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

Schumer renews his push to restore property tax deductions  Newsday

Senate Minority Leader Chuck Schumer is renewing his push to restore thousands of dollars in state and local property tax deductions that Long Islanders lost ...

Tax Deductions for Conferences and Trade Shows  Convenience Store Decisions

Industry events such as September's National Advisory Group (NAG) Conference in Minneapolis are a good way to gain know-how, find new suppliers and ...

Op-Ed: How the U.S. tax code keeps the illegal market for marijuana alive and well  Los Angeles Times

Cannabis businesses are not allowed to take tax deductions for normal business expenses like employee salaries, rent and utility bills.

U.S. Seeks Dismissal of Suit Over State and Local Tax Deductions  Bloomberg

The U.S. asked a judge to throw out claims by four states suing to nullify the Trump administration's $10000 cap on the federal deduction for state and local ...

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 ...

IRS Green Lights Deductions without Records

Julian Block addresses tax deductions without records, Social Security numbers and more.

Don't Be Fooled by These C Corp. Fairy Tales  Entrepreneur

There are three myths advisors use to sell entrepreneurs on the value of C Corp., but you won't find a happily ever after here.

Jokowi issues rule on tax deductions of up to 300% of R&D cost - The Jakarta Post  Jakarta Post

President Joko “Jokowi” Widodo has issued a regulation on major tax deductions aimed at boosting investment, research and development (R&D) as well as the ...

Charities, pinched by federal income tax overhaul, expect drop in donations next year too  The Journal News |

Rep. Chris Smith of New Jersey's Charitable Giving Tax Deduction Act would make charitable deductions "above-the-line," rather than itemized.

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 ...

Couple Lacked Proof For Any Tax Deductions, DC Circ. Told  Law360

The U.S. Tax Court properly denied the tax deductions claimed by a couple because their testimony was not credible and they lacked documentation to ...

Taxpayer audited by ATO shares hard-won lessons  ABC News

After being audited over education expenses he claimed as work-related tax deductions, Jay was lumped with a $24000 debt. He now has some advice for other ...

Texas Justices To Weigh Tax Deductions On Machine Rentals  Law360

The Texas Supreme Court agreed Friday to consider if a heavy equipment leasing company can claim a state franchise tax deduction for delivery and pickup ...

California considers adopting part of Trump's tax law  CBS News

The state is looking to expand the state's earned income tax credit.

Treasury Department Issues Final Regulations Limiting Charitable Deductions – Potential Impact on Alabama Donors? - SALT Alert: Alabama Edition  JD Supra

Now that the dust has settled following the issuance of the final “SALT cap workaround” regulations by the Treasury Department, here's a summary of those ...

How Cuomo is cooking New York's books  New York Post

When lawmakers in Albany passed the state budget last spring, Gov. Andrew Cuomo declared it “both timely and fiscally responsible.” Timely was true enough.

Dems Try To Undo IRS Rule Barring SALT Cap Workaround  Law360

Senate Democrats introduced a resolution on Tuesday that would reverse guidance the Internal Revenue *Service* recently rolled out that would bar state ...

Charitable giving dropped last year in the wake of the new tax law  CNBC

Charitable giving by individuals America fell 1.1% to $292 billion in 2018 from 2017, according to Giving USA. Because giving by foundations and companies ...

Trump Tax Plan Leads to $54 Billion Decline in Charitable Giving  Newsweek

As the president works to limit access to welfare programs in the United States by creating strict work requirements, lowering the poverty thresholding and ...

Grissom Aeroplex included in new legislation allowing special tax incentives  Kokomo Tribune

BUNKER HILL – A new law will allow the business park around Grissom Air Reserve Base to renew a special economic-development status that officials hope ...

Give the Money, Keep the Tax Break with Donor-Advised Funds  Kiplinger's Personal Finance

If the higher standard deduction have kept you from getting any tax benefits from your charitable giving, there is a way around that.

