its_bleak_folks_financial_news.phpcid=1273018686ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNFlhMK6x2tuahgip3NsIxL-T4TqUwimg src=http://news.google.com/news?imgefp=1x4R3GSuN5sJimgurl=blogs.miaminewtimes.com/riptide/foreclosure_articlebox.jpg width=80 height=73 alt= border=1brfont size=-2Miami New Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/7-0fd=Rurl=http://www.miamiherald.com/news/southflorida/story/782849.htmlcid=1273018686ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNE1BT-CfOLFDXB36Hv995v3ywbMSgState deficit grows; will btaxes/b have to rise?/abrfont size=-1font color=#6f6f6fMiamiHerald.com,nbsp;FLnbsp;-/font nobr3 hours ago/nobr/fontbrfont size=-1State economists punched a $2.1 billion hole in the state budget Friday, precipitating the need for a special lawmaking session and talk of possible btax/b b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-1fd=Rurl=http://www.news-journalonline.com/newsjournalonline/breakingnews/budget112108.htmcid=1273018686ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNEVo5sXYVwFP5UUDOvFBPAXHtIZngOfficial: State budget shortfall/a font size=-1 color=#6f6f6fnobrDaytona Beach News-Journal/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-2fd=Rurl=http://www.forbes.com/feeds/ap/2008/11/21/ap5728985.htmlcid=1273018686ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNFII0FiXGBPJHx6ohXRKLM-OT8bzQFla. budget deficit expected to hit $2.2 billion/a font size=-1 color=#6f6f6fnobrForbes/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-3fd=Rurl=http://www.heraldtribune.com/article/20081122/ARTICLE/811220371/-1/NEWSSITEMAPcid=1273018686ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNGAV85V6JqEr2oyCipOpH603jdQlwFlorida outlook is getting uglier/a font size=-1 color=#6f6f6fnobrSarasota Herald-Tribune/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/7-4fd=Rurl=http://www.sun-sentinel.com/news/local/legislature/sfl-flfbudget1122sbnov22,0,2564306.storycid=1273018686ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNGH5uIpTdLRIynReXjYnwXbFjzA-gnobrSun-Sentinel.com/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/7-5fd=Rurl=http://blogs.orlandosentinel.com/news_politics/2008/11/floridas-cash-m.htmlcid=1273018686ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNFutpEX9Ypzx4pxqRDX-K8Ef8KV7wnobrCentral Florida Political Pulse/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273018686hl=ennobrall 26 news articles/nobr/a/font/div/font/td/tr/table

One Day Without Taxes - KNWA

Princeton property taxes going up again - WFIE-TV

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/9-0fd=Rurl=http://www.14wfie.com/Global/story.asp%3FS%3D9396536%26nav%3D3w6ocid=1272993520ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNF1r8fj6qggknejyyoLB7WnSR5itQPrinceton property btaxes/b going up again/abrfont size=-1font color=#6f6f6fWFIE-TV,nbsp;INnbsp;-/font nobr5 hours ago/nobr/fontbrfont size=-1By Liz Nichols - bio | email In the city of Princeton, where residents pay the highest property btaxes/b in Gibson County, rates are going up again next year b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-1fd=Rurl=http://www.tristate-media.com/articles/2008/11/21/pdclarion/news/news1.txtcid=1272993520ei=TsgnSY7LBIHI9ATpzPQIusg=AFQjCNExCTalQR7OfbI_M2dZccDYL2BLpQProposed rate nearly $5 for city taxpayers in ‘09/a font size=-1 color=#6f6f6fnobrPrinceton Daily Clarion/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1272993520hl=ennobrall 2 news articles/nobr/a/font/div/font/td/tr/table

Taxes - Google News

RELATED ARTICLES

Failure To Pay Employment Taxes - Penalties
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.

Employment Taxes - Depositing With The IRS
If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.

Where to Find Tax Breaks for Your Home Based Business
April 15th looms in front of most people every year like a big, full moon full influencing a tax based frenzy, but knowing where to find tax breaks for your home based business can make that frenzy a little less frantic and more beneficial to you and your home based business. Finding tax breaks for your home based business is not overly difficult, but make sure you discuss tax breaks for your home based business with the person doing your taxes.

Understanding Basic Tax Terms
If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around.

Highlights of IRS List of 2005 Tax Scams
Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions.

Tax Tips - Which Tax Form Is Right For Me?
IRS Tax forms can be confusing.Am I a 1099 or a W-2.

Requirements To Produce Tax Information (Whats Up With That?)
"What we've got here is a failure to communicate." --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, it's what they do.

Employment Taxes - What Are They?
If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees.

What to Do If You Can't Pay Your Taxes
The end of tax filing extensions is quickly approaching. What do you do if you can't pay the amounts you owe? You should still file your return by the due date and pay as much as you can.

The Implications of Income Tax Charge on Estate Planning
OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon Brown announced proposals to levy an Income Tax charge from 6th April 2005 in those circumstances where the transferor of an asset retains and interest or continues to benefit from that asset. In the instance of real property, the 'benefit' envisaged is the transferor continuing to reside in the property he/she has allegedly given away.

Reducing Taxes Through Dividend-Salary Mix Calculations
Should I take wages or dividends from my privately ownedcorporation? What is the best way of taking money out of my company? In other words, what will result in theleast amount of income taxes?A Canadian accountant will perform a dividend-salary mix calculation to determine the best way of withdrawing money from the corporation.Even though Canadian income tax laws are different from other jurisdictions, some of the same principles of tax planning will still apply.

Identity Theft - Impacting Your Taxes?
If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes.

Marriage or Divorce - Check Your Social Security Number
Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund.

Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.

Small Business Tax Issues for Self-Employed Individuals
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business.

How to Donate Your Car to Charity and Get Tax Deduction
Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation.

Are You An Innocent Victim of These Popular Myths?
Misconceptions, misinterpretations and just plain "untruths" are floating about income taxes. Believing them could be costing thousands of tax dollars!Myth: A Professional Tax Preparer knows all there is to know about taxes so you don't have to know anything them.

Know A Tax Cheat? Get Paid To Tell The IRS
According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information you provide.

Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money
Why a Corporation Helps Save You TaxesThe Tax Rates (Notice anything unusual?):The following tables provide a list of the tax rates for individuals and corporations:Personal: $0-$24,650 15% $24,651-$59,750 28% $59, 750-$124,650 31% $124,651-$271,050 36% $271,050+ 39.6%Tax SecretsCorporate: 0-$50,000 15% $50,001-$75,000 25% $75,001-100,000 34% $100,001-$335,000 39% $335-000-$10M 34%If you examine them closely, you will see at least one glaring contrast.

Alas! In E-Commerce Taxland
In trying to comply with tax laws for your e-business, you may find yourself falling down the rabbit-hole,going through the looking glass, and attending a Mad Tea-Party.Common sense, logic, and fairness never did apply fully to the field of taxation but this is especially true of e-commerce transactions.