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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""tax deductions"" - Google News
6 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.


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.


Tax deductions we overlook the most  Mountaintimes

Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail.


Tax deductions that disappeared in 2018  Bankrate.com

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 ...


9 things you didn't know were tax deductions  AOL

Few realizations are more painful than realizing that you forgot to include a tax deduction that would have increased your tax refund on your tax return.


15 tax deductions to remember if you are self-employed  cleveland.com

Are you self-employed and worried about your tax savings? Consider the 15 tax deductions that the Tax Cuts and Jobs Act retained for self-employment.


9 tax deductions individuals can no longer claim for their 2018 taxes  EverythingLubbock.com

NEW YORK (CBS MONEYWATCH) - The Tax Cuts and Jobs Act gave taxpayers lower tax rates on more of their income, nearly doubled the standard deduction, ...


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.


How Big Will Your Tax Refund Be This Year?  Forbes

Are you going to be pissed after seeing how small your tax refund might be under the new Trump Tax Plan? Are you dreaming of a big tax refund for 2018?


Newspapers review: Palestinian efforts to offset tax deductions focus of dailies  WAFA - Palestine News Agency

RAMALLAH, Friday, February 22, 2019 (WAFA) – The Palestinian government's efforts to offset the recent the deduction by Israel of $138 million from 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 ...


14 expenses you shouldn't claim as tax deductions  AOL

f you are thinking of padding your federal tax return by deducting these expenses, think again.


Tax refunds lower for many after major changes to tax deductions  WDRB

Click here to view this video from wdrb.com.


Should the tax deductions be restored?  WFSB

Millions of people either received significantly less money in their tax returns or had to pay more as a result President Trump's tax act from 2017. Should the ...


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 ...


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 ...


Oregon lawmaker wants tax deduction for those who adopt shelter cats, dogs  Statesman Journal

A bill would allow individuals to subtract up to $200 per year for costs to adopt a shelter pet.


Did tax law change how Americans give to charities?  The Gazette

When the Tax Cuts and Jobs Act of 2017 reduced the incentive to claim tax deductions on charitable giving, there was widespread fear that philanthropic ...


Tax deductions: 9 commonly overlooked tax write-offs  cleveland.com

For the 2018 tax year, fewer of us will itemize, but you should consider these commonly overlooked tax deductions that could bring you a healthy refund.


Don't miss out on these tax deductions from your business credit card  MarketWatch

Nearly every fee you pay on your business credit card can be written off.


Letter: Tax changes not as promised  The Columbian

I am paying thousands more in taxes this year as I met the $10000 limit quickly filing to federal taxes.


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

Political gridlock notwithstanding, here's one thing you can count on: The start of tax season. The IRS has said it will begin receiving your 2018 tax returns on ...


NJ congressman pushes bill to restore full state and local tax deductions — 'We can't accept this'  CNBC

Federal lawmakers from New Jersey are trying to restore the full deduction for state and local taxes. Rep. Bill Pascrell told CNBC on Thursday he and fellow ...


How seniors can still get charitable tax deductions  Los Altos Town Crier

As a result of the passage of the Tax Cuts and Jobs Act in 2017, taxpayers – especially in California – may find themselves losing some of the deductions they ...


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.


Will tax cap deductions be revisited? No time soon  Asheboro Courier Tribune

WASHINGTON — President Donald Trump again indicated this week that he might be open to revisiting the new limit on state and local tax deductions that hits ...


Itemized deductions: What they are and how they can slash your tax bill  Tampa Bay Times

Itemizing is a way to pick and choose your tax deductions. Here's how it works and how to tell if it's for you.


What you need for tax deductions  Kotatv

Itemizing your deductions can maximize your tax savings, but here's what you need to do first to get the most bang for your buck.


Bill would end tax deductions for gambling losses, use savings on Arkansas highways  KATV

Two Arkansas lawmakers have proposed eliminating income tax deductions for gambling losses and using the savings to fund state highway projects. House ...


New York's Cuomo Vows to Keep State, Local Tax Fight Alive  Bloomberg

New York Governor Andrew Cuomo is rallying a team of governors from fellow high-tax states to push Congress to repeal the cap on deductions for state and ...


Tax deductions that disappeared under new tax law  KHOU.com

It you usually itemize your taxes, you should know that several popular deductions are gone.


How To Choose The Right Tax Filing Status  Forbes

Which tax filing status should you use? Are you head of household? Single? Married Filing Separately? Or Married Filing Jointly? Understanding the various tax ...


