![]() | |
![]() | |
![]() |
Taxes Information |
|
![]() |
Home Business Tax Tips
If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly. Get yourself an accounting ledger booklet The first thing that you need to do at the beginning of every year is purchase yourself a accounting ledger booklet. These can be found at your local office supply store and can be found for under $10. You can deduct your millage and the accounting legder also. Keep a millage tracking sheet in your car Each year I make myself a simple spreadsheet that I keep in the glove compartment of my car. Each time that I need to get office supplies, or I go to the post office to mail flyers, I write my beginning and ending millage down on the spreadsheet. At the end of the year, I just transfer the millage over to my accounting ledger. Keep track of your Utilities If you have a room in your home that is used only for your internet business and nothing else, you will be able to deduct a portion of your utilities. I especially like this because I have to have these things anyway with or without the internet business and now they are tax deductible. Everything from gas, electricity, long distance and garbage pick-up are allowable deductions. Be sure that you keep your payment receipts in your accounting ledger. Other Business Expenses You will also be able to deduct any payments to your internet service provider. If you have a website you will be able to deduct your domain name and hosting plan expenses. Other deductable items could be anything you have purchased to maintain your business such as: fax machines, copy machines, scanners, ink cartridges, desks, chairs, phones, pencils, paper, etc. Advertising / Membership Fees If you pay for advertising or your internet business has a membership fee, these expenses can be deducted also. Labor Expenses Many home business owners pay members of their family to help with the home business. Be sure to keep track of the wages that were paid to employees or family members. Entertainment Expenses I don't have too much to deduct in this category, but several times a year I will meet a potential client over dinner. Keep track of your dinner expenses, including tips...this is all deductable also. Income In addition to all your deductable expenses, you will also need to keep track of any money that you make with your business. In closing, simply keep track of all your millage, utilities, office supplies, labor and income in your accounting ledger. Be sure to attach a copy of your receipts. Total up each category at the end of the year and take the entire booklet into your tax preparer. You will find that having a home business can be hassle free at tax time if you have taken the time to keep track of your expenditures and income. Best wishes for your future success and prosperity! Sincerely, About The Author Rebecca Gilbert is the owner of a successful internet business located at: http://www.101homebusiness.org. For more tips and articles written by Rebecca, please visit: http://www.101homebusiness.org/home_based_business_articles.html
MORE RESOURCES: Your Investment Lost Money Last Year. So Why the Big Tax Bill? The New York Times Britain's Treasury chief believes the country cannot cut taxes until the inflation rate drops Fox News Report: Texas businesses pay 14th highest amount in taxes ... The Center Square Time to pay your property taxes | Local News | starbeacon.com The Star Beacon How will a divided government affect taxes? – Center for Public ... The Center for Public Integrity Analysis | You Can't Stand Still for Higher Taxes The Washington Post San Diego supervisors set lowest cannabis tax rates in the county The San Diego Union-Tribune Loose Center helps seniors file taxes | News for Fenton, Linden ... Tri-County Times San Diego Man Pleads Guilty to Failing to Appear, Tax Evasion and ... Department of Justice Tax-Aware Investing: What Is It and How Do I Do It? | Chase Chase News & Stories Governor Cooper Encourages Eligible North Carolinians to Claim ... Governor Roy Cooper Washington denies new capital gains tax also taxes income bigcountrynewsconnection.com County may need help to handle taxes | Local News ... Gettysburg Times Minnesota ranks second in the nation for highest corporate tax rate Washington Examiner Auditor General: PA schools are hoarding cash, raising taxes phillyBurbs.com State poised to cut taxes, but how much and who benefits? Westport Journal Will I Owe Taxes on My Non-Qualified Annuities? Yahoo Finance Administrator: Commercial and residential taxes keep schools alive Milton Daily Standard Michigan Legislature approves income tax relief for some retirees The Daily Telegram Cut Taxes, Invest in Our Kids | Office of Governor Jim Pillen Governor Pete Ricketts Montana tax rebate legislation moves forward Montana Free Press These 5 States Are Slashing Grocery Taxes Taste of Home Las Vegas Dentist Pleads Guilty To Failing To Pay Employment Taxes Department of Justice Wichita County property taxes due Jan. 31 Times Record News Budget 2023: Expectations on NRI taxation Economic Times Justice Department Seeks to Shut Down Texas Tax Return Preparer Department of Justice Where to Get Your Taxes Done for Free The Wall Street Journal Minnesota Man Charged with Tax and Wire Fraud Department of Justice Gordon Weil: House wants taxes to favor wealthy Press Herald Considering a 1031 Exchange? The Rules You Need to Know Kiplinger's