Tax Deduction Information

Part 2 of 5 On The Home Business Set-Up Guide

Dear Reader,

Home Based Business Tax Deductions

Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.

Seven Key Tax Deductions for the Self Employed

As a sole proprietor, it*s wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004. Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. But you should also meet with your accountant well before the year-end rush to discuss such matters as tax planning, and record keeping for tax deductions.

Wealth Creation and Mortgage Planning - Two Great Tastes that Taste Great Together

What if I were to tell you that almost everything you have been told about what to do with your home has been absolutely wrong and that one of the worst ways to build wealth is through your home And what if I further went on to show you that anyone who perpetuates this myth probably is not your best source for accurate financial information

The Job Loss Myth

Presidential candidate John Kerry is fond of stating that “... not since Herbert Hoover has any president lost more jobs than George W. Bush.” And there is a kernel of truth to the statement; thanks to technology, jobs require less human intervention to complete. However, a larger factor in this seeming loss of employment is due to the evolution of the American workforce from a lot indentured to the confines of one company or one job title toward the Jeffersonian ideal of every person being a free agent, or indie.

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.

33 Essential Year-End Financial Tasks

The end of the year is a traditional time of celebration, excitement, reflection and planning – not withstanding the hectic holiday shopping of course. However, the end of the year also holds another, lesser-known but more significant, importance - the optimal time of the year to complete year-end financial tasks. A new booklet in the Financial Booklets Series from Marshall Rand Publishing reveals the most essential of these tasks.

5 Simple Steps: Earn an EASY ROTH-IRA Million!!!

So, you wanna earn a million dollars, super-duper easy How would you like the federal government to give you a big, huge tax break Wouldn’t it feel deliciously good to earn a Million Dollars of income, completely tax free How would you like to earn a million dollars of income passively, quietly, without lifting a finger Well, put your seatbelts on, folks, because in a brief nutshell, I’m going to introduce you to the financial vehicle that you’ve been looking for! Welcome to the wonderful world of investing through a ROTH IRA in 5 simple steps:

Is it time to stop filling your Landlord’s Wallet

Is it time to stop filling your Landlord’s Wallet

Deadlines Approaching For Filing 1099s For Independent Contractors

While the middle of January may seem a bit early to begin thinking about taxes, 1099-MISC filing deadlines are looming for businesses. Generally speaking, IRS 1099-MISC is the form used to report miscellaneous income that you paid to persons during 2004 in the course of your trade or business.

Tax Records - What You Should Keep And For How Long

Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS.

How To Get An Extension To File Your Business Tax Returns

Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can’t imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. As you might expect, there are different forms for different businesses.

Five Reasons To Stay Committed To Your Retirement Savings

NC—As an investor working to build your portfolio, you face many day-to-day demands on your money. Its not always easy to determine what your financial priorities should be, or to stay committed to them – especially when markets are volatile.

Keep More of What You Make - Start A Home-based Business

The best advantages of owning a home-based business are you can turn non-deductible expenses into tax deductions. The deductions you create for your Schedule C have a more significant impact on the total taxes you pay than do deductions on Schedule A. Schedule C deductions not only reduce federal income tax, they also reduce self-employment tax, Medicare tax, and state and local taxes.

10 Tips for Investing in Distressed or Foreclosed Properties

1. Search on the world wide web for distressed or foreclosed properties as a starting point. Use a professional REALTOR to identify great foreclosure deals for you. You may be successful at searching the web on your own, but keep in mind some of the information is outdated, some may be incorrect, and some of the available properties are not even listed. A REALTOR subscribes to updated MLS listings and can offer you the most current information available.

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Illinois News Network

IRS takes aim at California and other states trying to help residents avoid new tax-deduction limit
Los Angeles Times
"Despite these state efforts to circumvent the new statutory limitation on state and local tax deductions, taxpayers should be mindful that federal law controls the proper characterization of payments for federal income tax purposes," the IRS and ...
Despite IRS warning, Illinois lawmakers vote for tax deduction workaroundIllinois News Network
Feds warn New York, other states about tax deduction workaroundsAlbany Times Union
IRS Issues Notice on State and Local Tax
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Million-Dollar Home Values Gain Even as Tax Deductions Shrink
It also set a $10,000 maximum for state and local tax deductions, which were previously unlimited. Those provisions prompted one of the most powerful lobbying groups -- the National Association of Realtors -- to warn that home prices in some high-end ...


Up 'Schitt's Creek': A Hilarious Lesson On Tax Deductions
Wouldn't it be great to be so rich that you didn't even have to think about tax deductions? As seen on the Canadian television sitcom, Schitt's Creek, what goes up must come down. Someone else may be worrying about tax deductions for the ultra-wealthy ...


6 Insane Tax Deductions Clients Thought Were Legit
Another tax season has come to a close, and my tax pro friends around the country are likely enjoying some much-needed rest and relaxation. Hopefully, despite the crazy hours they've been working over the past couple months, they took a little time out ...


New Jersey Homeowners Get a Way to Skirt Trump's Lower Tax Deductions
The measure is a response to the law signed by President Donald Trump that lowered state and local tax deductions to $10,000, a pittance in New Jersey, which has the nation's highest property taxes. Phil Murphy. Photographer: Mel Evans/AP Photo. “It is ...
1827 - NJ LegislatureNJ Legislature
Workers to get paid sick leave later this year under new law signed by

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How New Tax Law Affects Tax Deductions for White-Collar Clients
White-collar defense attorneys and their clients should pay attention to the tax consequences of monetary awards in criminal and civil enforcement cases. This may potentially prevent a company discovering from its accounting firm that none of the ...

and more »

Feds recommend prison sentence for Hobart tax preparer accused of wire fraud
In his plea, Bewley admitted he inflated a customer's tax deductions on her 2011 tax return by adding college education credits to her form, and pocketed the extra return of $1,065 into his own bank account. He then claimed $999 as his preparer fee ...

Chicago Tribune

Morrison talks tax deductions, redistricting at town hall
Chicago Tribune
Legislation that would allow Illinois taxpayers to deduct more of their state and local taxes on their federal income returns is working its way through the State Senate after it cruised through the Illinois House of Representatives April 18. The State ...


NJ homeowners get law to skirt Trump's lowered tax deductions
The measure is a response to the law signed by President Donald J. Trump that lowered state and local tax deductions to $10,000, a pittance in New Jersey, which has the nation's highest property taxes. "It is, to be clear, a de facto tax hike," Mr ...

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Motley Fool

Tax Deductions vs. Tax Credits: What's the Difference, and Why Does It Matter?
Motley Fool
Tax deductions reduce your taxable income. If you get a $500 deduction and your taxable income was $40,000, the credit brings your taxable income to $39,000. The value of your deduction is determined by your effective tax rate and equal to taxes you'd ...

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