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Debt Settlement & Income Taxes -- What You Need to Know
Debt settlement has become a popular approach to resolving problem debts without having to file bankruptcy. With this approach, creditors agree to accept a portion of what you owe (usually around 50% or less) to settle the account, and the...
How To Save Taxes With An S Corporation
Ever wondered why so many small businesses—more than 3,000,000 at last count—operate as an S corporation? Simple. An S corporation saves business owners big taxes in three separate ways: First, as compared to regular corporations (sometimes...
Small Business Valuation Primer
For simplicity's sake, this article will assume that the buyer will be acquiring a single business with possibly more than one location (for example a small Laundromat business with two locations). In addition, we will not be covering valuation...
Take Back Your Time
Copyright 2005 Kathy Paauw "You will never find time for anything. You must make it." -Charles Buxton According to the organizers of Take Back Your Time Day, which was held on October 15, if Americans quit working on that date and didn’t work...
What’s It Worth?
Sound financial business planning means taking ongoing assessment steps looking at the business from multiple perspectives including capitalization, expansion, menu concepts, cash flow and even an exit strategy. Whether you are a chef dreaming...
 
Little Known Tax Deductions That Can Save You Big

When you say "end of the year", most small business owners think of two things immediately. The *second* is the holidays. The *first* is taxes! While almost all of us pay taxes quarterly, we still have to file in January. That means November and December are spent getting ready. When you're gathering all your information together for your accountant, don't forget about these regularly overlooked deductions.

Mileage

Sure, most of us already know that we can deduct a mileage allowance from our taxes. However, many of us (especially dot coms who don't travel much) don't bother to keep track of our travels thinking it won't be worth the trouble. Oh, but it is!

I had the same mind-set, but - at the urging of my accountant - decided to keep track and see for myself. I'll never neglect to do it again! Even though almost every place that I travel is nearby, when I added up all the 10-mile trips to the office supply store, the bank, etc., it turned out to be a hefty total. Haven't kept track this year? Start now.

Go back and look for deposits in your check register. This would have meant you traveled to the bank on that date... write it down. Do you have receipts from the office supply store? You must have traveled on that day, too. Write that down. Keep all your information on a log sheet with the date, number of miles traveled round trip, and the purpose of the drive (i.e., office supply store, bank deposit, etc.). You'll be pleased to find that even short, weekly trips all throughout the year can add up to 800 - 1,000 miles or more. Multiply that times the 2002 allowance of 36.5 cents per mile and you get a $292 - $365 tax deduction!

Bad Debt

Did you sell products or services to someone who did not pay you? Have you tried to collect the money without success? You can write those losses off and get a deduction for them. No, it won't equal the total amount of the money you lost, but it is better


than nothing.

Simply gather the information about the sale, the invoice you submitted to the customer, and documentation of your attempts to collect the amount owed. You do not have to file bad debt deductions in the same year they occurred, so if you have old losses, gather the information now so you can include it on your 2002 return.

Travel

Almost any trip can become a business trip if you plan it right. Even if you're traveling to your 20-year high school reunion, you can write off your travel expenses IF you play your cards right.

While mingling with your old chums, collect some business cards, and hand out a few of your own. Ask people what they do for a living (in tax talk that relates to "market research"), and set up a phone call or two for when you return home.

I know one woman who took a pleasure trip to England. However, while she was there, she took tons of pictures of museums, landscapes, etc. She gathered brochures and picked up some information from a few local vendors. She used these things to justify her trip as business travel for her set design (theater) company.

No, you don't have to spend the entire trip talking/doing business. Just be able to document that you did some business while you were there. You can also take deductions for lodging and meals while you're on your trip so save your receipts!

As you can see, there are many tax deductions available to you. To find out about more, set up a "pre-tax" appointment with your accountant or tax pro. They can give you information on additional tax deductions that might apply to your particular industry. When you add up all the small stuff, you can end up with some major tax savings!

About the Author

Diane C. Hughes * ProBizTips.com

FREE Report: Amazingly Simple (Yet Super Powerful)
Ways To Skyrocket Your Sales And Build Your Business
Into A Tower of Profits! ==>> http://madmarketer.com/diane

 

Internal Revenue Service
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
www.irs.gov
 
Tax Information for Individuals
Access to useful information, booklets and other tools from the Internal Revenue Service.
www.irs.gov
 
Tax Center - Yahoo! Finance - Tax forms, tips and calculators.
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ...
tax.yahoo.com
 
Taxes: Tax Planning, Tools and Advice - MSN Money
Microsoft's Tax Preparation site, in association with Tax Server.
moneycentral.msn.com
 
Tax - Wikipedia, the free encyclopedia
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ...
en.wikipedia.org
 
H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ...
Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information.
www.hrblock.com
 
TaxCut Online | H&R Block | Online Taxes, File Taxes Online ...
File your Taxes online with TaxCut Online. Learn how to file taxes online here.
www.hrblock.com
 
Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ...
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing.
turbotax.intuit.com
 
Taxes & Estates, Tax and Estate Planning Advice - Forbes.com
Personal Finance - Get tax and estate planning advice and information from Forbes.com.
www.forbes.com
 
Essential Links to Taxes
TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ...
www.el.com
 
Government > Taxes in the Yahoo! Directory
Yahoo! reviewed these sites and found them related to Government > Taxes.
dir.yahoo.com
 
Taxes - Tax News for Home and Business from CNNMoney
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons.
money.cnn.com
 
The Tax Foundation - Educating Taxpayers Since 1937
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government.
www.taxfoundation.org
 
Welcome to the Vermont Department of Taxes
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ...
www.state.vt.us
 
Franchise Tax Board Homepage
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information.
www.ftb.ca.gov
 
HM Revenue & Customs: Home Page
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line.
www.hmrc.gov.uk
 
State and Local Tax
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ...
www.taxsites.com
 
Quicken.com
www.quicken.com/taxes/ - 3k - Cached - Similar pages
 
Tax news and advice from Bankrate.com
Information on all phases of tax planning and preparation.
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Online Tax Advice - Tax Preparation Help - Income Tax Tips
Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ...
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