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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Tax deductions -- the greatest of these is charity
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Generosity and voluntary sacrifice on the human, local, level ought to be the primary form of helping the needy. Government ought to come in only as a backstop. (iStock by Getty Images). Recommended for You. Arts and humanities committee leaves hidden ...

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GOP to eliminate 'unfair' deductions | Local News ...
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WASHINGTON, D.C. – The chairman of the House Ways and Means Committee, which writes the nation's tax legislation, said last week Republicans are going ...
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GOP plans to eliminate 'unfair' tax deductions, loopholes in push to ...
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WASHINGTON — The chairman of the House Ways and Means Committee, which writes the nation's tax legislation, says Republicans are going after “unfair ...

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Ask Noel: how tax deductions for investment work
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Let's assume I borrow $100,000 against my property to buy shares. I understand that the interest on the loan will be tax deductible because the purpose of the loan was for investment. What is the position if I sell the shares in the future and use the ...

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Pensions & Investments

Tax reform efforts put retirement plans at risk
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... Defined Contribution Institutional Investment Association, Washington. While this latest tax reform effort might not be as dramatic as the 1986 overhaul that capped tax deductions for employee retirement contributions, negotiators will be looking ...

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Trump weighs slashing one of the most popular tax deductions
Yahoo Finance
The Trump administration is considering whether to end the mortgage-interest deduction, a widely-popular program that economists dislike for being expensive ...

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The Mercury News

How is commercial real estate taxation unfair to other investors?
The Mercury News
President Donald Trump announced his bid for the presidency during an event at his Trump Tower property in New York City on June 16, 2015. As a real estate mogul, Trump has benefited from favorable commercial real estate taxation rules.


College costs are soaring — 6 things parents need to know about 529 tax deductions
One major difference is that, unlike a 401(k), you can't get federal 529 tax deductions for your contributions to this account. Although a 401(k) or IRA offers the chance to save for retirement in pretax dollars, there's no correlating federal tax ...

Fifth Circuit Vacates Denial of Charitable Tax Deduction For Conservation Easements
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On August 11, the U.S. Court of Appeals for the Fifth Circuit decided the case of BC Ranch II, LP, et al., v. Commissioner of Internal Revenue, which involved charitable tax deductions based on the creation of conservation easements. After reviewing ...

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Some useful tax deductions
There are popular tax deductions under the provisions of Income Tax Act under sections such as 80C, 80D, Section 24, among others. But there are some tax deductions that not many taxpayers are aware of, but these deductions can help save a good ...

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