Examining Your Tax Liability
by adminAcceleration Stage: If you are a W-2 employee, consider what hobby
or activity you are currently engaging in that could possibly be turned
into a small business venture. Come up with two ways you can take
advantage of the tax deductions allowed on Schedule C. (We have
included a copy of the business write-off section of Schedule C below
as a reference; in addition, please refer to Part II for more information.) If you are already self-employed, study carefully Part II of this book on tax strategies.
Conservation Stage: Examine each of your long-term investment
and retirement savings programs and use a forecasting tool like the
Master Plan software to decide which ones may need to be converted to a stronger tax saving plan.
Distribution Stage: Review the ways in which your property and money will be distributed at the time of your death and determine whether you need to convert any of these assets into a tax sheltered program.
Taken from : Money Mastery “10 Principles That Will Change
Your Financial Life Forever
[…] The quiz questions are designed to test your knowledge of the material covered in this hour. The answers to the questions follow. […]