Did the 2017 tax law change the way Americans give to charities? Here's what early data show  The Keene Sentinel

When the Tax Cuts and Jobs Act of 2017 reduced the incentive to claim tax deductions on charitable giving, there was widespread fear that philanthropic ...


Top Senate tax writer says GOP will not tweak state and local deduction limits  CNBC

Americans hoping to get full state and local tax deductibility back will have to wait. Senate Finance Committee Chairman Chuck Grassley will not tweak the new ...


8 Small Business Tax Deductions That You Can’t Afford Not to Take Advantage Of  Business 2 Community

The best way to ensure that you don't get a bigger bill than necessary come income tax time is to double check you are getting every deduction possible.


Witt: Tax deductions for donations to private schools unneccessary - Winchester Sun  Winchester Sun

In January, a rally was held in Frankfort to support a proposal to offer tax deductions to aid in providing private school scholarships. The rally occurred during ...


Some small business owners may be shocked by lost tax deductions  Hot Springs Sentinel

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


Free tax deductions workshop in Surprise shares details  Your Valley

A Benevilla C.A.R.E.S. Partner presents information to attendees at a previous Educational Event workshop. [Submitted photo]. February 13, 2019 Neighbors, ...


Supreme Court Admits Mistake and Reverses Law on Tax Deductions for Initial Assessment Year  Moneylife

The three-judge bench of the Supreme Court, while admitting its mistake, allowed the assessee to take tax benefits for initial assessment years.


An inventory of sales tax deductions and exemptions in Connecticut  Waterbury Republican American

Sales of food products for human consumption, including vending machine sales • Estimated cost: $450 million • Taxpayers benefiting: 1 million


The new tax code offers extra perks for 529 savers. Your state may not  CNBC

The Tax Cuts and Jobs Act changed 529 accounts so they can be tapped not just for college costs but for K-12 private school tuition, as well. That means ...


A.M. Roundup: Cuomo, Trump to meet about changes to tax deductions  Times Union

Good morning. Brace yourself for another snowstorm – because it's coming fast. The National Weather *Service* predicts that snow will fall at the rate of at least an ...


Home Office Tax Deductions - RealtyBizNews: Real Estate News  RealtyBizNews

It's not only real estate agents and investors that frequently work from home. According to the latest numbers from the Bureau of Labor Statistics, 24% of.


How to use tax deductions to boost retirement savings  Business Day

February is the last month of the tax year and you may see lots of offers to invest in either a retirement annuity or a tax-free savings account to save on tax.


IRS Taxes Colin Kaepernick's NFL Settlement, Here's Why  Forbes

Taxes eat up many legal settlements, and Colin Kaepernick's possible $60 to $80 million NFL payday is no exception.


Tax-refund recipients respond to critics: ‘Stop shaming me’  The Washington Post

Remember: Just because something has worked for you in the past doesn't mean you should keep doing it.


House advances Bizzarro's homebuyer savings account bill  GoErie.com

The bill would allow first-time homebuyers to claim tax deductions totaling $50,000 over a 10-year period. The Pennsylvania House of Representatives by a ...


EcoVest Emphatically Denies Justice Claims Regarding Land Conservation Easements  Business Wire

EcoVest emphatically denied DOJ's claims that its projects were inconsistent with U.S. tax laws or Congressional intent to promote land conservation.


Florida Has 0% Taxes, but Moving There Is Harder Than It Looks  Barron's

High earners who want to escape to the land of lower taxes—Florida—may find getting there is harder than it seems, according to wealth advisers at UBS Wealth ...


IRS says average tax refund is down 9 percent this year Senior Treasury officials said Thursday  Chicago Daily Herald

WASHINGTON - The average tax refund is down 9 percent this year, the Internal Revenue *Service* announced Thursday. Tax filing season opened two weeks ...


Tax Time : Savings Corner Presented by Coosa Valley Credit Union  Coosa Valley News

Posted by Staff Reports | Feb 18, 2019 | Featured News, Savings Corner | 0 |. Tax Time : Savings Corner Presented by Coosa Valley Credit Union. With 2018 in ...


Are you paying more this year? It matters if you itemize  YouGov US

A third (34%) of Americans who itemize deductions say they paid more this year.


Here's What You Need To Know About Income Limits On The Child Care Tax Credit  Romper

The landmark tax legislation that the republicans passed in 2017 comes into full power this year. Everything is different from previous years, especially how child ...


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.


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 ...


All the Tax Deductions You Can Take for 2018  Lifehacker

This tax season promises to be an...interesting one, with the government shutdown and new tax law provisions colliding to create a perfect storm of confusion ...


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

Compare your tax deductions to how others are doing it.


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 ...


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 ...


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 ...