As Trump's drug pricing plan falters, Dem challengers pitch ideas for 2020  BioPharma Dive

While the Trump administration's drug pricing plans have stalled in recent weeks, several Democratic presidential hopefuls have rolled out their own plans to ...

Rep. Lowey, NY State leaders urge Congress to eliminate SALT cap  Financial Regulation News

U.S. Rep. Nita Lowey (D-NY), along with New York State leaders, are urging the House Committee on Ways and Means to eliminate the cap on the state and ...

New York, California high-tax state exodus just beginning, expert warns  Fox Business

The Treasury Department officially squashed a key workaround last week.

IRS Offers More Guidance But Largely Says No To SALT Cap Workarounds  Forbes

The Internal Revenue *Service* (IRS) has issued additional guidance on state or local tax (SALT) cap workarounds and there are no real surprises. The guidance ...

Giving locally affects communities and the giver  Baltimore Sun

Your mailbox is probably full of charitable solicitations, and, if you are like me, you probably don't even open many of them. Large national direct-mail ...

Sherrill and Gottheimer Lead Bipartisan Resolution to Strike Down Treasury Department Regulations Aimed at SALT  InsiderNJ

Sherrill and Gottheimer Lead Bipartisan Resolution to Strike Down Treasury Department Regulations Aimed at SALT. House and Senate Introduce ...

New Ways to Think About Your Mortgage

Christine Benz: Hi, I'm Christine Benz for Thanks to the new tax laws, carrying a mortgage may make less financial sense now than it did in the ...

5 Myths About the State and Local Tax Deduction’s Cap  Daily Signal

Ever since the Tax Cuts and Jobs Act passed in late 2017, Democrats and a few Republicans have decried how the law's $10,000 cap of the state and local tax ...

A New Dawn for Wind Energy Infrastructure After the Production Tax Credit Sunset  Council on Foreign Relations

The wind industry is approaching the end of its federal financial support. Political leaders around the country are debating the best ways to continue supporting ...

Miami Property Sales Climb as Tax Refugees Flood In  Point2 Homes

Changes in Florida's tax law have attracted many homebuyers to the Miami real estate market looking to get more bang for their buck.

Three Questions: Prof. X. Frank Zhang on the Drop in Charitable Giving  Yale Insights

What do you think accounts for the drop in individual charitable giving last year?

Middle class set to gain from higher tax deductions in Budget  The News Minute

The middle-class tax payers may have a lot to cheer about in the Budget proposals to be presented by Finance Minister Nirmala Sitharaman on Friday. Sources ...

"Law 360" featured Lubin's Associate Professor Philip Cohen in "4 International Tax Cases To Watch In The 2nd Half Of 2019"  Pace News

"Law 360" featured Lubin's Associate Professor Philip Cohen in "4 International Tax Cases To Watch In The 2nd Half Of 2019". A handful of high-stakes transfer ...

Appraiser named in $2 billion tax fraud suit surrenders license in his home state  Myrtle Beach Sun News

A longtime Alabama real estate appraiser named in a $2 billion tax fraud lawsuit that also includes a Myrtle Beach man recently surrendered his license facing ...

Curbside Clothing Recycling Begins In Milford  Milford, CT Patch

Curbside Clothing Recycling Begins - Milford, CT - You'll start to see colored bags next to recycling bins in the city soon. Here is how the program works.

Assessor Jeff Taylor announces 2019 'Assess the Need' campaign for school supplies  The Livingston Parish News

LIVINGSTON, La. – Livingston Parish Assessor Jeff Taylor, local volunteers, and area businesses are once again sponsoring the ASSESS THE NEED campaign ...

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.

Tax 2019: The deductions you can claim that you may not know about  The Age

Anything you buy which enables you to earn an income can be claimed.

This charitable investing strategy was an early investor in Beyond Meat  CNBC

One donor-advised fund gave investors access to Beyond Meat before its surprise hit of an IPO. These charitable strategies could make it easier for mass ...

Tax deductions 2019: Tips for small business owners  PerthNow

Tax time is getting trickier for Australians amid a surge in the number of people working part time and starting side-hustle small businesses.

