The next quarterly payment of estimated income tax forthe self-employed is not far off. Network marketers whoreceive a form 1099 at the end of the year, and/or whoare expected to owe $1,000 or more in taxes, must filea form 1040-ES Payment Voucher quarterly to avoidpaying a penalty.
When it comes to paying income tax, I'm like ArthurGodfrey who said, "I am proud to pay my taxes. I'd bejust as proud to pay half as much.
Like most network marketers, I work hard for what Iearn and do not savor sending the government anymore money than what I legally owe. So you canimagine how I felt four years ago, when I learned Ihad overpaid my income tax by some $9,800 overthree years.
I had trusted the guy who did my tax returns. After all,preparing tax returns was big part of his business.
But guess what, I fired him.
Once I learned what the law provides home-basedbusiness owners to deduct, I went back through threemost recent years of returns, revising my 1040 to claimdeductions my tax guy didn't have the foggiest notionexisted. Or if he did know, he failed to ask me aboutthem.
For instance, my tax guy failed to ask me if I had anydogs. Did you know your dog (or three dogs in my case)qualifies as a "security system" for your home-basedbusiness? 100% of all dog food, Vet bills, license feesand medication is tax deductible! I have the IRS taxcode to prove it. My tax guy didn't know that. I calledhim on it and told him to look it up for himself.
You see, I did something worthwhile. I invested in awell-known and respected home-based businesstax-reduction book. I learned that with some 43,000tax codes on the books, a typical CPA could notpossibly know them all. How could they?
CPA's typically specialize in corporate tax code, andare often short sighted when it comes to tax deductionsfor home-based business owners. But I now have myhome business tax-guide that lays out exactly whatdeductions I can take and cites the tax code foreach one.
Thankfully, the law allows me to revise previous taxreturns, so I was able to save a bundle of money,money I thought was gone. My point to you is this:The likelihood is great that you, too, have overpaidyour taxes and are not even aware of it. How much?
According to what I read, the average home-basedbusiness owner overpays $1,000 to $2,000 in taxesevery year. But the IRS is not about to refund whatwe overpay without us asking for it through anamended tax return. When you add in the interest
that tax money is earning and refunded with youroverpayment, the average refund is more like$3,000 to $6,000.
From my experience, do not trust anyone doing taxpreparation who is not intimately familiar with home-based business tax deductions and tax strategies.They could cost you thousands of dollars if they arenot up on home-based business tax law, no matterhow many initials they carry after their name.
Congress knows that small business is the enginethat runs our nation's economy. To encourage smallbusiness, Congress has passed legislation givinghuge tax breaks to people who invest in a smallbusiness. Your network marketing enterprise placesyou squarely into that small business category.
That fact presents another problem for many part-time network marketers, because they do not thinkthey have earned enough money from their businessto qualify for tax deductions. This erroneous thinking is costing them literally thousands of tax dollars.
When I do business seminars, I hold up a DistributorApplication and romance it. Why, because just theact of signing that piece of paper qualifies us as ahome-based business owner; one who is now eligibleto claim thousands of dollars in legally authorizedtax deductions; deductions we could not claimbefore signing that piece of paper.
Profit or loss is not the criteria, it is our intent to makea profit that allows us to claim deductions year after year.
No matter how you view your business, this is yourmoney. So it should behoove you to learn what youcan about minimizing your tax liability.
You should do so for yourself, and then for others.How much more good could we do if learned how tokeep tax dollars at home? How much more could wedo for others if we taught them the same?
