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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Homeowners: Here's what's in the tax bill for you
Republicans on Friday unveiled the final version of their tax bill, and it has new restrictions for some homeowners. Senate and House Republicans have reconciled their versions of tax legislation and the final plan shrinks some popular deductions ...
How the Republican Tax Bill Could Affect YouNew York Times
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Record Bee

Partial preservation of income tax deductions softens blow
Record Bee
SACRAMENTO >> Some Californians are breathing a sigh of relief now that House and Senate Republicans have agreed to a partial preservation of state and local income taxes, but a lot of taxpayers will still be unhappy. The GOP's tax agreement announced ...

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Tax Foundation

Under Conference Agreement, Fewer Households Would Face the Alternative Minimum Tax
Tax Foundation
Several other possible tax deductions may also be added back to a household's income—Form 6251, Alternative Minimum Tax-Individuals, has more than 60 lines—often making income that is subject to the alternative minimum tax higher than regular ...

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GOP tax plan could drive down New York City home prices
The limits to state and local tax deductions in the GOP tax plan — expected to face a vote early this week — could cause home prices in Manhattan to drop up to 9.5% as New Yorkers flee a rising tax burden in the city, the Wall Street Journal reports ...

Statesman Journal

Walden says new tax overhaul preserves key deductions
Statesman Journal
PORTLAND — Oregon Congressman Greg Walden's office says a new version of the Republican tax overhaul before Congress will preserve some key tax deductions that Oregonians rely on, including a major provision that would allow the state's residents to ...

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LA Daily News

Partial preservation of income tax deductions softens blow to ...
LA Daily News
The Capitol Dome is illuminated as the Senate works into the night on a long series of votes referred to as a “vote-a-rama” leading up to a vote on a GOP budget, at the Capitol in Washington, Thursday, Oct. 19, 2017. (AP Photo/J. Scott Applewhite). By ...
Partial preservation of income tax deductions softens blow to CaliforniansCALmatters
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Cutback of state and local tax deductions in GOP tax bill would harm Ohio's legacy cities: Matthew J. Rossman (Opinion)
Cutback of state and local tax deductions in GOP tax bill would harm Ohio's legacy cities: Matthew J. Rossman (Opinion). Posted December 15, 2017 at 2:05 PM. Old check-writing tables are used as dining tables in the renovated Marble Room Steaks and Raw ...

A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!
Journal of Accountancy
Consequently, CPAs should advise clients that payments in 2017 of state tax liabilities projected for 2018 are not deductible on their 2017 federal income tax returns. There is simply no authority for that position, and Rev. Rul. 82-208 is authority ...

Walden says new tax overhaul preserves key deductions |
Walden says a new version of the Republican tax overhaul will preserve some key tax deductions that Oregonians rely on, including a major provision that would allow the state's residents to...
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Gary Cohn says GOP is working toward fixing one of the tax bill's biggest issues—deductions
Republicans are working to appease lawmakers concerned about proposed limits on popular tax deductions, White House advisor Gary Cohn said Friday. Dozens of lawmakers from high-tax blue states have pushed for more generous state and local tax ...

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