Tax Loopholes for Middle Income Tax Payers for Sale?

The best chance Americans have to legally keep what they earn by paying less taxes is to do what the rich do. Take advantage of legal tax loopholes that will help to not only lower your taxes, but, create opportunity as well.


Tax Loopholes for Middle Income Tax Payers for Sale?

Yes.

One such opportunity involves my “after tax season” hobby. My hobby is creating, developing, growing and selling, online web sites, for the purpose of generating a profit AND creating legal tax deductions for my clients and web visitors.

If you are looking for tax write-offs, you probably are wondering how generating a profit and tax write offs fit into the same sentence? Easy, usually, but not always, a new business will generate a loss, which is used to help lower one’s taxes, before it generates a profit.

The IRS gives you 3 years to turn a profit. And most worthy web sites, generate a profit after the first year, if not sooner.. If your small business does not turn a profit within 3 out of 5 years, the IRS may consider your project to be a hobby, rather than a “for profit business.” Form 1040, Schedule C.

I enjoy completing past due returns and even current tax returns. However, My passion is developing a tax loophole (web site) from scratch and than watching the client benefit, from the small investment.

When I sit down to create a double edge entity that not only will provide, tax write-offs, but the opportunity and potential for increased income, it just feels like magic.

Now, it’s not all happy days around here. In fact, before I could truly agree to sit down and create a product for sale to the general public, I had to domplete my research on what “really” sells online.

I remember, that day well. The search engines pointed me to sites, which told me that the top selling products online were, books, computer hardware, computer software, Videos, etc.

Well “they” lied.

And for over 5 years I believed what they said. Even after I got my certification in Internet Marketing, I still believed the lie. (My classes, nor my certification test ever mentioned the details of the truth)

Then I found out the truth, and I felt stupid.

The truth is: the top selling products online was, and still is, “adult entertainment.”

And you know what? IRS knew the truth because of the 1099 statements some of these webmasters where reporting on their tax returns. But did they tell it? No.

Now, don’t you church folks get all upset. The adult entertainment industry includes, music, videos, information on other famous adults, e-books, adult games, and many other niches, other than, the hard stuff and the massage ladies on craigslist.

But it just goes to show you, until you really do your research, you can lose a lot of money and time following the crowd. I guess that old saying is true, "If you aren't the lead dog, the view is always the same"