Tax Write-Off Myth #3: The Government Wants Me to Pay More TaxesJul 03, 2022
Tax season is that time of year that is often scary, confusing, dreaded and overwhelming. Would you agree?
When we go back to when the government first started the current taxation system in the early 1900's they had to come out with a heavy hand in order to get society to comply. They imposed big penalties if taxes were not filed. This installed fear in society that exist even to this day.
The reason it might all seem so complicated and overwhelming is because we (as a society) have not been educated on the system. We were not taught this in school and never learned the tax systems as adults.
Then we start our own home business. That's where we are faced with the reality of needing to know some things. When we take responsibility and learn what we can and cannot write-off we actually begin to realize that it's not that complicated. It might seem overwhelming at first but anyone can learn this.
The government is not out to make us pay more taxes than necessary. But the truth is that most people do over pay on their taxes! It's because of our lack of knowledge (and interest or desire to learn) in taxes! Income tax is the largest revenue source for the government... so they're not going to show us how to pay less income tax!
It just takes some knowledge, self-confidence, and a good system to be organized on a monthly basis. Then we can approach tax season in a completely different perspective!
II recently had the opportunity to talk with Marco Iampieri, a Canadian Tax Lawyer from Ontario. This interview is full of insights and advice from a Lawyer who operates his law practice as a home-based business. In this interview we covered:
- Surviving an Audit
- Who Establishes Tax Laws
- The Importance of Record Keeping
- What Happens When Reassessed or Audited
- Is the Taxman Scary?
- Incorporating Your Home Business
- Taxman Powers
- ...much much more!
This is Myth #3 in a 7 part series:
- Myth #1: My Accountant Does That For Me At Tax Time
- Myth #2: Can’t Claim Tax Write-Offs No Business Income
- Myth #3: The Government Wants Me to Pay More Taxes
- Myth #4: If You Claim It, You Will Get Audited
- Myth #5: You Can Use Google To Find All Your Answers
- Myth #6: Tax Software Will Do All This For You
- Myth #7: Direct Sales (Network Marketing) Is Not A Real Business
Take the Mystery Out of Home-Based Business Tax Write-Offs!