Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions

Adding Your First Additional Stream of Income

Most new wealth builders currently have a full-time job. After realizing that means "Just ----Over Broke" they commit to quitting their job and starting their own business.

Tax Secrets of the Rich Found Here

The concept is good, but let's turn it around some. One of the philosophies of the wealthy is to reduce risk. In this scenario, that means keeping your job until your business has been firmly established. That's because the biggest stress point for new businesses is cash flow. Even if the owner has a viable business strategy, it takes time to get the machine operating smoothly. In the meantime, income can be sporatic. Cash flow shortages, even temporary, can create havoc for the small business owner.

Use your salary as your core business income. In other words, if your job brings in $50,000 a year, treat that in your mind as if you have one client that brings in that much cash flow. Be frugal with it, manage it carefully.

Asset Protection

Now use your business to generate a "second" client and a "third" client. Continue to build your business until the business income matches your salary.

At that point, you can make an intelligent decision about timing the move to full time businessperson.

The mistake some people make is to leave their job too soon. Three to six months later, there is a shortfall of cash. Without sufficient cash, bill don't get paid and the pressure mounts. Creditors start calling and the downhill spiral begins. While you build your business, keep your job resentment in check. View your job as an opportunity to finance the development of your own business without unnecessary pressure. Then, as your business grows, avoid the temptation to spend the additional income on fun and games. Instead, invest the additional income back into the business to help it grow. Build the systems that allow you to delegate lower level activity. Add the computers and data base programs to make things run smoother. Focus on marketing your business and attract new customers.

Expect to re-invest at least 50% of the additional income in growing your new business.

Tax Strategies

Now, as your net business income meets and exceeds your job income, you can transition yourself into a full-time business owner.

Sincerely,
Drew Miles, The Tax Saving Attorney

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:

Debate Prep: Let#39;s Talk Tax Fairness - Kansas City Star

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McCain calls for no taxes on unemployment benefits - The Associated Press

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Eaton Vance#39;s 2008 Investor Survey Finds Taxes Top List of ... - MarketWatch

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Cap gains: Obama, McCain diverge - CNNMoney.com

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/3-0fd=Rurl=http://money.cnn.com/2008/10/15/news/economy/capital_gains/%3Fpostversion%3D2008101516cid=1258248296ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNH1X3goq5SkXeQEWXhV0EnK19rGiACap gains: Obama, McCain diverge/abrfont size=-1font color=#6f6f6fCNNMoney.comnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1quot;If the idea is to cut capital gains btaxes/b ... that probably is not going to be particularly useful in solving the financial crisis.quot; Most btax/b experts b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/3-1fd=Rurl=http://www.associatedcontent.com/article/1110216/2008s_final_presidential_debate.htmlcid=1258248296ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNG4kuBabXHAiZG6EaGg2pWnayduuQ2008#39;s Final Presidential Debate/a font size=-1 color=#6f6f6fnobrAssociated Content/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/3-2fd=Rurl=http://www.cnn.com/2008/POLITICS/10/14/ct.presidential.debate1.transcript/cid=1258248296ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNHnH3ukaiuwqLIJATJCYiu9Jda41ATranscript of presidential debate/a font size=-1 color=#6f6f6fnobrCNN/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/3-3fd=Rurl=http://blogs.dw-world.de/acrossthepond/tim/1.7229.htmlcid=1258248296ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNHZeuv7H7FjRxTUVMEHNYZrSYSbdAMcCain And Obama On Oil Company bTax/b Cuts/a font size=-1 color=#6f6f6fnobrDeutsche Welle/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/3-4fd=Rurl=http://www.sunweekly.com.au/news/world/world/general/mccain-ponders-tax-cuts-as-final-debate-looms/1332492.aspxcid=1258248296ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNG74c8qYmOE0IOgvjMCJTQ_KNL0sgnobrCentral Coast Sun Weekly/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/3-5fd=Rurl=http://www.news.com.au/heraldsun/story/0,21985,24490706-5012748,00.htmlcid=1258248296ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNGHIcpFK0orY5IQVivABuOirDBdPAnobrMelbourne Herald Sun/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=1258248296hl=ennobrall 135 news articles/nobr/a/font/div/font/td/tr/table

