A Home Business Can Give You Tremendous Tax Savings

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Home Page > Business > Home Business > A Home Business Can Give You Tremendous Tax Savings

A Home Business Can Give You Tremendous Tax Savings

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A Home Business Can Give You Tremendous Tax Savings

By: Maryjean Howe

About the Author

Tax saving is one of many things that home business owners can enjoy as a result of their decision to have a business at home.
Maryjean Howe is a professional internet marketer and business coach based out of Oceanside, CA. She works with people to help them start a business and continues to help them use training materials to effectively run a successful business. Maryjean has worked with people from all different backgrounds to help them start a business without any experience. For more information, contact Maryjean.

(ArticlesBase SC #1619630)

Article Source: http://www.articlesbase.com/A Home Business Can Give You Tremendous Tax Savings





One of the main benefits for having a home business is that it allows almost everyone an opportunity to be their own boss without spending a lot of money on setting up a business. The other advantages that are obvious to most home business owners are flexibility of time, reduced running costs, and convenience. However, there is another big advantage about which most home business owners have only a vague idea. They are not aware of the huge potential of home business tax savings that they can get from their business.

Here are some of the tips to make sure that you are not deprived of tremendous home business tax savings

Make sure you qualify: A lot of people may assume that since they work from home they qualify as a home business. However, it is important for you to know the rules that apply to your area about the qualification of a business as a home business. You would not want to be caught off-guard. Make sure that a room in your home is exclusively used for your business only and not for other activities as well. Do this by ensuring that you have a separate work space that can be designated as your home office. If you are not sure about anything, consult a tax professional.
Keep track of all expenditures: It is very common for a home business owner to get engrossed in the day-to-day activities of running a business and lose important bills, receipts and other proof of expenditure that is related to the business. A lot of home businesses end up paying much more tax than they really should because they did not document all the financial records. The best strategy is to file them as soon as you receive them. This will help you maximize your home business tax savings.
Know expenses that qualify for deduction: It is amazing that many business owners who have been running their home office for years have very little idea about what expenses qualify for tax deduction and help in home business tax savings. All expenses that qualify as “Ordinary and necessary” can be deducted from your tax. Ordinary expenses refer to all expenses that a home business similar to yours will incur and there is nothing unusual about it. Necessary expenses refer to any money without which you will not be able to run your home business.

For your convenience, here is a list of expenditures that are usually deductible: 

  Marketing and advertising costs
Accounting and bookkeeping costs
Business transportation expenses
Costs associated with business conferences
Business credit card expenses
Depreciation charged on business furniture, vehicle and equipments
Business training and seminar costs
Computer and other equipment purchase
Furniture costs
Expenses related to home office
Insurance
Interest on business loans
Legal fees
Repairs and maintenance of office equipment
Office stationary and supplies
Internet, and other web related services fees
Postage and mailing expenses
Business telephone expenses
Utilities like electricity
Employee wages

4.  Consult a tax professional: Often home business owners tend to ignore this and decide to go on their own, most of the time, to save costs. However, if you have a friend or a family member who is a tax professional, it is a great opportunity to take advice about how to enhance your home business tax savings. Also, if you have no acquaintances, it will be worth your investment to hire a reliable tax professional who can help you save a lot of money by guiding you on how to increase your home business tax savings.

For more information, go to MaryjeanAHowe.com.

Retrieved from “http://www.articlesbase.com/advertising-articles/a-home-business-can-give-you-tremendous-tax-savings-1619630.html

(ArticlesBase SC #1619630)

Maryjean Howe -
About the Author:

Tax saving is one of many things that home business owners can enjoy as a result of their decision to have a business at home.
Maryjean Howe is a professional internet marketer and business coach based out of Oceanside, CA. She works with people to help them start a business and continues to help them use training materials to effectively run a successful business. Maryjean has worked with people from all different backgrounds to help them start a business without any experience. For more information, contact Maryjean.

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Tax saving is one of many things that home business owners can enjoy as a result of their decision to have a business at home.
Maryjean Howe is a professional internet marketer and business coach based out of Oceanside, CA. She works with people to help them start a business and continues to help them use training materials to effectively run a successful business. Maryjean has worked with people from all different backgrounds to help them start a business without any experience. For more information, contact Maryjean.


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Pathfinder Business Strategies Offers Timely Tax Saving Strategies To Survive The Impending Economic Downturn

Pathfinder Business Strategies Offers Timely Tax Saving Strategies To Survive The Impending Economic Downturn


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Home Page > Finance > Pathfinder Business Strategies Offers Timely Tax Saving Strategies To Survive The Impending Economic Downturn

Pathfinder Business Strategies Offers Timely Tax Saving Strategies To Survive The Impending Economic Downturn

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Pathfinder Business Strategies Offers Timely Tax Saving Strategies To Survive The Impending Economic Downturn

By: Drew Miles

About the Author

I have spent years studying the tax code looking for ways to help people lower their tax bill and keep more of what they earn. Drew Miles Find Out More: http://www.taxsavingconcepts.com

(ArticlesBase SC #520601)

Article Source: http://www.articlesbase.com/Pathfinder Business Strategies Offers Timely Tax Saving Strategies To Survive The Impending Economic Downturn





Pathfinder Business Strategies, LLC a privately held company which advises corporations, consumers & small to mid size companies on asset protection, tax savings & wealth building strategies is urging all Americans to structure their finances properly to save as much money as possible on their taxes, and to prepare for the economic uncertainty facing the country.

Pathfinder, which is located in Sebastian Florida, is run by Drew Miles, a former attorney who after practicing law for thirteen years realized that most of his clients were unprepared financially for any sort of drastic economic downturn. “When the economy takes a turn for a worse, everyone starts tightening their belts,” said Mr. Miles. “But one place that is often overlooked is the amount of taxes they pay.”

