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 Wouldnt 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, Im going to introduce you to the financial vehicle that youve 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 Landlords Wallet

Is it time to stop filling your Landlords 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 cant 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

NCAs 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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""tax deductions"" - Google News
Cat food and tanning oil? 6 outrageous tax deductions the IRS approved  USA TODAY

Many Americans get creative with deductions to reduce their tax bill. Here are six the IRS approved and four that didn't pass the smell test.

How to Get More Tax Deductions in 2019  Motley Fool

One simple thing can get you a lot more in tax breaks.

Mortgage interest and tax deductions for homeowners  Military Times

Whether you're a first-time homebuyer, a renter looking to make a purchase, or a happy homeowner, you'll want to familiarize yourself with how your mortgage ...

7 Tax Deductions You Should Know About  The Motley Fool

Did you claim everything you could on your tax return?

10 Easy-to-Miss Income Tax Deductions

Often, taxpayers choose the standard deduction assuming that itemized deductions and other deductions would be less beneficial. This feeling is even stronger ...

Should I Itemize My Tax Deductions or Take the Standard Deduction?  The Motley Fool

One of the biggest decisions you have to make when filing your taxes is whether you're going to itemize your deductions or take the standard deduction.

Hints from Heloise: Should there be tax deductions for children?  Foster's Daily Democrat

Dear Readers: Today's Sound Off is about tax deductions. -- Heloise"Dear Heloise: Why are there tax deductions for children? I love kids, but I find it blatantly ...

The tax deductions you need to know if you're self-employed  Yahoo Finance

We're deep into tax season and Yahoo Finance is answering your tax questions as we reach the April 15 deadline. For taxpayers who are self-employed, taxes ...

Last Minute Tax Deductions for Homeowners

Watch the video to learn important tax deductions for homeowners. This is an excerpt from TheStreet's FREE WEBINAR with TurboTax.

HSAs Offer Another Path to Tax Deductions

Christine Benz spotlights attractive HSA features to remember before the tax-filing deadline.

IRS to ask for more info about divorce and separation on 1040  Accounting Today

The Internal Revenue *Service* plans to add a question to Schedule 1 of the Form 1040 asking taxpayers who claim a deduction for paying alimony to provide the ...

How to avoid missing out on tax deductions even if you're missing receipts  Yahoo Finance

Tax season, even in 2019, tests whether you've held onto bits of paper. The W-2 is the biggie, as is the 1099 for freelancers. Even more elusive are the ...

4 things you might not know about the new tax law  CNBC

If you're having trouble getting a handle on the Tax Cuts and Jobs Act, the overhaul of the U.S. tax code passed in 2017, you're not alone. As many as 8 out of 10 ...

Tax Deductions That May Surprise You  Brit + Co

Filing your taxes might give you anxiety, but online tools and programs have made it easier than ever to zip through the process while earning you your ...

Trump tax cuts helped rich people in GOP states more than in Democrat states  CNBC

President Trump's landmark tax legislation will benefit rich households in red states more than those in blue states, a new study finds.

Top 7 Tax Deductions And Credits That People Forget

Tax season is almost over. Have you filed your return yet, or are you still scrambling to beat the April 15 deadline for 2019? Don't overlook these common tax ...

Casey, Lamb unveil bills restoring tax deductions for workers  The Times

MOON TWP. — U.S. Sen. Bob Casey and U.S. Rep. Conor Lamb had strong words for the Republican tax-cut plan's impact on the middle class during a visit to a ...

FREE WEBINAR: TheStreet and TurboTax on the Top Overlooked Tax Deductions  TheStreet

Tax Day is just around the corner, but TheStreet has you covered. We've teamed up with TurboTax for a free live webinar on The Most Overlooked Tax ...

Why Child Tax Credits Are Better Than Deductions

There's a new child tax credit parents should keep in mind as they prepare for tax-time.

Tax credits, deductions we may have overlooked for 2018 filing season

This is one of the most complex tax seasons in years.