Jim Lynn is the author of, "Real World Secrets BehindAmerica's Most Successful (And Profitable) PeopleWho Network." Website: http://peoplewhonetwork.net
Arizona's Lowest Flat Tax in Nation To Take Effect Next Year Arizona Governor's Office (.gov)
Like the U.K., should the U.S. consider tax cuts to stimulate economic growth? - The San Diego Union-Tribune
Like the U.K., should the U.S. consider tax cuts to stimulate economic growth? The San Diego Union-Tribune
Joni Ernst targets IRS workers while big-money tax cheats get away with it Iowa Capital Dispatch
After referendum, split Winnebago County Board decides against raising taxes for River Bluff - Rock River Current
After referendum, split Winnebago County Board decides against raising taxes for River Bluff Rock River Current
Inflation may save you money on your taxes The Seattle Times
Do States Need Income Taxes? | Cato at Liberty Blog Cato Institute
Governor Parson Issues Statement Regarding Income Tax Cut Approved by Missouri General Assembly | Governor Michael L. Parson - Governor Parson
Governor Parson Issues Statement Regarding Income Tax Cut Approved by Missouri General Assembly | Governor Michael L. Parson Governor Parson
Did You Sell an Old Desk Online? You May Receive a Tax Form. The New York Times
Losing a Home for Unpaid Taxes Often Means Losing Your Equity, Too The Pew Charitable Trusts
Taxes get passed down to all of us Las Vegas Sun
Amendment Two: Should the Legislature be able to shift property taxes? West Virginia MetroNews
L.A. 'mansion tax' would raise money for affordable housing Los Angeles Times
Iowa corporations to pay lower taxes as state amasses $1.91B surplus Des Moines Register
Tax Management Software Global Market Report 2022 Yahoo Finance
Rising Manassas taxes pushed Bookwalter to run: 'the city has gotten drunk on tax money' - PotomacLocal.com
Rising Manassas taxes pushed Bookwalter to run: 'the city has gotten drunk on tax money' PotomacLocal.com
Here's How Big Crypto Losses Can Benefit Your Taxes The Motley Fool
As inflation skyrockets, local Texas governments ponder tax rate increases as they balance budgets - The Texas Tribune
As inflation skyrockets, local Texas governments ponder tax rate increases as they balance budgets The Texas Tribune
Former State Sen. Vincent Fumo faces new trial over IRS demand he pay $3 million in back taxes - The Philadelphia Inquirer
Former State Sen. Vincent Fumo faces new trial over IRS demand he pay $3 million in back taxes The Philadelphia Inquirer
Tallahassee Republicans increased taxes on everyday Floridians to cut taxes on big business | Opinion - South Florida Sun Sentinel
Tallahassee Republicans increased taxes on everyday Floridians to cut taxes on big business | Opinion South Florida Sun Sentinel
Volusia County District 3: Both candidates promise lower taxes, smaller government - The West Volusia Beacon
Volusia County District 3: Both candidates promise lower taxes, smaller government The West Volusia Beacon
The Inflation Reduction Act's Labor Rules for Energy Tax Credits and Carbon Capture | Insights - Holland & Knight
The Inflation Reduction Act's Labor Rules for Energy Tax Credits and Carbon Capture | Insights Holland & Knight
Proposal would exempt shipping, delivery fees from sales tax in New York Spectrum News NY1
TABLE-Russia sets grain export taxes for Oct 5-11 Successful Farming
Kelly backs school sales tax holiday, tax relief for elderly and quicker end of 6.5% food tax - KWCH
Gamblers in Spain Face Additional Taxes Under Proposed Change Casino.Org News
Dodging taxes or saving the planet? – Trinitonian The Trinitonian
Florida gas tax holiday begins Saturday during Hurricane Ian recovery Tallahassee Democrat
Our Views: No state income tax? Beware of legislators' posturing on tax cuts in election year - NOLA.com
Our Views: No state income tax? Beware of legislators' posturing on tax cuts in election year NOLA.com
Deadline for buffer strip property tax incentive approaching South Dakota State News Home
Commissioner Mirabito: Non-profit tax exemptions need to be addressed Williamsport Sun-Gazette
St. Louis County residents could pay $67 million more in taxes because of used car values - St. Louis Post-Dispatch
St. Louis County residents could pay $67 million more in taxes because of used car values St. Louis Post-Dispatch
Late property tax bills prompt loan offer from Cook County Chicago Tribune
Whitmer Announces Tax-Free Public Service Loan Forgiveness Michigan (.gov)
IRS steps up efforts to target U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions - CNBC
IRS steps up efforts to target U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions CNBC
Fourth Defendant Sentenced in Farmington Tax Fraud Conspiracy Department of Justice
Resident accuses Leadwood alderman of unpaid taxes Daily Journal Online
Colorado And Washington Got More Tax Revenue From Marijuana Than From Alcohol Or Cigarettes In Fiscal Year 2022, Report Finds - Marijuana Moment
Colorado And Washington Got More Tax Revenue From Marijuana Than From Alcohol Or Cigarettes In Fiscal Year 2022, Report Finds Marijuana Moment
Excess Profit Taxes: Historical Perspective and Contemporary Relevance - International Monetary Fund
Excess Profit Taxes: Historical Perspective and Contemporary Relevance International Monetary Fund
Tax Secrets of Health Savings Accounts - WSJ The Wall Street Journal
Tax Moves to Take Now to Save on 2022 Taxes My Federal Retirement
TAS Tax Tip: Get Current on Your Federal Taxes - TAS National Taxpayer Advocate
Why do we pay personal property taxes in Arkansas? THV11.com KTHV
UK cuts taxes, boosts spending, accelerating pound's slide The Associated Press - en Español