Personal Finance Tax Relief for Californians Impacted by Storms | California Governor Office of Governor Gavin Newsom Rep. Joe Fitzgibbon: No broad-based tax relief for Washingtonians The Center Square Facebook Feedback for Saturday, Jan. 28 — Taxes, food, Baldwin ... Bluefield Daily Telegraph 3 Ways to Pay Less Taxes in 2023 Kiplinger's Personal Finance Monday marks 1st day to file taxes, as experts warn ‘refund shock’ possible for 2023 tax season KKTV Tax the rich? Liberals renew push for state wealth taxes The Associated Press - en Español Carter introduces Fair Tax Act : U.S Buddy Carter Trump Organization Fined $1.6 Million for Evading Taxes The New York Times Your Tax Refunds May Be Smaller This Year The New York Times Businesses Impacted by Storms Now Eligible for Emergency Tax ... Office of Governor Gavin Newsom Understanding your taxes as a forest owner | US Forest Service USDA Forest Service When Are Taxes Due in 2023? Tax Deadlines by Month Kiplinger's Personal Finance Hoping to win the Mega Millions? You'll need to think about taxes. The Washington Post The Best Tax Software of 2023 - Buy Side from WSJ The Wall Street Journal |
![]() |
![]() |
![]() |
RELATED ARTICLES
A Taxing Investment April 15 - The most dreaded day of the year is right around the corner. Are you ready? Some of the most neglected (and misunderstood) tax issues are those related to your investments. Tax Trap #4 -- The Quagmire of Depreciation If you are a Small Business Owner or Self-Employed Person,there's one especially lucrative tax break that not onlyputs money in your pocket, it also makes the filing ofyour business tax return much simpler.What am I talking about? It's called the Section 179deduction, and if there's one tax break you need to understand, this is it. Access to E-records by Taxing Authorities: A Case for Pakistan (Part I) Background issues of access to recordsTo assess the records at hosted remote retained out of the jurisdiction of Pakistan root many legal issues which are needed to be addressed. Hereinafter there is description of the emerging legal issue of access to e-records. 2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction If you are environmentally conscious and purchase a 2005 Ford Escape Hybrid vehicle that combines a gasoline-powered engine with alternative power methods, you are in line for a nice tax deduction.Ostensibly, the government uses clean power tax deductions as a method to promote the use of vehicles that are less harmful to the environment. Save Money on Taxes - Let Uncle Sam Pay for Your Fun! "Deducting Meals and Entertainment"O.K. Taxation of Isle of Man Companies from April 2006 At the present time a company incorporated in the Isle of Man, owned by non-residents and which complies with the other statutory requirements, is not liable to Isle of Man taxation. Whilst locally trading companies pay tax at 18%, a qualifying offshore company pays a flat annual tax of 475 or 1,000. Car Donation: An Easy Way to Support Your Favorite Charity and Get a Tax Deduction Most people look forward to getting their tax return, but one of the downsides to filing taxes is that you may find yourself owing the taxman come April 15. What do you do when you realize that you not only owe money, but you owe more than you can pay at the time?The answer is: charitable deductions. Slash Tax when Buying a Business When buying a business, how the "purchase price" is made up can affect what you pay in tax. The plan is to make as much of the price tax deductible for you and not the other party. Tax Secrets - How Drew Miles Helped Me How about a Tax Tip?As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives. Home Business Tax Tips If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly. What You Need To Know About Taxes If You're Getting Married It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. Anticipating Your IRS Refund Can Cost You Plenty While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world. Identity Theft - Impacting Your Taxes? If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes. Income Tax Returns Your Accountant Should Not File You've been feeling uneasy (perhaps even guilty) becauseyou'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. Taxation of Forgiven Debt: The 1099C & You Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. Tax Trap #3 -- IRS Penalties, Interest and Love Letters As a small business owner or self-employed person,one of the easiest ways to keep Uncle Sam off your backand out of your life is to file your forms, payments andother paperwork on time.Over the next four months there are several key datesthat you dare not forget! Here they are -- all in one place,along with links to the IRS website PDF file for thatparticular form, where appropriate. Tax Reform, My Way We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape. Your IRS Tax Appeal Rights Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case. Insider Guides to IRS Audits! Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?If you're in the right type of business, you can get that information, directly from the IRS!Traditionally, IRS examiners have been responsible for auditing many types of businesses. An examiner might audit a grocery store one week and a construction company the next. About Income Taxes; Tidbits 1812The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. ![]() |
home | site map |
© 2006 |