Tax Relief Anyone? Start Your Own Business Now.

Posted on February 2, 2011
Filed Under Taxes | Leave a Comment

YOU are playing a lifelong high stakes game called TAXES. It began the moment you were born and unless you decide to live your life like a hermit in a cave (and I have mulled over this many times by the way) you have no choice but to play.

There ARE rules to this game and if you don’t know the rules YOU LOSE. Sorry ’bout that.

The only form of income for the government is taxation. According to their ledgers you and I will remain taxpayers until the moment of our death. For the government, the birth of a new member in your family means you have just created a new taxpayer.

Business has not been so good for governments lately and they have had some nasty spending habits. Bankrupt administrations everywhere are now squeezing citizens to the max and many methods which were available to us to decrease our tax load have been removed. Tax shelters and deductions are fewer all the time and and more rules have been introduced to restrict tax planning. Clearly, the government’s objective is to wring as much money from us as is possible.

The truth is that the brunt of the taxes is borne by those least able to afford them. Loopholes available to corporations and the wealthy mean that many pay very little income tax. Not so for those on fixed wages. Before you even see your paycheck the government has already grabbed a large portion of it. At tax time some of that money is paid back but does the government pay you interest on the money it borrowed from you and held all year?

The taxation system itself is grossly unfair and we are all overtaxed. Recently in 2009 General Electric not only paid nothing in taxes on reported earnings of over $10 billion, it collected a tax benefit of over $1 billion.

For the government, the process of collecting income tax is somewhat like the farmer who plucks feathers from his geese. The farmer collects the most feathers from the geese that hiss the least.

I live in Canada and here if you feel the government is assessing your income tax unfairly it is your right to challenge the government by going before a tax court to appeal your case.

Governments do not like to be challenged in a tax court. They will avoid it if they can. It looks bad when they are heavy handed and if the word gets out often enough the taxpayers could revolt.

So if you hiss a lot and make it more difficult for the government to extract income tax from you, the odds are good your auditor will move on to pluck a more docile goose.

Here’s a word of advice. If you don’t already own one, start a business RIGHT NOW. Reduce your income with legitimate business expenses. Also, start looking around for expert advice on protecting your rights as a taxpayer.

Watch the video of this article, and visit Dev Khalsa’s site to learn more about how to be successful in your own business.

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