AFRAID TO FILE AN AMENDED RETURN?

When a person who has been operating a home-based
business for several years, finally learns about all the
great tax deductions available to HBB owners, I tell them
about their right to file Amended Returns (Form 1040X)
for the past three years to claim the deductions they missed.

That can result in a second refund for those tax returns,
quite often worth thousands dollars.

Filing Amended Returns does not increase your chances
of an audit, and the IRS does not review your entire tax
return a second time if you file an Amended Return. Yet
some people I coach are still worried that they may "stand
out" if the file the form 1040X.

Here's proof that you won’t be alone in filing a 1040X --

The IRS has issued a statement informing taxpayers that
they are so swamped with Amended Returns that it is taking
longer than usual 8 to 12 weeks to process them and to get
your additional refund back to you. They ask your patience
and say you should see your refund about 12 to 16 weeks
after you file the form.

WE HAVE A BRAND NEW WEBSITE

Check-out our completely new website,
www.HomeBusinessTaxSavings.com .
New Format. Easier Navigation. And much
more Content (which we will be continually
adding to, especially in the Resource Center).

TO CELEBRATE, I have an amazing free
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towards my most popular tax-savings program,
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The website shows the tuition as $387, however
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To learn DETAILS about this course, the specific
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click on "Products & Services" at the top of the
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TO GET YOUR TUITION SCHOLARSHIP --
When you get to the shopping cart check-out page,
see the space labeled "Enter Coupon Code, and
enter this code -- BE200. That will subtract $200
off your total, reducing your investment to only
$187 (tax deductible!) plus s/h.

GOOD NEWS, ESPECIALLY FOR AMERICA'S HIGHER INCOME EARNERS

Congress is moving at a slow pace (duh! Who'd
of thunk?) on deciding how much they will jack up
taxes on Americans who earn the most.

Significance: Looks like nothing will happen before
2011, so you can earn as much as possible in 2010
before Robin Hood "redistributes your wealth" in '11.

DO YOU SPEND ENOUGH TIME ON YOUR ACTIVITY TO QUALIFY AS A "HOME-BASED BUSINESS?"

Auditors are being told to use several tests to
determine if your "activity" is really a "hobby"
or a "business." Hobbies get a few tax breaks,
but home-business owners get waaaaay more!

If they can reclassify you as a hobby, they get
more of your money, and you’re…well, screwed.

IMPORTANT: One of the tests that is not well
understood, has to do with how much time you
spend on the activity.

You need to prove "Material Participation" in
your entity. Here are two ways to do that:

OPTION 1: If you work your business at least 500 hours
per year -- you pass.

OPTION 2: If you work your business at least 100 hours per
year AND no one else working in your business
puts in more time than you do -- you pass.