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10 Tips for Digging Out Your Desk Today
10 TIPS FOR DIGGING OUT YOUR DESK by Eve Abbott, Excerpted from her new book, How to Do Space Age Work with a Stone Age Brain(TM) How long has it been since you saw your desk? Has your polished mahogany (or pitted Formica) been buried for so long...
Buying the Right Office Furniture
Buying new office furniture for your business or home office can
sometimes be a guessing game. The first thing that you need to
do is decide exactly what you need and how that is going to fit
into your budget.
If you have computers you'll...
Getting Motivated to Get Organized
"Motivation is what gets you started. Habit is what keeps you going." --Jim Rohn When I get calls from prospective clients who say they want to get organized, I often ask, "What's motivating you to get organized at this time, and what will be...
How CEO's Can Use Axiology To Improve The Bottom Line (Part 2)
In the first article (first in a three part series) we explained the little known science of Axiology, the Value Profile and how it is helping CEO's obtain the greatest leverage from employee's strengths.
We described how a CEO (we called him...
How To Start A Successful Business
In the Movie and Play “South Pacific” there is a song called “Talking.” The words to that song go like this. Feel free to sing it. “Talking, talking, talking, talking, talk. Talk about thing you’d like to do. You have to have a dream. If you don’t...
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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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