7 Last-Minute Tax Tips to Lower Your 2018 Bill  U.S. News & World Report

There's still time to reduce your tax bill by making Roth IRA contributions and taking advantage of tax breaks like the child tax credit.

IRS to ask for more information about divorce and separation agreements on 1040  Tax Pro Today

The Internal Revenue *Service* plans to add a question to Schedule 1 of the Form 1040 asking taxpayers who claim a deduction for paying alimony to provide the ...

Supreme Court Won't Hear Case on Inflated Tax Deductions  Bloomberg Tax

The Supreme Court won't review a 2017 U.S. Tax Court case involving exaggerated tax deductions, it said April 15.

‘The federal government really jacked us’: How Trump’s tax cuts are working out for Californians  CALmatters

As the Golden State approaches its first Tax Day without unlimited state and local tax deductions, the lost tax break is Topic A among Californians.

Trump's tax law, which capped your property tax deductions, remains unpopular with Americans, poll says

Almost half of Americans disapproved of the Republican tax law that capped the federal deduction for state and local taxes.

Some Connecticut residents leaving the state, but the new federal tax law is not the reason, research suggests  Hartford Courant

Connecticut residents have brushed off the effects of a federal tax law capping state and local tax deductions, staying put and not fleeing for lower-tax states, ...

Cuomo's claim not the case for most NY taxpayers  PolitiFact

Gov. Andrew Cuomo's complaints about a provision in the 2017 federal tax law have intensified in recent months. The provision caps the federal deduction for ...

Better Money Habits: 8 tax deductions, credits to save you more money

Tax season may not be your favorite time of year, but it could be more rewarding if you know the right strategies. You may be leaving money on the table in ...

Salma Hayek says her husband Francois-Henri Pinault won't claim tax credit for $113 million donation to Notre Dame repair  CNN

Actress Salma Hayek lavished praise on her husband's family for their generous donation to rebuild Paris' Notre Dame Cathedral -- and clarified that they won't ...

No Jury Trial For Atty Accused Of Running $35M Tax Scheme  Law360

A Florida federal judge on Monday denied an attorney's demand for a jury trial and several defenses he raised against claims that he ran an illegal ...

NJ congressman wants to get rid of cap on tax deductions  News 12 New Jersey

A New Jersey congressman wants to make a change to the tax law.

Watch out for Notre Dame donation scams  MarketWatch

The FTC shares tips for donors to avoid scam crowdfunding sites and robocalls.

Prime Lending: Your Mortgage & Tax Deductions  KATU

It's April 15, and that means Tax Returns are DUE for all of us. Did you get all the write – offs you hoped for? How about your mortgage interest? Prime Lending ...

A dozen tax deductions for domain investors  Domain Name Wire

Domain investors may be able to deduct these expenses associated with their business. Image with word Tax and Tax Deductions for domain investors. U.S. tax ...

Donors have pledged nearly a billion euros to restore Notre Dame. You may not want to thank them.  Washington Post

The shock and mourning sparked by Monday's devastating fire at Notre Dame Cathedral is quickly giving way to a determined philanthropic effort, solicited by ...

Leaving High-Tax Connecticut for Low-Tax Florida  Cato Institute

The exodus of the wealthy from high-tax Connecticut continues, according to the Wall Street Journal: After four years on the market, and three price cuts, a stately ...

Small Business Tax Deductions You Should Know About  Business 2 Community

2019 continues the new tax regime passed two years ago that proved so friendly to business. The corporate tax rate now tops out at 21 percent. While that's ...

Tax law changes lead to shock, surprise at filing time in Boulder County  Boulder Daily Camera

Changes to remember. Among the tax law changes important for tax filers to remember are: • The standard deduction increased to $12,000 for singles, $18,000 ...

Garner: Income tax returns are a bureaucrat's dream, a citizen's nightmare  Ottawa Citizen

In 1960, I filed my first income tax return – a simple-six page document. After calculating federal tax, I added 49 per cent of that for the province. It took less than ...