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.

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.

Affordable housing: How to claim Income Tax deduction up to Rs 3.5 lakh on home loans  Firstpost

In Union Budget 2019, affordable housing got a further fillip with an increase in Income Tax deduction of Rs 1.5 lakh on home loans.

Here’s how you can reduce your tax outgo  Hindustan Times

If your taxable income is above Rs 5 lakh, you can avoid paying tax by investing in certain investment instruments.

South Korea's eco-friendly car exports take off  The Korea Herald

South Korean exports of environment-friendly cars, such as hybrid and electric vehicles, soared over the seven years ending last year as global demand shifted ...

Focusing on human development - The Jakarta Post  Jakarta Post

We know young people are essential to economic development and growth, but if they are unemployed due to lack of marketable skills or trade, they contribute ...

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.

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 ...

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.

What is Taxable Income? – Global Banking & Finance Review  Global Banking And Finance Review

In a nutshell, taxable income is the compensation or the amount of income of an individual or a business used towards determining the tax liability. Alternatively ...

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.

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 ...

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.

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 ...

Labor-intensive industries to receive 60 percent tax cut  ANTARA

Industry Minister Airlangga Hartarto has said that labor-intensive industries will soon enjoy income tax (PPh) reductions of up to 60 percent ...

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 deductions to be scrapped for cash-in-hand | My Business  My Business

Undeclared cash-in-hand payments to employees and contractors will no longer be eligible for a tax deduction, the ATO has warned, as part of a crackdown on ...

Want money after retirement? Here’s how National Pension Scheme will help  Moneycontrol

National Pension Scheme or NPS is a government funding scheme who are looking to invest for their retirement days. Click here to know all about the NPS ...

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 ...

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 ...

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.

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.

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.

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 ...

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 ...

Taking a roommate can make economic sense for homeowners, tenants  MPR News

Renting out a room can provide homeowners with extra income, and renters with better accommodations for their money -- but the details can bedevil.

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.

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 ...

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.

15 tax deductions for the self-employed  Fox Business

Consider these 15 tax deductions that can help you pump more of your proceeds into your business instead of the public coffers.

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.

Blue-state House members try to reclaim higher SALT deductions that were cut in Trump's tax overhaul  CNBC

Lifting the cap on state and local tax deductions could be tough, in part because the move is expected to benefit high earners.

The state and local tax deduction cap probably isn’t going away — despite Trump’s comments  Los Angeles Times

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

The Lowdown On Charitable Tax Deductions  Forbes

Confused by charitable tax deduction rules? Yeah, most are. Here is a simple guide for what you can deduct and how much.

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 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 ...

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 ...

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 ...

Take Advantage of These 16 Commonly Missed Tax Deductions  Entrepreneur

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

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.

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.

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.

Why your 2018 tax bill went up — or down  San Francisco Chronicle

As April 15 approaches, we asked Bay Area tax preparers to summarize who generally gained and lost from the biggest federal tax law changes in more than ...

How the IRS just squashed attempts by New York, New Jersey to work around tax-deduction limit  The Journal News |

The IRS on Tuesday squashed attempts by New York and New Jersey to circumvent the federal cap on the deductibility of state and local taxes, issuing final ...

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.

ITR filing: Document checklist for filing Income Tax returns  Times of India

India Business News: The deadline for filing income tax return (ITR) for the financial year 2018-19 is July 31, 2019. Taxpayers are, therefore, advised to file their ...

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 ...

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 ...

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 ...

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.

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.

Trump says he's 'open' to changing the cap on state and local tax deductions, but Grassley isn't - Los Angele  Los Angeles Times

President Trump said he'd consider changes to a cap on the federal deduction for state and local taxes, one of the most divisive provisions of the 2017 ...

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.

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.

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 ...

Are you in the path of tornadoes? Trump’s tax reform changes your deduction options  MarketWatch

There's one major caveat to the kinds of deductions you can make from big storms.

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.

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