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Lower Your Taxes - BIG TIME! 2015 Edition: Wealth Building, Tax Reduction Secrets from an IRS Insider, 6th Edition by Sandy Botkin

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18

Trader versus Investor: The Best Kept Secret Around

Most people don’t realize that being in business is the last great tax reduction opportunity left. In fact, as noted in our tax strategies system, we actually have two tax systems. One is for employees, and one is for business. If you are an employee, you can deduct your home interest, property taxes, charitable contributions, and IRAs or 401(k) contributions—that is until some sort of flat tax or consumption tax is passed. However, if you are in business, you get all the deductions that employees get plus you can deduct part of your house, vacations, education for kids (if done correctly), and some automobile expenses. And you can set up a pension plan that makes any government pension ...

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