By Jeremiah Christenot
jeremiah@newsroom.byu.edu
Everybody has to pay them, but there are ways to keep Uncle Sam from squeezing you so tight.
'The largest single expense in your lifetime are your taxes,' said tax lawyer and CEO of My Tax Man Inc., D.J. Gleason.
Taxes are part of everybody's lives, but little known government laws allow tax breaks - especially to small home-business owners.
Congress is trying to help the public by passing laws to help people keep their money.
Congress has recognized that small home-based businesses are critical to this country's economy, Gleason said.
The entrepreneurial businesses create two out of every three new jobs, produce 39 percent of the gross national product, and invent over half of the country's technological innovations, Gleason said.
The government has passed numerous tax advantages to help the entrepreneurial businesses succeed, he said.
Items such as car expenses, telephone, insurance, meals, children's allowance, etc. are areas of tax break, he said.
Due to the overwhelming complexity of the U.S. and state tax codes, people are losing out because most tax accountants are unaware of the special tax breaks available for individuals who operate their home-based or small business, said Financial Freedom Team owner, Tracy Laws.
Small home-based businesses can receive tax breaks that most people cannot, Gleason said.
'It is a good idea to start up a simple home-based business just to cut back on the amount of taxes you pay,' he said.
The seven words that make more money for the IRS, impoverish more Americans and result in overpaid taxes are 'My accountant takes care of my taxes', Gleason said.
People should not put all trust their certified public accountants to prepare tax forms; a second opinion should be sought. CPAs often are not aware of changing laws that a tax lawyer would know of; said owner of Web based business hondashadow.com, Micah Christensen.
The taxes that average Americans pay exceeds what they spend on food, clothing, lodging and transportation combined, Gleason said.
With 95 percent of the people in America not having adequate money to retire, Gleason says that taxes can be the key to a happier, wealthy life.