News Better Business Bureau hosting free shred day this weekend in Meridian 8:47 AM, Apr  6 On Your Side

If you're looking for a way to get rid of personal documents post-tax season, the Better Business Bureau is getting ready to host a free shred day event this ...

Here's How Much You Make On $200,000 Income 'After Taxes' In All 50 States  Forbes

Are you contemplating a move to another state? You'll want to consider the tax implications of making the move. Some states take a bigger chunk of your income ...

Prices for mega-mansions in Miami Beach surge 61%  HousingWire

The median price of a single-family home in the luxury segment of Miami Beach's real estate market soared 61% in the first quarter, compared to a year ago, ...

Sales of the cheapest and swankiest homes are tanking, but for very different reasons  CNBC

Sales of existing homes were weaker than expected in March. But behind the headline numbers, an even more disconcerting dynamic is playing out. Both the ...

Support for tax deduction urged, good for agriculture  Great Falls Tribune

Farm and ranch owners are urging their Congressional delegations to support S. 1149, which is sponsored by Sen. Steve Daines.

Taxing thoughts: Document those tax deductions  The Cherokeean Herald

When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expense is a must. Here are some typical areas that ...

Beto O'Rourke reported income topping $370K in 2017 tax return  Accounting Today

Democratic presidential candidate Beto O'Rourke released a decade's worth of tax returns showing that in 2017, he and his wife Amy made $370,412 from his ...

Late Tax Returns Affect Retailers Counting on a Shopping Boost  Apparel News

The U.S. economy is expected to cruise along at a moderate speed this year after whizzing past the speed limit last year.

Would a side hustle suit? Top ways for nurses to make extra money  Atlanta Journal Constitution

Thinking of taking on a side hustle while continuing your nurse job? Here's what to consider in your pursuit for extra green.

Riding in the rain - News from southeastern Connecticut

A bicyclist, who wished not to be named, attempts to use an umbrella to stay dry as he moves along Water Street in New London on Monday.

Self-employed? Don't forget to claim these tax deductions  WCBI

Taxes can put a big dent in your income, but you can offset that pain by taking advantage of these deductions. Report a Typo. SHARE. Facebook · Twitter ...

Varner: Thoughts on taxes, tax season and the Dow  Bloomington Pantagraph

It is that time of year again, when many us of us send off 20% or more of our hard earned dollars back east and another substantial hunk to Springfield.

Trump tax act's Opportunity Zones come knocking, but to whose benefit?  Nevada Current

A Trump administration tax break designed to spur investment by the affluent in low-income neighborhoods may be rewarding investors for infusing their money ...

4 Tax Strategies That Could Make a Divorce Settlement Easier  The New York Times

Divorce negotiations are never easy, and they became more complicated this year, thanks to the tax overhaul. Here are four tips for taxpayers to consider.

Director of Pinault Collection proposes controversial 90% tax breaks for Notre Dame donors  Art Newspaper

But Pinault family says it is not seeking tax relief for its €100m donation towards the reconstruction effort.

US Tax Day 2019: Sixty giant corporations pay zero income tax  World Socialist Web Site

Dozens of giant US corporations, including 60 of the Fortune 500, used deductions, credits and other tax loopholes to avoid paying any federal income tax for ...

Here's who's winning under Trump's tax law  WDIV ClickOnDetroit

Tax day isn't until Monday, but there have already been some surprises for Americans filing their first income tax returns under President Donald Trump's 2017 ...

You Can't Stop the Wind. But These Folks Are Trying Anyway.  Natural Resources Defense Council

It's really something, the lengths to which the oil and gas industry is going to try and stop renewables from gaining even more ground in the energy game. And as ...

Best HR outsourcing of 2019  TechRadar

Free up valuable business time with our top picks for the best HR outsourcing.