Utah taxes show drop in income, spending and driving - Salt Lake Tribune

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McCain Wants to Chop More Taxes - RedOrbit

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/6i-0fd=Rurl=http://thestar.com.my/news/story.asp%3Ffile%3D/2008/10/14/worldupdates/2008-10-14T095216Z_01_NOOTR_RTRMDNC_0_-359465-1%26sec%3DWorldupdatescid=1258244332ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNEUcD66powq7NNHbW4NdGNYc2kYJgimg src=http://news.google.com/news?imgefp=08hEbu5PozAJimgurl=thestar.com.my/archives/2008/10/14/worldupdates/2008-10-14T095216Z_01_NOOTR_RTRMDNP_1_India-359465-1-pic0.jpg width=80 height=55 alt= border=1brfont size=-2Malaysia Star/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/6-0fd=Rurl=http://www.redorbit.com/news/politics/1588203/mccain_wants_to_chop_more_taxes/cid=1258244332ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNGOFHrkDM6Y9zS2XTOq78q5fpZSgwMcCain Wants to Chop More bTaxes/b/abrfont size=-1font color=#6f6f6fRedOrbit,nbsp;TXnbsp;-/font nobr10 hours ago/nobr/fontbrfont size=-1By David Jackson WASHINGTON -- Republican presidential nominee John McCain pitched new btax/b breaks and other incentives Tuesday to help investors and senior b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-1fd=Rurl=http://primebuzz.kcstar.com/%3Fq%3Dnode/15019cid=1258244332ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNEaH4YmnJKUpcNpf_hDGJJM4wzkwQMcCain outlines new economic plan/a font size=-1 color=#6f6f6fnobrKansas City Star/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-2fd=Rurl=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/14/AR2008101400880.html%3Fhpid%3Dtopnewscid=1258244332ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNFtA-f7iPDp5MUgBzsWUp8ZN78OMwMcCain Proposal Seeks bTax/b Breaks Worth $52 Billion/a font size=-1 color=#6f6f6fnobrWashington Post/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-3fd=Rurl=http://www.freep.com/article/20081014/NEWS15/81014035/1215/NEWS15cid=1258244332ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNGx8tBFX0Tqv9JY-m_L-rPT6k2HlgMcCain counters Obama with own plan to fix economy/a font size=-1 color=#6f6f6fnobrDetroit Free Press/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/6-4fd=Rurl=http://www.suntimes.com/news/elections/1221788,CST-NWS-camp15.articlecid=1258244332ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNHIfwVUWpaWxZawTJyF2DgJvXzlmgnobrChicago Sun-Times/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/6-5fd=Rurl=http://www.dallasnews.com/sharedcontent/dws/news/politics/national/stories/DN-econbox_15pol.ART.State.Edition1.4a7be05.htmlcid=1258244332ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNHDgwVSZ6MiGZRqHiYzvrpfYR8LWAnobrDallas Morning News/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=1258244332hl=ennobrall 301 news articles/nobr/a/font/div/font/td/tr/table

Venezuela Tax Agency Bills Procter amp; Gamble $3.6 Million In Taxes - CNNMoney.com

