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.

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The home office deduction is no longer a red flag. Countless taxpayers run businesses from home, and the IRS understands this. Employees can exclude ...

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Pre-tax deductions can cover a host of expenses, including retirement accounts, health insurance and some daily commute expenses. Here are a few useful tips ...

State and local tax cap rollback included in year-end tax talks  Roll Call

A senior House Ways and Means Democrat said Wednesday that a full, though temporary, elimination of the current $10,000 cap on annual state and local tax ...

The case against tax deductions  Axios

Tax deductions are easier to create than they are to abolish, and they're hugely expensive.

Dutch government to trim multinational tax deductions: NOS  Reuters

AMSTERDAM (Reuters) - The Dutch government will get rid of certain deductions for multinational companies in 2021, leading to 250 million euros in extra tax ...

Sep 3 Jon Dawson: Tax deductions and bubblegum shoes  Neuse News

Jon Dawson's kids go back to school while others make shoes out of recycled gum.

'Clearly a game.' Opioid lawsuit settlements appear aimed at giving tax breaks to drug firms, experts say  USA TODAY

Politicians tout settlements with pharmaceutical companies over the opioid epidemic. But those payments may be used to reduce the companies' taxes.

Hearing on hate  Politico

With help from Aaron Lorenzo. Editor's Note: This edition of Morning Tax is published weekdays at 10 a.m. POLITICO Pro Tax subscribers hold exclusive early ...

California Pot Businesses Could Get State Tax Deductions  Bloomberg Tax

Cannabis business owners would be able to deduct expenses on their California income tax returns under a bill headed to Gov. Gavin Newsom (D).

Calif. Senate OKs Bill Nixing 'Varsity Blues' Tax Deductions  Law360

California residents involved in the "Varsity Blues" college admissions scandal would be prohibited from receiving income and corporate tax benefits from ...

Self-Employment Tax Basics and How to Calculate It in 2019  NerdWallet

If you're a freelancer, independent contractor or small-business owner, you may need to pay self-employment tax. Here's what it is, how it works and how you ...

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Assume, for the sake of argument, that you believe the wealthiest Americans are undertaxed. And you are desperately seeking new revenue to pay for your ...

Debt, Federal Tax Policy Caused Mendham Township Fiscal Woes

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The First Amendment and Tax Exemptions for "Hate" Groups  Reason

Just testified this morning before the House Ways & Means Committee Oversight Subcommittee about this.

Trump moves haphazardly toward Tax Cuts 2.0  Washington Examiner

President Trump is putting together a proposal for a second round of tax cuts to fortify his reelection platform, but the effort is coming together only hesitatingly ...

US Mortgage Interest Tax Deductions Plummeted in 2018  24/7 Wall St.

Homeownership in the United States is complicated. On the one hand, it has been inextricably linked with the American Dream. On the other hand, it has offered ...

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Tax reform is little more than a memory and yet the effects will last for years to come. Now, taxpayers must understand the changes and plan their financial lives, ...

Buying a home this year? Claim extra tax deduction of Rs 1.5 lakh  Business Today

Taxpayers hardly received any benefit from the Union Budget 2019 except an additional tax break of Rs 1.5 lakh on interest paid by homebuyers under Section ...

Should we pay off our mortgage early if we can afford it?

There can be good reasons to keep a mortgage, even into retirement.

Democrats Considering Bill to Repeal SALT Cap Temporarily  Bloomberg Tax

Rep. Bill Pascrell (D-N.J.) said a compromise bill being drafted by House Democrats may not call for permanent repeal of the $10000 cap on state and local tax ...

El Paso Electric bond credit rating gets a downgrade from Moody's  El Paso Times

Moody's Investors Services downgrades El Paso Electric credit rating on $1.2B of bond debt as shareholders set to vote on sale of company.

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Saving for the future and planning for retirement can be extremely daunting. You might feel frozen and unable to do everything you want to improve your ...

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Central Park Tower is not just a new building – it's a statement. Topping off at 1550 feet, with 131 floors, it will be the tallest residential building in the world.

Granite Status: After Lewandowski testimony, New Hampshire Democrats pile on  The Union Leader

After Corey Lewandowski's testimony before the House Judiciary Committee Tuesday, the state Democratic party wasted no time attacking the potential U.S. ...

Tax deductions for the self-employed  CBS News

Taxes can put a big dent in your income, but you can offset that pain by taking advantage of these deductions.

Luke Davis: More and more, taxes affect where people live

After our second big win on Sunday, Chiefs mania has clearly taken over the city.One last-minute addition who I think could end up playing a huge role in us ...