Rise in Deaths Spurs Effort to Raise Alcohol Taxes The New York Times
Some states could tax recipients of Biden student loan forgiveness The Washington Post
Property Taxes by State & County: Median Property Tax Bills Tax Foundation
Additional New York State child and earned income tax payments Department of Taxation and Finance
TAS Tax Tip: What the Inflation Reduction Act Means for You - TAS National Taxpayer Advocate
US moving closer to letting Americans file taxes online for free Business Insider
The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven't filed - CNBC
The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven't filed CNBC
Justice Department Seeks to Shut Down Texas Tax Preparer Department of Justice
Tax Revenue in Most States Surpasses Pre-Pandemic Growth Trend The Pew Charitable Trusts
MicroStrategy Chair Michael Saylor accused of evading $25 million in taxes by DC attorney general - CNBC
MicroStrategy Chair Michael Saylor accused of evading $25 million in taxes by DC attorney general CNBC
EU targets €140bn from windfall taxes on energy companies Financial Times
Inflation Reduction Act pushes IRS to pursue free TurboTax competitor The Washington Post
How Raphael Warnock Dodges Income Taxes Washington Free Beacon
After Failing To Pay Own Taxes, New York Dem Bridget Fleming Voted To Hike Taxes for Everyone Else - Washington Free Beacon
After Failing To Pay Own Taxes, New York Dem Bridget Fleming Voted To Hike Taxes for Everyone Else Washington Free Beacon
FACT SHEET: This Tax Day, the President Is Fighting to Reward Work, Not Wealth, While Republicans Want to Increase Taxes on the Middle Class - The White House
FACT SHEET: This Tax Day, the President Is Fighting to Reward Work, Not Wealth, While Republicans Want to Increase Taxes on the Middle Class The White House
Ranking Member's News | Newsroom | The United States Senate Committee on Finance - Hearing | Hearings | The United States Senate Committee on Finance
Ranking Member's News | Newsroom | The United States Senate Committee on Finance Hearing | Hearings | The United States Senate Committee on Finance
Could the IRS let everyone file taxes for free? Why Congress is considering cutting out the middlemen - CNBC
Could the IRS let everyone file taxes for free? Why Congress is considering cutting out the middlemen CNBC
Taxes and USDA Programs Farmers.gov
Highlights of IRS List of 2005 Tax Scams
Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions.
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.
10 Thoughts on Tax Offer in Compromise
Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you.
Small Business Tax Issues for Self-Employed Individuals
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business.
How To Get An Instant Pay Raise
As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt.
Correspondence From The IRS - Yikes!
It's a moment every person dreads. You pick up the mail and there is an envelope from the IRS.
Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?
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.
Employment Taxes - What Are They?
If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees.
Section 179 - Tax Relief From Depreciation Rules
"Depreciation." For business owners, this word is the one most likely to inspire headaches and fits of cussing.
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.
Small Businesses Filing Amended Federal Tax Returns to Recover Money
Small Businesses Filing Amended Federal Tax Returns to Recover MoneyBy Darren Oliver April 15th may be gone but, but certainly not forgotten - especially if you, like millions of small businesses, unknowingly overpaid your federal taxes and can recover money by filing an amended return. According to the IRS tax code, you have three years from the filing date for the tax year in question to file an amended return.
What to Do If You Can't Pay Your Taxes
The end of tax filing extensions is quickly approaching. What do you do if you can't pay the amounts you owe? You should still file your return by the due date and pay as much as you can.
Fraudulent Tax Shelters - KMPG Goes Down Hard
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars.
Paying Workers - What Can You Write-Off?
As your business grows, you are going to need help. This help comes in the form of employees and independent contractors.
Tax Time Tune Up
Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize.
Rental Property Tax Deductions
Own residential rental properties? This article discusses how income from those properties impacts your taxes.What Constitutes Revenue?Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property.
Keeping Your Own Money - NOT Handing It Over To The Taxman
Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs.
How Likely Are You To Be Audited?
Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing individuals in 2003 when compared to 2002. The increase was approximately 14%, but still constituted only 6.
How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share
How Home-Based Businesses Can Avoid Giving Uncle Sam More than His ShareBy Darren Oliver With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid. According to the General Accounting Office, in 1998 alone, there was $311 million paid unnecessarily to the IRS.
IRS Offer-in-Compromise, Hype or Hope?
"Settle for Pennies on the Dollar! IRS debts settled for $20Wipe out the Penalties with an Offer"-such is the language of Offer-in-Compromise promoters. What they fail to tell you is that one has to qualify for an Offer and few taxpayers will be able to meet the tough standards for an OIC.
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