From: Joni M. Becker, CPA
3/10/2006

Dear Small Business Owner,

It is estimated that small business owners and the self-employed are overpaying their taxes by $160 billion every year! That only means one thing:

You are probably paying more taxes than you are legally obligated to without even knowing it!

That is why I have created this Web site. You are about to discover hundreds of small business tax tips, techniques and strategies, all designed to keep your hard earned money where it belongs, in your pocket. No matter what kind of business you own, full-time or part-time, out of your home or out of an office or store, this information applies to you.

Look, your tax return is only as good as you and your tax professional. How much time did you spend with your accountant last tax season? How many money saving tax tips did they give you last year? How often have they called you up out of the blue to give you a tax saving strategy? Okay, forget the accountant; YOU are responsible for your taxes. Are you a victim of any of these . . .

Six Popular Small Business Tax Myths

1. Myth: “I only have to worry about my taxes on April 15th.”

Truth: You need to, at least, be aware of your tax situation every single day. You should talk to your tax professional before any major transaction, purchase or sale. That’s where the tax planning opportunities are, before the transaction.

2. Myth: “I don’t make enough money to worry about how much I pay in taxes.”

Truth: It doesn’t matter how much or how little money you make. Unless you have zero taxable income, you can always find a way to pay less in taxes. As an added benefit, if your business has suffered a loss this year, you can use that loss to offset other sources of income. And, if your loss is big enough to wipe out all your income and then some, you may be able to use that loss to offset income from other years!

3. Myth: “Taxes are too complicated for me to understand how to save money.”

Truth: There are plenty of simple, easy to use tax reduction strategies available to you and every other American, especially if you are a small business owner. All you need is for someone to tell you what they are and how they apply to you. That is where I come in.

4. Myth: “A CPA (or accountant or tax professional) prepared my taxes, so I am guaranteed to have paid the least amount of taxes possible.”

Truth: I have only one word to say to this, “Baloney!” There are many hard working accountants and tax professionals out there preparing returns, but that is all they are doing – preparing your return from the information you have given them. There is no tax planning involved here. And when is the last time they volunteered some tax saving advice? How much time have you spent with them lately, talking about how much you could save on your taxes?

5. Myth: “My tax situation is under control because my mother (father, grandma, aunt, uncle, next door neighbor or best friend) prepares my taxes.”

Truth: See answer to #4 above. Plus, if they are not a tax professional, you have no guarantee what-so-ever that your taxes are even being prepared correctly even if you have not been audited. That only means that you have not been caught, yet.

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