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.

More Articles from Tax Deduction Information:
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It May Be Time to Stop Itemizing Your Tax Deductions  NerdWallet

The standard deduction nearly doubled for 2018, leaving many taxpayers wondering whether itemizing tax returns is worth the effort anymore. Tax pros share ...


6 Misunderstood Business Tax Deductions for Your 2018 Year-End Planning  Entrepreneur

This is the first year that the new Tax Cuts and Jobs Act of 2017 will impact your tax returns. So, give your tax advisor a call.


Mary Owens: Changes coming to tax deductions in new year  The Union of Grass Valley

The Tax Cuts and Jobs Act signed into law in December of 2017 created many changes to the rules for calculating itemized deductions. Some the of the most ...


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14 Tips For Making Your Charitable Gift Tax-Deductible In 2018  Forbes

A tax deduction for charitable giving isn't guaranteed just because you're feeling generous. As with everything in tax law, it's important to follow the rules and ...


Make the Most of Potential Tax Deductions Under the New Tax Law  Kiplinger's Personal Finance

With some year-end planning, you may still find it worthwhile to file an itemized return to lower your 2018 tax bill.


These Are the Coolest Tax Deductions You’re Missing Out On  Yahoo! Finance News

You might be surprised to learn what you can write off.


Six tax deductions you'll lose on your 2018 return  CNBC

If you were hoarding receipts in a shoebox with the hope of claiming a big break on your 2018 taxes, prepare to be disappointed. That's because the Tax Cuts ...


3 last-minute tax deductions you can still squeeze in this year  Yahoo Finance

Daniel Geltrude, a CPA and founder at Geltrude and Company, talks taxes and what people can still do in these last few weeks of the year to maximize their ...


Take advantage of these 16 commonly missed tax deductions  AOL

Whether you're a rookie or veteran tax filer, there's a very strong chance you're missing out on some deductions.


What Are the 2019 Tax Brackets?  Motley Fool

Here's a look at the tax brackets for 2019 and what they could mean to you.


Business entertainment tax deductions are gone: What you need to know  Smart Business Network

Melissa Knisely of Ciuni & Panichi, Inc. explains what taxpayers need to consider with the revised business meals and entertainment deduction.


Business updates on tax deductions for meals, entertainment, and commuting fringe benefits  Houston Business Journal

For tax years after Dec. 31, 2017, there have been some significant changes that can affect your current business and personal tax situations.


Ga. Officials Ignored Proof Of Tax Deductions, Tribunal Says  Law360

The Georgia Tax Tribunal vacated an assessment of a woman's tax deficiencies by the Department of Revenue, saying the department hadn't reviewed the ...


Treasury Softens Parking-Tax Hit for Churches, Nonprofits  The Wall Street Journal

Under new rules, nonprofits can use any reasonable method to calculate costs used in computing employee-parking taxes.


Minitrue: Public Consultation on Income Tax Deductions – China Digital Times (CDT)  China Digital Times

The following censorship instructions, issued to the media by government authorities, have been leaked and distributed online. The name of the issuing body ...


Tax deductions approved for books, tyres and Otop goods  Bangkok Post

The cabinet has approved a maximum 15000-baht income tax deduction for purchases of tyres, books and One Tambon One Product (Otop) items between Dec ...


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Fewer taxpayers are expected to itemize on their 2018 returns in light of sweeping changes from the Tax Cuts and Jobs Act. However, generous filers might still ...


Kriz: Jobs For Homeless, Property Tax Deductions For Neighborhoods Hosting Shelters  VoiceofOC

Fr. Dennis Kriz pastor of St. Philip Benizi Catholic Church in Fullerton writes that if we are all truly “our brothers' keepers” we must be creative in creating real ...


Liberty Tax Review - Cheap Online Tax Preparation Service  The Dough Roller

It's time to get your taxes ready and maybe time to look for a new tax preparation *service*. We'll review Liberty Tax so you can see how their services compare to ...


Lawmakers advance SALT cap workaround  NJBIZ

On Monday, a Senate committee approved a measure that proponents say would provide property tax relief to some of the state's residents following the ...