As Rich Lavish Cash on Notre-Dame, Many Ask: What About the Needy?  The New York Times

The spectacle of billionaires trying to one-up each other quickly intensified resentments over inequality that have animated the Yellow Vest movement.

'Sad day for our city': Former Baltimore Police chief De Sousa sentenced to federal prison for tax fraud  Baltimore Sun

Saying she wanted to deter other tax-cheating cops, U.S. District Judge Catherine Blake sentenced former Baltimore Police Commissioner Darryl De Sousa on ...

5 weird tax deductions the IRS has allowed  CNBC

A private jet, your pet's expenses and even breast implants might be eligible for a tax write-off — under the right circumstances. Here are five cases in which the ...

Letters to the Editor for April 20, 2019  Nevada Appeal

Abolish minimum wageThe government has no business setting a minimum wage. Wages should be controlled by supply and demand. There are many ...

French Titans’ Pledges to Notre-Dame Pass €850 Million  The New York Times

The Arnault and Pinault families were among those who said they would devote resources and skills to the restoration of the cathedral, a symbol of French ...

TurboTax experts share their favorite tax tips for tax day  AOL

If taxes aren't your definition of fun, check out some favorite tax tips straight from our very own TurboTax experts.

Can taxing the rich pay for Bernie Sanders' Medicare for All plan?  CNN

Vermont Sen. Bernie Sanders is not hiding the fact that everyone's taxes would go up under his "Medicare for All" plan, though the rich would be hit with several ...

Here are 5 quirky deductions you may not know about that can help lower your taxes  CNBC

If you are looking for a way to pay less to the IRS, think outside the box when it comes to deductions.

Tax Dodgers Inc.  Huntsville Item

How thrilling was Tax Day for you? I refer, of course, to the thrill that you and all of America's middle-class families must have experienced when you tallied your ...

Lower Mortgage Rates No Relief for US Home Sales  WOLF STREET

Across the US, hot and cold housing markets all thrown into one bucket: Sales of “existing homes” (single-family houses, townhouses, condos, and co-ops) in ...

Know These 7 Above-the-Line Tax Deductions | Taxes  U.S News & World Report Money

Taxpayers can take these deductions, including deductions for student loan interest, IRA contributions and HSA contributions, even if they don't itemize on their ...

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 ...

Ready, Set, File! Seven Tax Deductions You Can Take Even If You Don't Itemize  Forbes

This year, filing returns may prove a little more complex than in years past due to the many changes brought about by the TCJA. Consider starting earlier this ...

Your 2019 Guide to Tax Deductions  Yahoo! Finance News

Here are all of the tax deductions still available to American households and the requirements for claiming each one.

Is It Better To Buy A Home With Cash Or A Mortgage?  Forbes

Should you use the proceeds from the sale of your old home to buy your new house? Although living mortgage-free may be tempting, you might be better off ...

8 Tax Deductions You Can Still Claim on Your 2018 Taxes  U.S News & World Report Money

Tax deductions are a great way to lower (or in some cases, eliminate) your taxable income, which can help keep more money in your pocket at tax time. With the ...

Tax Fraud Blotter: For whom the Pell tolls  Accounting Today

Two decades and tens of millions; bank error; dirty deal; and other highlights of recent tax cases.

8 Tax Deductions Eliminated (or Reduced) Under the New Tax Law  Kiplinger's Personal Finance

You could end up paying more in taxes on your next return because some popular deductions were killed or cut.

Capital Works and Tax Deductions for Rental Property Owners Are A Must Says Financial Expert Matthew Mousa  High Tech Deck

Capital Works Deductions are ways of recouping some of the expenses incurred during certain types of construction done at rental income properties, says ...

6 Small Business Tax Deductions | Taxes  U.S. News & World Report

Small business owners looking to reduce their tax burden can take advantage of several money-saving deductions. These include existing deductions, such as ...

5 unexpected tax breaks you can claim on your tax return  Business Insider

There are several legitimate ways to pay less taxes. Under-the-radar tax breaks include deductions for jury duty and bringing your pet to work.

