|
|
|
Tax Deductions
Tax Deductions News and Article |
The Seven Deadly Tax Sins: Commonly Missed Deductions
Published : November 07, 2007 | Author : newssrc | Unrated |
|
|
 It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return.
Before you dig in and get started, take this opportunity to first review a list of a few tax deductions to which you may be entitled if you itemize deductions but most people overlook. Many of these deductions are subject to various limitations, so consider getting professional help from your tax advisor and accountant to determine which deductions you qualify for and which items apply to your specific circumstances. Remember, there are hundreds of deductions throughout the tax laws; many of them can be quite obscure but also quite lucrative. Here are seven commonly missed deductions to keep top of mind:
|
Read full article |
Small Business Tax Deductions for Year End 2004
Published : November 07, 2007 | Author : newssrc | Unrated |
|
|
|
| As a small business owner, it's wise to familiarize yourself with some key deductions that may reduce your tax bill for 2004.
Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances the maximum contribution that you may deduct per employee in a qualified retirement plan can go up to:
$100,000 or more With a Defined Benefit Plan
$ 44,000 With a 401(k) plan
$ 41,000 With a SEP-IRA or Keogh
Automobile Expenses- You can elect to deduct the actual expenses incurred (including gas, oil, tires, repairs, insurance, depreciation, and rent or lease payments) for the business-related portion of your car or truck expenses, or simply take the 2004 standard mileage rate of 37.5 cents per business mile.
|
|
Read full article |
Little Known Tax Deductions That Can Save You Big
Published : November 07, 2007 | Author : newssrc | Unrated |
|
|
|
| When you say "end of the year", most small business owners think of two things immediately. The *second* is the holidays. The *first* is taxes! While almost all of us pay taxes quarterly, we still have to file in January. That means November and December are spent getting ready. When you're gathering all your information together for your accountant, don't forget about these regularly overlooked deductions.
Mileage
Sure, most of us already know that we can deduct a mileage allowance from our taxes. However, many of us (especially dot coms who don't travel much) don't bother to keep track of our travels thinking it won't be worth the trouble. Oh, but it is!
I had the same mind-set, but - at the urging of my accountant - decided to keep track and see for myself. I'll never neglect to do it again! Even though almost every place that I travel is nearby, when I added up all the 10-mile trips to the office supply store, the bank, etc., it turned out to be a hefty total. Haven't kept track this year? Start now.
|
|
Read full article |
Business Tax Deductions
Published : November 07, 2007 | Author : newssrc | Unrated |
|
|
|
| As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim.
Deductible Expenses
Office expenses
Rent or lease payments
Advertising
Costs of goods sold
Insurance costs
Utilities
Payments to independent contractors [file form 1099]
Accounting fees
Legal fees
Communication expenses
Credit Card Interest for business charges
Travel expenses
Vehicle expenses
Business-related meals and entertainment
Uncollected receivables
Bank fees on business accounts
Interest payments on notes
Excise and fuel taxes
Employment taxes
Real estate tax paid on business property
Special local assessments for repairs or maintenance to business property
Promotional costs that create goodwill such as sponsoring a youth team
Business association dues
Business-related magazines
Casualty losses
Beverage services
Credit bureau fees
Taxi fares
Telephone calls made on trips
Self-employment tax [if applicable]
|
|
Read full article |
Writing Off Vehicles as Tax Deductions
Published : November 07, 2007 | Author : newssrc | Unrated |
|
|
|
| You’ve heard it a hundred times: That shiny new car your buddy just bought? It doesn’t really cost him anything. He writes off the car as a tax deduction.
Your first thought is usually, “That can’t be right.” Your second thought is, ‘I got to figure out how to enjoy that loophole.”
But what does the law say? And what are the rules for writing off vehicles? It turns out that you can write off the cost of buying and using a car if you’re self-employed and use your vehicle in your business. Specifically, you can probably deduct the business portion of your vehicle expenses on your business tax return.
But this deduction is trickier than most people realize. Here’s the first big thing that goofs many people up. You need substantiation to prove your business use. Ideally, in fact, the Internal Revenue Service wants you to keep a log of your business miles, your commuting miles, and your personal miles.
|
|
Read full article |
|
Random Pick |
|
"What does it cost to get a record on the charts?" The question was directed to Mike McVay, programming consultant to about 400 radio stations owned by media giant Clear Channel.
A hush fell over the audience, as this was a piece of information that could determine the fate of independent artists everywhere.
McVay pulled no punches. Depending on your genre, the amount is "a hundred thousand dollars up to a quarter of a million."
And suddenly, the economic reality of the airplay portion of the record business was in full view.
In a different part of the day's event, someone asked another of those all-important, career-shaping questions: "How many slots are typically available to independent artists?" |
|
|
|
Statistics |
| » Total Articles |
996
|
| » Total Authors |
5
|
| » Total Views |
75632
|
| » Total categories |
58
|
|