John Bullis: Buy business vehicle and save taxes  Nevada Appeal

IF you need a business SUV, van or crossover vehicle AND you need more tax deductions for 2018:1. Buy and place in *service* by Dec. 31 a new (or.


The Top Tax Court Cases of 2018: Reunited With The Hobby Loss Rules And It Feels So Good  Forbes

What. A. Year. When tax geeks arose from their slumber on January 1, 2018, we were greeted by a strange and unfamiliar world. Gone were personal ...


State reps. launch fight to reinstate tax deductions taken away  News 12 New Jersey

Two of New Jersey's representatives in Congress say that they have officially launched their fight to reinstate the state and local tax (SALT) deductions taken ...


US Tax Court rules against use of standard deductions for legal cannabis industry  PotNetwork

According to a recent ruling from the United States Tax Court, the legal cannabis industry cannot make standard business deductions on their organization's ...


6 money moves to make to reduce your tax burden before year-end  USA TODAY

Because of the new higher standard deduction, you should focus on year-end money moves that lower your taxable income, rather than max out deductions.


`HIDDEN` Income Tax Return benefits: Check this Income Tax Deductions for AY 2019-20 provision  Zee Business

Income Tax Deductions for AY 2019-20: Whenever a calamity strikes any part of the country, scores of people go out of their way to support the victims.


Local nonprofits cite tax law change as genesis of decrease in giving  telegraphherald.com

The uncertainty surrounding last year's tax reform bill appears to have impacted local charitable giving.


Year-End Tax Checkup: Maximizing Post-Reform Medical Deductions  ThinkAdvisor

This year only the tax code provision for medical expense deductions can be particularly valuable for some clients.


Facebook and Google could face crackdown in Australia  CNBC

The Australian Competition and Consumer Commission published a report on Monday based on its investigation into the influence of U.S. tech giants.


Murphy and N.J.'s top D.C. Democrats met, talked property taxes, health care and other big issues. Then came a little surprise.  NJ.com

A majority of New Jersey's soon-to-be Democratic-heavy congressional delegation elected in the Trump midterm huddled behind closed doors Monday with Gov ...


Repeal of IRS deductions for state and local taxes unfair to Nevada  Mesquite Local News

Now that Democrats — who have made a career out of demanding soak-the-rich taxes in order to redistribute it to the poor — are in control of the U.S. House of ...


Economists urge restraint amid revenue boom in NM  Albuquerque Journal

Rep. Patricia Lundstrom, a Gallup Democrat and chairwoman of the Legislative Finance Committee, turns to listen to David Abbey, director of the committee, ...


Income Tax Deductions for AY 2019-20: Little-known surprising benefits explained; check IT calculator  Zee Business

Income Tax Deductions for AY 2019-20: It is not possible for everyone to undergo all provisions of the Income Tax Act of India.


Stop deducting medical expenses. Here's what to do instead  Accounting Today

In today's age of lost tax deductions many accountants are looking for new tax deductions they can offer their clients to offset the ones their clients have lost.


New House Dems Seek To Restore Full Tax Deductions For States  Insurance News Net

Voters in New Jersey and other high-tax states singled out by the Republican tax bill rebelled and helped Democrats take over the House. Pascrell, D-9th Dist., ...


Investing Through Impending Recessions: A Guide  The Motley Fool

The storm clouds are getting darker -- high time for investors to think about buying a few more stocks.


Suozzi vying against Ocasio-Cortez for seat on Ways and Means committee  The Island Now

U.S. Rep. Tom Suozzi (D- Glen Cove) is facing off with House newcomer Alexandria Ocasio- Cortez for a vacated seat on the House's Ways and Means ...


#FinancialBytes: Income tax deductions taxpayers can claim under Section 80C  NewsBytes

Income tax accounts for major part of the government's revenue and salaried individuals form a significant chunk of taxpayers. While paying taxes could be hard ...


Here are the new tax brackets for 2019  Yahoo! Finance News

The Internal Revenue *Service* recently issued the finalized tax brackets for the 2019 tax season, after adjusting rates to account for inflation. The Trump ...