The Case for Ending Income Tax Itemization of Deductions  Economics21

For decades, many economists have argued that itemized tax deductions complicate the individual income tax code, overly benefit the rich, and distort economic ...

Change to vacant land tax rule could cost property owners  The Australian Financial Review

Moves to end tax deductions associated with the cost of holding vacant land could leave property owners and primary producers worse off.

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.

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

Here's a way to chop down your tax bill: Focus on about a dozen things you can claim that lower your income dollar-for-dollar. These special deductions are ...

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.

Government slashes corporate tax to 25.17 % for domestic companies  Times of India

India Business News: In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17% inclusive of all cess and surcharges for ...

Former Biden Chief of Staff is Fox News' Top Lobbyist  Sludge

When Rupert Murdoch sold part of his 21st Century Fox company to Disney, he formed a new firm, Fox Corporation, which retained the rightwing news network ...

9 Tax Deductions That Are Gone In 2018 (And What To Claim Instead)  HuffPost

President Donald Trump's tax plan eliminated several valuable deductions, but not all of them.

Catholic Central High School unveils new business center  Troy Record

TROY, N.Y. — Catholic Central High School unveiled its brand new Troy Savings Bank Charitable Foundation Center for Business Excellence on Thursday ...

After tax fraud allegations, conservation land trusts under scrutiny  UPI News

Sept. 11 (UPI) -- An investigation by the Senate Finance Committee and a new law proposed in Congress aim to clean up the tax code for agreements with land ...

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.

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 ...

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 ...

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 ...

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 ...

Your 2019 Guide to Tax Deductions  The Motley Fool

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

Farmland owners face their own 'negative gearing' tax hit  The Australian Financial Review

New laws will put leased farmland under the definition of 'vacant land' and owners will no longer be able to deduct holding costs.

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 ...

Tax deductions that disappeared in 2018

For starters, the Tax Cuts and Jobs Act (TCJA) eliminates the need for millions of households to itemize their deductions.

The Most Forgotten Tax Deductions Business Owners Should Take  Entrepreneur

The most underused write-offs and tax deduction strategies entrepreneurs should consider.

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

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RAMALLAH, Sept. 19 (Xinhua) -- Palestinian Prime Minister Mohammad Ishtaye has said that it is unlikely to resume the peace talks with Israel after the ...

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

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Construction begins at Pine Street Park in Medina  The Daily News Online

MEDINA — Construction on the playground and splash pad at Pine Street Park has begun earlier this week. According to Medina Mayor Mike Sidari, the ...

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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 ...

GUEST COMMENTARY: Indiana taxpayers no longer "making it rain" in California

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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.

Forgotten tax deductions many business owners should take: Tax Strategy Scan  Financial Planning

Our weekly roundup of tax-related investment strategies and news your clients may be thinking about. The most forgotten tax deductions business owners ...

Mortgage interest and tax deductions for homeowners  Military Times

What mortgage interest and tax deductions are available to you and your family? Whether you're a first-time homebuyer or a happy homeowner, you'll want to ...

Apple CFO Luca Maestri to Lead Challenge Against Irish Tax Ruling in Luxembourg Court This Week  MacRumors

Apple this week is set to challenge the European Commission's order to repay 13 billion euros in Irish back taxes, according to Reuters. ...

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.

21 Essential Small Business Tax Deductions and How to Claim Them  Architectural Digest

Bookmark AD PRO's top selection of small business tax deductions, and work with your accountant to claim them come tax season.

The remaking of Notre-Dame  Financial Times

Big battles over the cathedral's reconstruction are looming. Can the French unite to secure its future?

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.

Bill Gates: ‘I Don’t See Anything Worthy of the Word Plan’ to Fight Climate Change  New York Magazine

On September 17, the Bill and Melinda Gates Foundation released its “Goalkeepers” report — a status update measuring progress toward the U.N.'s ...

Lost these tax breaks on your federal return? Your state might let you have them  CNBC

Late filers: Don't shred those receipts just yet. You might be able to nab a break on your state tax return. We are closing in on the final days of the 2018 filing ...

Editorial: Surviving climate change means an end to burning fossil fuels. Prepare yourself for sacrifices  Los Angeles Times

We know what's necessary to mitigate the worst of global warming, but it will require vast and expensive changes. We have no choice but to forge ahead ...

Argentina defreezes fuel price meaning 4% increase at pumps  MercoPress

Effective this Thursday, the government of Argentina agreed to defreeze the price of fuel and thus authorize a 4 percent increase after yielding to pressure from ...

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 ...

New tax deduction cap could turn big refund into big tax bill  Detroit Free Press

The big tax question of the year: Will you get a super-sized refund or suddenly discover that you're going to end up writing one monster check? No one really ...

