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Action Plan in Time Management
Do you have an action plan in your time management scheme? Last
night while writing these articles, I had to check myself. The
last thing I want to do is tell the readers how to manage time
and be a hypocrite. The writing of these articles is...
Believe That You Can Become A Millionaire With Your Internet Home Business !!!
You Too Can Become The Next Internet Millionaire !
The web is a great opportunities. Imagine millions of customer. Its a huge cybermarket ! It's a trillion millions dollars market waiting for you !
Let's face it everyone wants to succeed...
D-BUST Your Computer – Part 4-c
D-BUST Your Computer – Part 4-c By: Janet L. Hall S stands for Save Saving incoming and outgoing email documents might be important to you because: ·You have verification that it was received or sent ·You need to keep track of correspondence ·The...
Starting A Business – The Three “P”s
There are a lot of factors to consider when starting a business. Primary among these are the three “P”s – Plan, Prepare and Persist.
Plan
After you have selected some ideas from your brainstorming to base your business around, create a plan of...
WILL THE REAL YOU PLEASE STAND UP? How To Prevent Identity Theft
WILL THE REAL YOU PLEASE STAND UP? How To Prevent Identity Theft Every day, nearly 1,400 Americans are victims of identity theft. It can take anywhere from two to four years to straighten out the nightmare, and the average victim will invest...
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Self-employed Tax Strategies
Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts.
Tax Strategies
The good news is being self-employed is one of the best tax strategies out there. Unlike a salaried employee, the full scope of tax credits and deductions available in the tax code are now available to you. The key, of course, is understanding the available deductions and organizing your business in a manner that allows you to maximize the write-offs.
The number one tax strategy for self-employed individuals is to keep receipts for every business expense and write them off. Practically anything can be deducted, so do it. Acceptable expenses include cell phone usage, business mileage, office supplies, home office deductions including part of mortgage or rent and so on. If you’ve filed a tax return while self-employed, you are probably already aware of this so lets move on to more specific tax strategies for self-employed individuals.
Maximizing you non-capital losses can result in major tax savings. If your expenses exceed your income for a year, you obviously will not have to pay taxes for that year. What most people don’t realize, however, is that such losses can be carried forward for seven years and deducted against future income. Alternatively, the same losses can be carried backward three years to recover past taxes paid. The end result of this situation is you can turn a bad business year into an income generator by applying the losses to taxes in other years which effectively wipes out your tax bill for those years.
Another tax strategy is to look at your side businesses. If you have one business, you’ll often have a second one that is tailored to making some money off a personal interest. While you are in it mostly because you like it, you may not realize it qualifies as a business and can help you reduce your
taxes. Let’s assume you are primarily a self-employed consultant, but also write travel articles on the side. You may view the travel articles as a hobby, but it is in fact a business. If you’ve sold or even tried to sell any of your articles to a publication, all of your expenses related to travel writing can be deducted from your taxable income. This includes trips and so on. These, deductions can significantly reduce your taxable income from the consulting business. Make sure to get a grasp of your overall business efforts, even if you don’t really consider them to be a business.
Consider employing your children to save on taxes. A child under 18 that works for you does not have to pay FICA and so on. If the total wages for the year are under $4,250, they will pay no taxes and you can write off this amount as a legitimate business expense. Of course, the child needs to actually be doing a legitimate business task, but filing and similar manual tasks certainly will qualify.
Tax strategies for the self-employed are plentiful. If you are self-employed, consider getting professional help. A good professional will save you thousands upon thousands of dollars in taxes, more than making up for their fees. Oh, you can also deduct their fees! Click the links to the right to find help with minimizing your taxes.
About the Author: Richard A. Chapo is with http://www.businesstaxrecovery.com - recovery of business taxes through tax help and tax relief. Visit http://www.businesstaxrecovery.com/articles to read more business tax articles.
Source: www.isnare.com
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WROC of Olympia, Washington, organizes groups of women and men who are current or former TANF recipients to watch how welfare and family policy is ... |
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Frequently Asked Questions about self-organized systems. |
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Beyond Bookmarks: Schemes for Organizing the Web is a clearinghouse of World Wide Web sites that have applied or adopted standard classification schemes or ... |
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The historic contract in North Carolina opens up a new chapter in the FLOC struggle for justice and ushers in a new era in farmworker organizing. ... |
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