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Small Business Tax Deductions for Year End 2004
As a small business owner, its 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 401k 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.
Social Security Taxes - You may deduct Social Security and Medicaid taxes paid to match required withholdings on employee wages, federal unemployment taxes, as well as real estate or personal property taxes paid on business assets.
Home Office - Depending on whether you use your home or other real estate for business purposes, you may deduct some or all of any mortgage interest paid, as well as some or all of the maintenance and repair expenses associated with the property. The cost of utilities and business supplies associated with business use are also deductible.
Depreciation - Depreciation may be taken on passenger cars, equipment used for entertainment or recreational purposes i.e., photographic equipment, cell phones and computers, as long as these items are used solely for the business.
Bonus Depreciation - The bonus depreciation deduction of up to 50 percent of the cost of new business equipment in the year of purchase applies only to property placed in service on or before December 31, 2004. You may want to consider making any significant equipment purchases before year-end to take advantage of this expiring provision.
Professional Fees - You may deduct professional fees, such as those paid to a lawyer or accountant.
Meals and Entertainment - You may deduct 50 percent of meal and entertainment expenses associated with the conduct of your business.
State and Local General Sales Tax - Beginning in 2004, you will have the option of electing to take an itemized deduction for state and local general sales taxes in lieu of the itemized deduction provided for state and local income taxes.
Charitable Donations of Vehicles – Through 2004, a deduction equal to the fair market value of a donated vehicle is allowed. Starting next year, however, the deduction allowed will generally be limited to the gross proceeds from the sale of the vehicle by the charitable organization.
Remember to keep on file the records and documentation necessary to substantiate all of your deductions. You should consult a tax preparer or professional tax advisor to determine how specific tax rules may impact your individual situation.
Remodeling Your Home:How Much Is Too Much
The classic way for homeowners to increase the value of their house is by remodeling existing rooms or adding on to its current plan.
Random Whimsy: Uncensored Interview with Dan Lok
Norman Williams, publisher of "Big Money Publishing Newsletter," recently did a Q&A about me.
Credit Cards For People With Bad Credit Scores
Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Some creditors may let you slide a month or two, but your records will still show a delinquency. A stolen identity can also leave you feeling violated and unable to resume a normal life with credit. It is during these times you may have to search a little harder to find companies that wan to deal with people who have bad credit. There are a handful of lenders who will help you re-establish your creditworthiness by using one of their credit cards.
Jobseekers! Look For Smoke, Not Fire...
"If you always do what youve always done, you will always get what youve always received,” said some wise person. This is certainly true when it comes to job-hunting, especially during a "sucky" economy. How many times have you applied to a job on Monster.com Now ask yourself, "How many other people have applied for the same position" The numbers are discouraging I assure you. Should this keep you from applying to jobs online By no means, job boards are a necessary part of the process. However, if you limit your jobsearch to seeking only those jobs that you are qualified for then you are making a mistake. Am I suggesting that you do a "shotgun" effect with your resume and apply to as many jobs as you can hoping that by some miraculous twist of fate you catch a recruiters eye No... and yes, in a way.
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In a previous article we introduced you to the concept of O.P.P., or Other Peoples Property.
How to Sell Your House by Lease Options
Many people buy a house then have to move within a few years, due to divorce, relocation or financial difficulties. Without any equity though, it can be nearly impossible to find buyers and you still have realtor fees to contend with. There is a simple, easy way to have your payments taken care of for you and find a buyer, so that you can move onto your new life quickly and easily.
Networking Tips - Getting An 800 Number
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Lease Purchasing Is The Perfect Home-Based Business
Some call it the 30 second commute. We call it wonderful. What are we all talking about Working from home, of course.
How Creditors Measure Your Credit Rating
Creditors will measure your credit rating based on the following three main things.CapacityCollateralCharacter
Why You Never Have To Pay Retail Prices For Anything - Ever Again
I step into my local mall, and into a leading top brand clothes store. I see a jumper I like and while feeling the soft material casually lift up the price tag - and I almost feint with disbelief. How much Thats more than I make in 2 days! I quickly stop caressing the fabric and head toward Big Als Unbranded Clothes Discount Centre for a sweater within my budget range which unfortunately will no doubt look as if it were knitted by my 5 year old Niece.
Product Review of Carelton Sheets No Money Down Course
Real estate continues to be a very important part of any financial wealth building strategy.Most wealthy individuals have real estate investments as a portion of their overall net worth.Carleton Sheets has been in real estate since the 1970s and has taken his experience to build a complete real estate course.
Why Its Important to Get Pre-Approved
Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home.
5 Hot Internet Businesses For 2005
If you are planning to start a new business in 2005, you should seriously consider one of the many Internet based businesses available today. The online businesses have numerous inherent advantages in comparison to their brick and mortar counterparts.
How Can the Average Person Build Wealth in Real Estate
Books on real estate are a dime a dozen—and most focus on taking advantage of someone else’s misfortune. They frequently describe lofty methods for buying and selling properties no ordinary citizen can be successful using.
Optimizing for Visitors not Search Engines
Most people feel that optimizing is to target the search engines alone. In my opinion, this is not the only case. Optimization requires a balance of traffic enhancements and a user friendly atmosphere that provides clear navigation. Most will agree it would be much better to have people accept offerings from a Site, rather than masses of people who do nothing. Here are some general tips and thought to make pages user-friendly.
Buying and Selling Distressed Houses for Maximum Profit
If you want to become a real estate investor, find a "fixer-upper" owned by an anxious seller. Finding distressed houses at bargain prices, fixing them up, and then selling them on a consistent basis can make you a millionaire.
Building Your Online Portfolio
So you want to start earning online and have invested some of your hard earned cash in a couple of online programs but have you really thought about what you are investing in.
Does Your Copy Look "Fake" To the Search Engines
From the early days of search engine optimization, keywords and content have always been vital to achieving your goals.Starting back in the days when we used to shove every slightly relevant keyword into our Meta tags, it has been obvious that search engines love text.The more advanced the engines have gotten over the years, the more complex and sophisticated many writers have gotten with their search engine copywriting.
How To Purchase An Annuity
An annuity is a contract with an insurance company to make periodic payments for retirement income and sometimes other purposes.
The Myth of Search Engine Submission
Contrary to what most people think, it is not necessary to submit your site to the search engines. In the early days of the web, when search engine technology was still primitive and search engines ability to crawl the web was somehow limited, it made sense to submit your site.
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