Charitable Giving: How To Save Tax Deductions Despite New Law  Forbes

The 2017 Tax Act has dramatically restricted benefits from charitable giving. Donors should adjust their charitable planning techniques to salvage tax deductions ...


How new IRS regulations would limit New York's tax deductions  Rochester Democrat and Chronicle

ALBANY - New York's attempt to skirt new federal tax laws that limit the deduction of state and local taxes is likely to be stifled by the Trump administration.


9 tax deductions individuals can no longer claim in 2018  CBS News

If you were counting on these deductions to reduce your tax bill, you'll need to do some planning now.


Tax Experts: You Might Be Missing These Tax Deductions  Forbes Now

Tax time isn't anyone's favorite -- but you could be missing out on valuable deductions that might not be available next year.


Can I Use Money from My IRA to Donate to Charity?  Investopedia

Yes, you can use money from your IRA to donate to qualified charities. Better yet, you can get a tax break by doing so if you follow IRS rules.


Beware! These tax-saving investment mistakes can sink your finances  The Financial Express

It's said, if you fail to plan, it means you plan to fail. So, it's better to plan before you make your tax-saving investments, so that you may reach your financial goal ...


2 Must-Read Quotes on Marijuana From FDA Head Scott Gottlieb  The Motley Fool

This has been an unforgettable year for the cannabis industry. The highlight, as you may have surmised, was the legalization of recreational marijuana in ...


Ruling bloc to agree on tax reforms spurring car, home purchases  Japan Today

Japan's ruling parties are set to agree on a tax reform package for fiscal 2019 that will give tax breaks for cars and homes in the hopes of underpinning demand ...


How to get the medical tax deductions you’re entitled to  MarketWatch

Chances are that you're not taking all the tax deductions to which you're legally entitled—leaving money on the table, in other words. That's because the ...


IRS Warns Not To Inflate Your Tax Deductions  Forbes Now

Inflating your tax deductions might seem harmless, but not to the IRS. On the Dirty Dozen list this year, it can can trigger penalties or even prosecution.


Plan for New Rules on Home-Related Tax Deductions  MD Magazine

When preparing their 2018 tax returns next year, taxpayers will have to deal with changes in rules for deductions involving their homes.


7 Overlooked Tax Deductions For Your 2017 Return  Forbes Now

By Ellen Stark, Next Avenue Contributor. Credit: Shutterstock. When you sit down to do your 2017 taxes, you'll be taking a nostalgia trip of sorts. The tax bill ...


New IRS rule limiting tax deductions condemned by charities, blue-state governors  KIIITV.com

Blue state governors, advocates for private school vouchers both blasted a proposal restricting federal deductions for some donations for charities.


Labor faces stiff Senate opposition to key tax hikes  The Australian Financial Review

An incoming Labor government will struggle to legislate its key tax increases with almost the entire Senate crossbench opposed to its plans to abolish cash ...


4 quirky tax deductions that could save you money  CNBC

Taxpayers may be leaving money on the table if they miss these four surprising — and completely legal — tax deductions.


Nassau reassessment riles homeowners  Newsday

Thousands of property owners have contacted county assessors since new home values and tax impact statements began appearing online and their ...


11 tax deductions and other ways to cut your 2017 tax bill  CNN

If you're still working on your 2017 tax return, maximizing your deductions can minimize your tax bite. And this will be the last time you can use some deductions ...


6 Insane Tax Deductions Clients Thought Were Legit  Forbes Now

Most tax professionals love sharing crazy client stories. I asked a few of them to share some of the most insane tax deductions they've seen clients try to claim on ...


You Can Deduct Pet-Related Expenses On Your Tax Return (Sometimes)  Forbes Now

The recently signed Tax Cuts and Jobs Act brought many changes to the tax laws. Unfortunately, your pets still cannot be claimed as dependents on your taxes.


Don't overlook the expanded tax deduction for medical expenses  CNBC

Maybe you weren't able to get this tax break in the past, but the temporary expansion of the medical expense deduction for 2017 and 2018 means more filers ...


