It seems that every day there is new economic news informing us that America is in trouble. In fact there are so many different bad things going on, from numerous directions, and in various sectors of our country (and around the world) that it seems overwhelming to fathom. And it is overwhelming!
Very few people really understand what is going on with the economy and even fewer understand the dynamics of our monetary system. For sure, it is complex… so much so you might think of it as "rocket science." Well, Treasury Secretary Henry Paulson has tapped a former rocket scientist and former Goldman Sachs executive, Neel Kashkari, to be director of the government's bailout program, so we should be in good hands. Right?
I wouldn't count on it.
I think one thing you can count on is that inflation is going to soar and prices for everything will be going through the roof. Rather than using the plummeting DOW as a barometer, you should be watching the falling dollar. As the dollar loses it's purchasing power, it's going to take more and more of them to put food on your table and gas in your car.
It's not a helpless situation, though. There are some things you can do to ensure a better future for your family.
For example, Ron Mueller, author of "Home Business Tax Savings Made Easy!," recently talked about six powerful tax strategies you must take now… before it's too late:
- Take advantage of and maximize the Home Office Deduction
- If you're going to buy a new car… buy it this year.
- Take advantage of the tax deductions related to the business use of your car.
- Save on your health care costs with a Medical Reimbursement Plan
- Hire your children to work in your business and save big time.
- Learn how to deduct all or most of the costs for travelling.
I recommend you learn more about these strategies and more on Ron's Home Business Tax Savings website. In addition to his valuable book, he offers many other services to help you maximize your tax savings.