Hefty increases in taxes on petrol, wine and cigarettes - Irish Times

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/8i-0fd=Rurl=http://www.rte.ie/business/2008/1013/budgetlenihan.htmlcid=1257350635ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNE962OH3t_8L1xwtWOnCnXTKEinFQimg src=http://news.google.com/news?imgefp=qcPQaMZyu_AJimgurl=dynimg.rte.ie/0001c31810dr.jpg width=80 height=60 alt= border=1brfont size=-2RTE.ie/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/8-0fd=Rurl=http://www.irishtimes.com/newspaper/ireland/2008/1015/1224020737506.htmlcid=1257350635ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNFfLTUhNi1ie7Rdfxs1JS-BTKKq6QHefty increases in btaxes/b on petrol, wine and cigarettes/abrfont size=-1font color=#6f6f6fIrish Times,nbsp;Irelandnbsp;-/font nobr20 hours ago/nobr/fontbrfont size=-1Health promotion groups expressed disappointment with the level of btax/b increases on cigarettes, while the AA criticised the fuel increases. b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/8-1fd=Rurl=http://www.forbes.com/feeds/ap/2008/10/14/ap5552780.htmlcid=1257350635ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNHcn4OWydQCOZ4geRp2-rO97AhKdQIreland to raise btaxes/b in face of swelling deficit/a font size=-1 color=#6f6f6fnobrForbes/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/8-2fd=Rurl=http://www.bloomberg.com/apps/news%3Fpid%3D20601102%26sid%3Dau5s_ZL6nTPY%26refer%3Dukcid=1257350635ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNHEyfT1YLRsCaMvrTCjnGtHzDBKnwIreland Raises bTaxes/b, Cuts Spending as Output Shrinks (Update1)/a font size=-1 color=#6f6f6fnobrBloomberg/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/8-3fd=Rurl=http://www.irishabroad.com/news/irish-voice/news/Articles/tough-irish-budget151008.aspxcid=1257350635ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNECjLwAlXLzNmBdt0vgxhfpXSM3cAToughest Irish Budget in 20 Years/a font size=-1 color=#6f6f6fnobrIrish Voice/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/8-4fd=Rurl=http://www.herald.ie/opinion/columnists/dan-white/lack-of-bank-bailout-rendered-the-budget-a-painful-irrelevance-1499190.htmlcid=1257350635ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNFb06_yovK1h4F3xduO2KbcAT4A9AnobrHerald.ie/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/8-5fd=Rurl=http://www.iht.com/articles/ap/2008/10/14/business/EU-Ireland-Crisis-Budget.phpcid=1257350635ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNG_CBlqBaINOicGUpAuSqY4QGmq8gnobrInternational Herald Tribune/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=1257350635hl=ennobrall 422 news articles/nobr/a/font/div/font/td/tr/table

Finance minister favors lower gift, inheritance taxes - Taipei 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/9-0fd=Rurl=http://www.taipeitimes.com/News/biz/archives/2008/10/16/2003426047cid=1258026637ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNEk1cExF_IE47yyCulW5vvTaicirQFinance minister favors lower gift, inheritance btaxes/b/abrfont size=-1font color=#6f6f6fTaipei Times,nbsp;Taiwannbsp;-/font nobr4 hours ago/nobr/fontbrfont size=-1By Crystal Hsu Minister of Finance Lee Sush-der (李述德) said yesterday his ministry favored lowering the ceiling for inheritance and gift btaxes/b to 10 b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-1fd=Rurl=http://www.etaiwannews.com/etn/news_content.php%3Fid%3D763631cid=1258026637ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNGpakAl4523L84x4i6260ZFKhprPwTaiwan Gov#39;t mulls to cut the inheritance and gift btaxes/b to 10 percent/a font size=-1 color=#6f6f6fnobreTaiwan News/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-2fd=Rurl=http://www.etaiwannews.com/etn/news_content.php%3Fid%3D763706cid=1258026637ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNEIVJu_RTPXjA6v3__uroBCFX74YgEstate, gift btax/b rates may be lowered to 10%: finance minister/a font size=-1 color=#6f6f6fnobreTaiwan News/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-3fd=Rurl=http://www.taipeitimes.com/News/front/archives/2008/10/15/2003425904cid=1258026637ei=3GH2SMvlOIu8yAT3r-2jCQusg=AFQjCNHreNtWGZp84NZjs3nYZwz-MtHbrAInheritance, gift btax/b reform proposals move on to Cabinet/a font size=-1 color=#6f6f6fnobrTaipei 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=1258026637hl=ennobrall 6 news articles/nobr/a/font/div/font/td/tr/table

Taxes - Google News

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