Why Limits on State Tax Deductions Might Not Be Such a Big Deal After All  Motley Fool

2018 is starting to draw to a close, and some people are looking forward to the prospect of filing their first tax returns under new tax reform laws. With the promise ...


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The fortunate ones will not be suffering. In the past eight years, the richest 5% of Americans have increased their wealth by $30 trillion – almost a third of total ...


Michiganders are generally more charitable with their money than their time  The Macomb Daily

Mark Abraham would never ask his truck drivers to donate $100 to help the homeless but a penny a mile?


10 Tax Deductions That Will Disappear Next Year | Taxes  U.S. News & World Report

Touted as the largest tax overhaul in 30 years, the Tax Cuts and Jobs Act of 2017 is poised to have a significant effect on income tax returns next year. "Overall ...


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Thanks to recent tax law changes, tax breaks may be a less significant factor for homeowners. Here are eight home ownership-related changes in the tax law ...


Up 'Schitt's Creek': A Hilarious Lesson On Tax Deductions  Forbes Now

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 ...


Paulin builds coalition to fight rules that undermine NY plan to circumvent Trump tax plan  The Journal News | LoHud.com

Assemblywoman Amy Paulin has forged a coalition of legal scholars, municipalities and state associations to oppose IRS regulations.


Your 2017 Tax Return Is Your Last Chance To Claim These 5 Tax Deductions  Forbes Now

If you haven't started working on your 2017 tax return, it's time to get going. The IRS started accepting the first tax return filings at the end of January.


How to get the best tax deductions if you have kids, home, student loans  Detroit Free Press

Frequently asked tax questions include: I've got kids, so why don't I qualify for a child tax credit? Should we file jointly or separately?


The Loss Of NY State Tax Deductions Is Making A Move To The Sunshine State More Attractive  Forbes Now

All tax legislation has winners and losers. Even if one buys into the canard that extraordinary economic growth makes everyone a “winner,” some always will fare ...


Are My Property Taxes Still Deductible in 2018?  The Motley Fool

The Tax Cuts and Jobs Act made some major changes to the deduction for property taxes. Here's what you need to know.


Connecticut Joins Lawsuit Fighting Cap On State And Local Tax Deductions  Hartford Courant

Connecticut is joining New York and two other states in a lawsuit challenging the federal tax law passed last year by Republicans in Congress and signed into ...


More than half of itemizers won't itemize tax deductions next year  KSDK.com

Thanks to Trump's tax plan, analysts expect the number of taxpayers claiming itemized deductions to decrease significantly. Learn how your mortgage interest ...


Madrid, Berlin and Paris set to lead prime property price growth in 2019  Property Wire

A proliferation of property market regulations, the rising cost of finance, uncertainty surrounding Brexit, and in some markets, a high volume of new prime supply, ...


I.R.S. Warns States Not to Circumvent State and Local Tax Cap  The New York Times

WASHINGTON — The Internal Revenue *Service* is preparing to crack down on states that try to circumvent a new limit on the state and local tax deduction, ...


Deadline Monday: Cuomo says act fast if you want to skirt the new federal tax deduction limits  Rochester Democrat and Chronicle

ALBANY - Gov. Andrew Cuomo is urging New Yorkers who want to maximize their tax deductions for next year to take advantage of two new charitable ...


New York Crafts Loophole to Protect Property Tax Deductions. But the I.R.S. Could Close It.  The New York Times

As many New Yorkers try to figure out how painful a hit they will take from the new federal cap on state and local tax deductions, the budget that passed in ...


You can’t deduct hobby-related expenses under the new tax law—but don’t give up hope  MarketWatch

Say you have an unincorporated sideline activity that you think of as a business. If your expenses from the activity exceed your revenues, you have a net loss.


China Drafts Proposal for Personal Income Tax Deductions  Caixin Global

*In a move to boost consumption, the central government has released a draft income tax deduction proposal, which, if enacted, could cut the income tax bills of ...