Taxpayers Get Thousands Back From These 9 Tax Deductions  Yahoo! Finance News

The move to nearly double the size of the standard deduction has made taxes a lot easier for many Americans — a report from the Joint Committee on Taxation ...

Best PEO services of 2019  TechRadar

Get the administrative side of your business under control with our top picks for the best PEO services.

Take Advantage of These 16 Commonly Missed Tax Deductions  Entrepreneur

Don't miss out on these lesser-known tax deductions.

Tax deductions that disappeared in 2018

The Tax Cuts and Jobs Act of 2017 made several significant changes to the way individuals and businesses will file their taxes in the years to come. This tax ...

Family finances: Disappearing tax deductions  Chicago Tribune

As you prepare your tax return, you may find that some deductions you used to count on are no longer available, thanks to the federal tax overhaul passed in.

My tax return 2019: Claim these tax deductions – even if you can't itemize your federal tax return  CBS News

Also known as "above the line deductions," these special provisions can be big money-savers.

11 tax deductions every independent contractor should know about  Business Insider

Independent contractors can use these tax deductions to reduce the amount they owe this tax season, according to CPA and CFP Harvey I. Bezozi.

Turn back time and get some tax deductions you may have missed out on  MarketWatch

Here's how to claim tax breaks you overlooked or forgot on an old tax return.

These popular tax deductions are still worth claiming  CBS News

The new tax law put significant limits on many deductions, but that doesn't mean you should ignore them.

Here are 6 tax breaks you'll lose on your 2018 return  CNBC

Here's some bad news for receipt hoarders: You might not be able to take a tax break for those additional expenses you incurred last year. The Tax Cuts and ...

Bill allows for double dipping on tax deductions  Arizona Capitol Times

Hoping to help charities fearing changes in federal tax laws, a House panel voted Wednesday to let Arizona residents take both the standard deduction on state.

5 Little-Known Tax Deductions and Credits You Don't Want to Miss  The Motley Fool

Claiming these under-the-radar deductions and credits could net you a larger tax refund or a smaller tax bill.

10 things you probably didn't know you could deduct on your taxes  Business Insider

What deductions are you missing when filing your tax return? Here are 10 that are often overlooked ahead of tax day 2019.

Tax credits vs. tax deductions: What’s the difference?

While both tax credits and deductions can reduce the amount you owe to the federal government in taxes, they don't operate exactly the same. Here's which is ...

All the New Tax Deductions and Changes You to Know  Fatherly

In this edition of "Bank of Dad", our columnist explains the most important updates to know about 2019 taxes as well as what tax deductions parents specifically ...

These Are the Coolest Tax Deductions You're Missing Out On  Entrepreneur

Hepcats across the country are getting ready for one of the most square activities out there: filing taxes. But, don't worry: You can still keep your sense of style ...

NPS Benefits: Know all about National Pension Scheme Tax Benefits and Tax Saving Schemes  The Indian Express

NPS Scheme Benefits, National Pension Scheme Tax Benefits and Tax Saving Scheme: Any individual, who avails the NPS, can claim a deduction in tax up to ...

Tax Deductions 2018: 42 Tax Write-Offs You May Not Know About  Entrepreneur

You might not want to hear this, but it's already time to start thinking about tax preparation. Although April feels far away, the earlier you begin planning your tax ...

The 6 Best Tax Deductions for 2019  The Motley Fool

If you have a big heart or are saving for retirement, you may be able to shrink your tax bill with deductions. See which of these six key tax deductions you can ...

9 tax deductions individuals can no longer claim for their 2018 taxes  CBS News

Don't count on these popular deductions to reduce your tax bill this year – they're gone as part of broader tax cuts.

Tax time: End of popular deductions may shock small-business owners  Chicago Tribune

As small-business owners compile their income tax returns, they may have an unpleasant surprise — some popular business deductions have disappeared or ...

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