Tilting the Tax Laws in Your Favor.In order to accelerate your movement along the wealth building curve, you absolutely MUST have your own business. I don't care if its real estate investing, a sales company or a service business. But you must own it yourself or with a partner. Why,... Read More
On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car.Fair Market Value v. Actual Sales PriceWhen donating a car to charity, a taxpayer traditionally was allowed... Read More
Your days as an entrepreneur and businessperson are consumed with one primary activity; making money. Whether you think in terms of growing your business, getting the word out there, or some fancy new marketing technique, your days and weeks and months in business are focused on that one group of... Read More
You've been feeling uneasy (perhaps even guilty) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money. Finally, you contact an accountant to resolve the situation.Although it is commendable that you are trying to correct... Read More
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... Read More
The U.S. Department of Agriculture estimates that it costs nearly $15,000.00 a year for a middle-class family to raise a child born in 2002 to age 17 (without adjustment for inflation). In recognition of this cots, you can claim a tax credit each year until your child reaches the ago... Read More
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax... Read More
How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share By Darren Oliver With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid.... Read More
As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim.Deductible Expenses· Office expenses· Rent or lease payments· Advertising· Costs of goods sold· Insurance costs· Utilities· Payments to independent contractors [file form 1099]· Accounting fees· Legal fees· Communication... Read More
Choosing the right tax preparer for your business is a decision best not left until April. A former tax preparer and small business mastermind offers insights into the secret world of tax preparers.1. All tax preparers are not created equal.It stands to reason, somewhere in the country is the Worst... Read More
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In the rush to get tax returns prepared and filed... Read More
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Tilting the Tax Laws in Your Favor.In order to accelerate... Read More
One of the most important, but least understood or appreciated... Read More
The Internal Revenue Service is reporting that the difference between... Read More
Own residential rental properties? This article discusses how income from... Read More
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OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon... Read More
Many small businesses complain when confronted with the expense of... Read More
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"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More
As an employer, you must pay employment taxes if you... Read More
Someone once said, 'the best way to calculate your taxes... Read More
Hit a big one? With more and more gambling establishments,... Read More
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Donating your used car to charity is a win-win situation;... Read More
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How about a Tax Tip?As we all know Taxes are... Read More
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NOTE: This is the first in a series of 5... Read More
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Adding Your First Additional Stream of IncomeMost new wealth builders... Read More
As tax time approaches, many home-based business owners begin completing... Read More
If your identity is stolen, your finances can quickly become... Read More
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Most people look forward to getting their tax return, but... Read More
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