Smart tax planning: 4 quirky deductions that could save you money  USA TODAY

When it comes to tax deductions, it can pay to get creative. Qualifying expenses for an animal "employee" can be taken, so can items of value that are donated to ...


4 Tax Deductions to Take Right Now Before They Disappear for Good  Realtor.com News

When you file your taxes, now's your last chance to take advantage of certain tax deductions from the old tax code. Here are four that should not be missed.


Cuomo calls on Congress to protect SALT deductions  City & State

For over a century, state and local tax deductions have been enshrined in the federal tax code. But due to President Donald Trump's tax overhaul – the Tax Cuts ...


Republicans may scrap tax cuts' next phase after backlash on state and local tax deductions  Los Angeles Times

House Republicans had planned to use a second phase of tax cuts to force Democrats into a difficult vote ahead of the midterm election. Now party leaders may ...


6 tax deductions you can take without itemizing  CNN

Not looking to itemize on your taxes this year? No worries. These deductions are still on the table.


11 strange-but-true tax deductions  CBS News

Beer, body oil and breast implants have been declared allowable write-offs, under the right circumstances.


10 Tax Write-Offs You Shouldn't Overlook | Taxes  U.S. News & World Report

For those who still need to file their 2017 tax return, time is running short. However, in the final rush to finish up forms, you should be careful not to miss any ...


Be aware of changes to meal and entertainment tax deductions  Smart Business Network

With the recent changes to the tax law comes a change in the way meals and entertainment are deducted for tax purposes. “This impacts everybody in one form ...


Claim These Tax Deductions Even If You Don’t Itemize  Yahoo Finance UK

One of the biggest changes the new tax law brings is a near doubling of the standard deduction to $12000 on single returns, $18000 for head-of-household filers ...


RRIFs and income splitting in the year of death  MoneySense

Gloria's husband died recently. She's looking for clarification on what happens with his RRIF and if and how she can split income with him in his year of death.


The 3 top tax deductions for the average American  CNN

Knowing about key tax breaks is essential if you want to minimize your tax bill. There are many ways to cut your taxes, but a few key deductions typically offer the ...


As New Jersey sues over cap on local tax deductions, Congress keeps arguing  WHYY

The battle over what state and local tax deductions New Jersey homeowners can claim on federal taxes is now winding through the courts, but the debate is also ...


Tech firms surrender their crucial billion-dollar tax deductions  Accounting Today

Silicon Valley's favorite compensation strategy — paying top employees in stock rather than cash — just got more expensive.


Tax Cut Suspends Many Deductions For Individuals  Forbes Now

The Tax Cuts and Jobs Act suspended or trimmed several cherished tax deductions that individuals count on for savings. So, exactly how bad is it and what can ...


What Cannabis Entrepreneurs Should Know About Tax Section 280E  Forbes Now

Entrepreneurs, especially those in up-and-coming industries, need to tackle any potential and preventative issues head-on.


What Can You Deduct For Volunteering?  Forbes Now

Want to know what expenses from volunteering your can deduct? From mileage, to travel to fostering a pet, I cover the major deductions that volunteers may be ...


Preserve Tax Deductions by Using Donor-Advised Funds Strategically  MD Magazine

By bunching gifts, deductions may otherwise become lost because of the new tax law, but these funds also make it easier to give appreciated assets to charities.


Attention: 10 Essential Tax Deductions for Your Small Restaurant  Small Business Trends

As with most small business, restaurants are concerned with what they can write off to minimize the revenues that are taxed. To start, they should consider these ...


These tax breaks are vanishing. Grab them while you can  CNBC

If you're still waiting to turn in your 2017 tax return, take a moment to see if you qualify for these savings opportunities. They're about to go extinct.


Gov. Andrew Cuomo tax plan boosts full SALT deductions on state tax returns  The Journal News | LoHud.com

Gov. Andrew Cuomo's tax plan allows for full SALT deductions on state income tax returns.


7 Often-Missed Tax Deductions: Don't Overlook Them!  The Motley Fool

The recent tax overhaul is taking away some tax breaks, but you can still grab them for one last time -- and many others remain available for the future, ...





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