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Putting aside our differences in politics, we've all come to count on our first responders and the services they provide as a 'given.' We know that if, in that ...

Prosperity & Philanthropy  Commonweal

Big business has a growing public relations problem. But the whims of wealthy philanthropists alone cannot bring about the economic justice envisioned by the ...

Taxes: How to Maximize Your Deductions  Zing! Blog by Quicken Loans

Whether you have an employer or are a self-employed freelancer, here's how to bolster your tax deductions and decrease what you owe Uncle Sam.

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 ...

IRS allows tech tax deductions  Komando

You can use this tech to make sure you get the most on your deductions with the IRS for taxes this season.

Take Advantage of These 16 Commonly Missed Tax Deductions  Entrepreneur

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

The 8 Most Common 2019 Tax Return Questions, Answered by Experts  The New York Times

The most important changes to the tax code in decades have taken effect — and filers are confused. We asked C.P.A.s and other tax-prep pros to simplify things.

3 Tax-Deductible Investment Expenses You Should Take | Investing 101  U.S. News & World Report

Investors who are filing their 2018 tax return may be able to claim one of these deductions.

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.

Amendments to new rules on taxation of hybrid capital instruments  Accountancy Daily

17 Sep 2019. Pat Sweet. The government has published details of amendments to new rules on the taxation of hybrid capital instruments, which are designed to ...

How to Know If You Qualify for Small Business Tax Deductions This Year  Inc.

Millions of small business owners will be in uncharted waters this tax season as they try to determine if they qualify for a deduction that could exempt one-fifth of ...

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 ...

Should I Itemize My Tax Deductions or Take the Standard Deduction?  Fox Business

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.

PANC 2019: Building the Next Generation of Advisers

In “Building the Next Generation of Advisers,” on Day Two of the PLANADVISER National Conference (PANC), panelists broached a key and timely topic: how to ...

Rev up your calculators: What you need to file your 2018 taxes  CNBC

Uncle Sam will start taking your tax returns on Monday, Jan. 28. It's a hectic time: Filers are grappling with a new tax code. Here's how to simplify the process.

These New Deductions Can Get You Your Biggest Refund This Tax Season  Refinery29

These important tax deductions and exemptions to keep in mind so that you can make sure you get the refund you deserve this year.

Tax Deductions That Disappeared This Year  Yahoo Finance

Touted as the largest tax overhaul in 30 years, the law could be a mixed bag for many households as it increases the standard deduction and child tax credit, but ...

All the New Tax Deductions and Changes You to Know  Fatherly

The new 2019 tax laws have a number of changes that I really don't understand. What are the most important ones, and how will they affect how I file my taxes?

Should I itemize or take the standard tax deduction? A calculator to help decide  MarketWatch

The Tax Cuts and Jobs Act pretty much doubled the standardized deduction, which means for millions of people, itemizing no longer makes sense. As this is the.

Tesla Sales Promotions Include Model 3 Ahead Of Quarter-End - What Deals To Expect  Torque News

As the fiscal quarter nears its end, Tesla is offering special deals on vehicles including the Model 3.

How to Get More Tax Deductions in 2019  Motley Fool

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

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.

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 ...

Leaving Money On The Table: The Most Commonly Missed Tax Deductions For Small Businesses  Forbes

Small business owner? Here are some deductions you may be missing.

2018 tax deductions: 9 breaks you can no longer claim when filing income taxes  CBS News

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

SALT Deduction Cap Testimony: Impact of Limiting the SALT Deduction  Tax Foundation

Nicole Kaeding, Vice President of Federal and Special Projects at the Tax Foundation, testifies before the House Ways and Means Select Revenue Measures ...

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 ...

Tax pros offer advice on coping with SALT tax deduction caps  MarketWatch

More of your income could be taxable this year if you paid a lot of state and local taxes in the past.

TCJA Tax Reform Transaction Tax Deduction Value  The National Law Review

enactment of Tax Cuts and Jobs Act TCJA, impacted value that parties ascribe to Transaction Tax Deductions and parties' negotiation of any COrporate Target ...

‘Walk n’ Roll’ fundraiser to help find cure for ataxia set for Sept. 22 in Lakewood

The 2019 Northeast Ohio Walk n' Roll to Cure Ataxia will be held Sept. 22 in Lakewood. Ataxia is a rare disease that affects one's muscle control and speech.

Is That Snake A Write-Off? Inside the World of Rock Star Tax Deductions  Billboard

A pop singer's sequined outfit is more than a stage costume -- it's a tax deduction, too. The same goes for a rock band's stage pyro -- not to mention wages paid ...

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 ...

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 ...

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