Would you like to increase your Tax refund by $1,700?

Published by Renee Love — 07-13-2018 03:07:14 PM


Following is a true story of how we used these principles for a friend.

To keep from getting bored, as one of my hobbies, I'm a professional musician.  Well, one evening at band practice, my bass player commented that he was mad because he had just gotten his tax returns back from his preparer (H&R Block).  According to their calculations, he had a $63 dollar refund coming.
 
 I was very familiar with his financial situation and told him that simply was not right.  I asked him how he had handled his band income.  He, like so many others, had not reported the income thinking that this would reduce his tax liability.
 
 I suggested that he allow me to redo his taxes, add the income, but also take advantage of what I knew were the many legal deductions he was allowed.  I used the tax principles alluded to on this page, plus write-offs for equipment he had purchased.  When all the dust had cleared, his Tax refund was almost $1,800 dollars. 


 
Other examples of where these principles come into play...
    Think of hobbies or even favors, that produce income or compensation, no matter how little.  Remember, often, there are many legal deductions, that will let you not only zero out that income, but create a loss that will offset your employment income.   This lessens your overall Net Income, so as to reduce your tax liability which increases your refund or your earned income credits. In short, these principles keep or better yet, put money in your pocket.
a.  Other examples: sewing, handyman, mechanic, musician, babysitting, cooking for others, animal breeding (you don't need license to take the deductions), (we actually once created a legitimate $5,000 loss for someone who bred snakes for fun), it increased his refund by over $1,000!). The examples are almost endless.
 
Remember, when it comes to taxes, examine ALL angles  Don't cheat.  Don't lie.  But, don't needlessly give your money away!  When you have your taxes prepared, make certain that you use a professional who will ask you the questions that will allow you to minimize your liability and maximize your refund.

About Renee Love

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Hi, my name is Renee' Love, I am a revolutionary, who love helping others gain their freedom by introducing them to low to no cost business opportunities. I am a firm believer that you can't just wait for someone else to give you a handout you must come up with your own Plan B if your Plan A has failed you.