5 Popular Tax Deductions That Took Big Hits From Tax Reform  The Motley Fool

Tax reform took effect more than a year ago, and investors have benefited from the boost that corporations immediately felt from big rate cuts for businesses.


Op-Ed: Senator Dianne Feinstein: President Trump's Tax Cuts Punish California Families  YubaNet

Washington, Feb. 11, 2019—Senator Dianne Feinstein (D-Calif.) today released the following statement on the Stop the Attacks on Local Taxpayers Act, a bill ...


Take Advantage of These 16 Commonly Missed Tax Deductions  Entrepreneur

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


11 Tax Deductions You Can Still Take  Morningstar.com

Be sure you're making the most of your tax deductions.


5 Tax Deductions That Could Save You Big Bucks in 2019  The Motley Fool

The Tax Cuts and Jobs Act made the most sweeping changes to the U.S. tax code in several decades, and the first time most Americans will really feel its impact ...


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.


Commentary: How much difference does ‘giving back’ really make?  Davis Enterprise

Income inequality in America has been a hot topic during the past decade. Deep class divisions separate those with enormous privilege and wealth from a ...


I am a young, middle-income, HDB-dwelling S'porean, & I don't mind paying more income taxes. Here's why.  Mothership.sg

Perhaps it is less about competitiveness than it might be about our mindsets as a people, and a little bit of political will. Jeanette Tan | February 23, 03:07 pm ...


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 ...


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.


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.


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 ...


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 ...


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 ...


Democrats will push to restore California tax deductions  McClatchy Washington Bureau

Democrats from California and other high-tax states will push to restore the state and local tax deduction when the party takes control of the House in 2019.


17 Tax Deductions You Can't Afford to Miss  Reader's Digest

There are many tax write-offs that people overlook. Experts explain the most frequently missed opportunities to save money on April 15.


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 ...


Maximizing tax deductions for the business use of your car  AOL

The business use of your car can be one of the largest tax deduction you can take to reduce your business income.


Complicated taxes and questions about earthquake tax deductions  KTUU.com

ANCHORAGE (KTUU) — Sherry Whah is surrounded by boxes and files. As she crunches the numbers on tax files, a co-worker heats up soup about seven feet ...


Treasury, IRS move to block blue state workarounds on tax caps  CNBC

The Treasury and IRS have issued new rules that will block blue states' attempts to circumvent the new $10,000 cap on state and local tax deductions.


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.


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 ...


Tax Credits vs. Deductions in 2019 • Definitions and Examples • Benzinga  Benzinga

Learn about the differences and similiarities between tax deductions and credits, including examples, definitions, and more.


19 of the most popular tax deductions to remember in 2019  cleveland.com

The Tax Cuts and Jobs Act (TCJA) limited itemized deductions and doubled the standard deduction to entice more taxpayers to skip itemizing - but ...


Tax-saving post Budget 2019  Economic Times

The Budget has reduced the tax burden on small taxpayers by giving full tax rebate to those earning up to Rs 5 lakh a year. But even those with higher income ...


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

The Tax Cuts and Jobs Act, which passed in December 2017, involved some of the most sweeping changes to the U.S. tax system in more than 30 years.


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.


China Tax Bureau Trials Special Tax Deductions under New IIT Law  China Briefing

China's State Bureau of Taxation rolled out a trial implementation of special tax deductions under the new IIT Law from January 1, 2019.


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 ...


Bill seeks to repeal $10G cap on tax deductions  Newsday

Long Island Reps. Peter King and Thomas Suozzi have introduced bipartisan legislation that would retroactively restore the full State and Local Tax (SALT) ...


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.


9 Tax Deductions Individuals Can No Longer Claim In 2018  CBS Chicago

(CBS) — The Tax Cuts and Jobs Act gave taxpayers lower tax rates on more of their income, nearly doubled the standard deduction, and provided higher tax ...


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 ...


13 of the Craziest Tax Deductions Ever Claimed  Reader's Digest

Only two things are for certain: death and taxes. But at least with taxes, you can claim deductions. And that's where the fun begins...


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.


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.


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

WASHINGTON – The IRS wanted to stop high-tax – and heavily Democratic – states such as New Jersey and New York from getting around the new $10,000 ...


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.


3 Dividend-Paying Stocks Trading at a Discount  Investorplace.com

Buy these dividend stocks for your portfolio and watch as they grow in value while paying ample dividends along the way.


Democrats will push to restore state and local tax deductions  Fairfield Daily Republic

By Emily Cadei. McClatchy Washington Bureau. WASHINGTON — One of the most contentious fights of the Republicans' tax law is about to go another round.





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