Using The Right Tools

Time is money no matter how you look at it and that is why it is very important to use the right tools. Having the right tools can also help you save big on your taxes. They can help you if you have investments such as stocks, bonds, mutual funds, rental properties, etc. So, remember the importance of equipping yourself with the right tools.

The Mind-Set

This is the basic key to successes in life, and it is no different with our taxes. Just think about it for a while, let’s do some brainstorming and see what we can come up with. First of all did you know that you can write-off a lot of your yearly expenses?

For example, let’s say that you own a home business and spend an average of 45 minutes a day running it. Well, you can easily save 100 dollars a week or more on your taxes.

Another great example, let’s say you’re a private contractor who drives a lot. Did you know you can write that gas expense off! This can really help; especially sense gas is at an all time high. The possibilities are endless and all it takes is the right mind-set and a little brainstorming.

Are You Using it?

One of the major tax tips the average person needs to know is that of deducting the interest on your home mortgage. This might be the obvious tip in the book, but you would be surprised to know that some people forget to do it. So, remember this one tip can really help out.

Tax Rebate Information

Looking forward to getting a tax rebate from the government this year? The IRS estimates that more than 130 million Americans will benefit from an income tax rebate this year.

Below are the five things you should know about the government tax rebates:

• To receive your tax rebate you must file your 2007 tax return
• Your economic stimulus tax rebate is based on your 2007 income and how many children you have.
• Most individual taxpayers will get $600.
• Most married couples will get $1,200.
• Plus, most taxpayers will receive an additional $300 per child.

Remember, you must file your Federal Tax Return to get your rebate.

What To Do With The Money I Saved On My Taxes?

Ok, this is a question I’m sure we all have asked. And it is one that can potentially help you gain the financial freedom you deserve.

1st Step - Endow yourself with the mind-set of freedom. What do I mean by that? Well, you need to decide today that you will be wealthy. No really tell yourself that everyday when you get out of bed, or maybe by putting a post-it note on the mirror in your bathroom. This is your foundation, the secret of attraction and power of mind.

2nd Step – ACT! Instead of spending the money you saved on your taxes this year, invest it! There are many, many great investments that you can get involved in. Perishes metals, stocks, mutual funds, insurance, small business, etc. The trick is to do your research and find one that fits you. Oh, and don’t forget to pay attention to your unique investment opportunities that surround you each and every day. Open your eyes their out there.

I hope this has answered in some way the question of what to do with the money you’ve saved on your taxes. Now all you have to do is ACT, and let your money work for you. I am always posting new tips. So, please come back later and learn to earn!

Tax Brackets For 2007

Here in the U.S. of A we have what’s called the Graduated Income Tax System where individual taxpayers will determine how much they owe by following the 2007 tax bracket table (shown below) which is based on whether your single, married filing separately, married filing jointly, head of household, and your annual income.

Single

$0 - $7,825 --- 10%
$7,825 - $31,850 --- 15%
$31,850 - $77,100 --- 25%
$77,100 - $160,850 --- 28%
$160,850 - $349,700 --- 33%
More than $349,700 --- 35%

Married Filing Separately

$0 - $7,825 --- 10%
$7,825 - $31,850 --- 15%
$31,850 - $64,250 --- 25%
$64,250 - $97,925 --- 28%
$97,925 - $174,850 --- 33%
More than $174,850 --- 35%

Married Filing Jointly

$0 - $15,650 --- 10%
$15,650 - $63,700 --- 15%
$63,700 - $128,500 --- 25%
$128,500 - $195,850 --- 28%
$195,850 - $349,700 --- 33%
More than $349,700 --- 35%

Head of Household

$0 - $11,200 --- 10%
$11,200 - $42,650 --- 15%
$42,650 - $110,100 --- 25%
$110,100 - $178,350 --- 28%
$178,350 - $349,700 --- 33%
More than $349,700 --- 35%

Note: Please consult your tax adviser for more information about the 2007 tax brackets.