Pathfinder Business Strategies has advised more than 5,000 small and large businesses, as well as individuals how to arrange their assets and income to pay the absolute legal minimum in taxes. “We have found that the wealthiest people in the country are paying as little as 5% of their income in taxes, while the average person is paying upwards of 30-50% of their income in taxes.” Drew Miles advises that the best way to prepare for a rocky economic future is to make sure that you are keeping all the money that you are legally entitled to.

Those who will be hit hardest by the struggling economy are those who can least afford it. Hard working middle-class Americans will not only feel the lifestyle altering effects of the faltering economy, but are also the ones paying the most in taxes.

The United States’ economic downturn is making headlines across the world. The falling value of the dollar, combined with the sharp decline in the housing market and skyrocketing energy prices has put many Americans in a panic about the future of the economy.

”It’s amazing how I’m going to save, and how much this is going to help me. This year, it looks like I’m going to save ,000 in taxes.” said Joronda Perry, a Pathfinder client and real estate investor from Baltimore, Maryland. “Meaning that half of the income that I usually pay in taxes, I’m going to get to keep.”

In addition to tax savings, Pathfinder Business Strategies advises their clients on how to audit-proof their finances, protect their assets in the event of a lawsuit, and grow their retirement account completely tax-free.

Americans need all the money they can get in order to survive this financial crisis. While many people are turning to business opportunities which can turn out to be scams, Pathfinder Business Strategies offers a way to have more money on hand without having to make any more income.

”It is important for people to realize that Americans are making far more money than they are actually taking home,” said Drew Miles. “A very large percentage of their weekly salary is lost to taxes before they ever cash a check. This money can be recovered and used to pay for rising expenses. When you realize just how much money you are losing right off the top, tax savings is like getting an instant pay raise from the government”.

Pathfinder Business Strategies recently reported an average savings of ten to thirty thousand dollars in tax savings for each client. These savings are not of a one-time nature, but rather continue every year into the foreseeable future.

Retrieved from “http://www.articlesbase.com/finance-articles/pathfinder-business-strategies-offers-timely-tax-saving-strategies-to-survive-the-impending-economic-downturn-520601.html

(ArticlesBase SC #520601)

Drew Miles -
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I have spent years studying the tax code looking for ways to help people lower their tax bill and keep more of what they earn. Drew Miles Find Out More: http://www.taxsavingconcepts.com

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I have spent years studying the tax code looking for ways to help people lower their tax bill and keep more of what they earn. Drew Miles Find Out More: http://www.taxsavingconcepts.com


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3 Useful Tax Saving Tips For Families

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Home Page > Finance > Taxes > 3 Useful Tax Saving Tips For Families

3 Useful Tax Saving Tips For Families

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3 Useful Tax Saving Tips For Families

By: Abhishek Agarwal

About the Author

Abhishek is a Tax Consultant and he has got some great tips on Filing And Understanding Taxes! Download his FREE 84 Pages Ebook, “Taxes Made Easy!” from his website http://www.Taxes-Guru.com/777/index.htm . Only limited Free Copies available.

(ArticlesBase SC #708629)

Article Source: http://www.articlesbase.com/3 Useful Tax Saving Tips For Families





For sure, every tax payer is looking for helpful tax saving tips. The burden of paying tax has taken its toll among honest tax payers given the great amount of taxes that are being paid every year. And of course, tax saving tips are much more needed in these times when every price seems to rise. Tax saving tips are very much helpful for families who are limited by the income that the breadwinner has. Enumerated below are some expenses which we did not realize to be tax deductible.

1. Child Care—This is considered as one of the effective means of tax saving. There are basically two ways in doing so. The first one is through a spending account that is flexible. With these kinds of accounts which are employer-sponsored, you will be able to contribute to your child care expenses on a pre-tax set-up. This is known to reduce an individual’s taxable income for the current year. Meanwhile, the second means of reducing your taxes is claiming your child care expenses at the end of the year. Of course, expenses in day cares are counted and even summer camps attended by kids. Summer camps are counted, but many parents do not know this. The summer camps are counted for as long as the main reason was that you had a work or schooling so you let your kid attend the camp. The fees you shelled out in these camps is actually deductible to the tax that you have to pay.

2. Health Care—Along with child care expenses and health care expenses could actually save you from paying a great amount of tax. Just like the child care expenses that you may have, this could be paid on a pre-tax basis or could also be deducted at the end of each year. Just bear in mind that you have to keep track of your health care expenses for the entire year including those over the counter medicines if you are planning to deduct the expenses at the end of the year. Meanwhile, if you opted for a flexible spending account, consider these expenses and have a reimbursement.

3. Know the code—Laws that govern taxes changes from time to time. You should be familiar with all of the changes since every year, there may be some new deductions which your family could enjoy and benefit from. If you do not have the luxury of time in reviewing the tax code changes annually, have your taxes be prepared by professionals. The professional you hired will be informed on the changes and could even find some tax saving tips that you do not want to miss.

Ask your financial planner to look for effective tax saving tips that would benefit your family. There are a lot of ways just waiting to be revealed.

Retrieved from “http://www.articlesbase.com/taxes-articles/3-useful-tax-saving-tips-for-families-708629.html

(ArticlesBase SC #708629)

Abhishek Agarwal -
About the Author:

Abhishek is a Tax Consultant and he has got some great tips on Filing And Understanding Taxes! Download his FREE 84 Pages Ebook, “Taxes Made Easy!” from his website http://www.Taxes-Guru.com/777/index.htm . Only limited Free Copies available.

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Abhishek is a Tax Consultant and he has got some great tips on Filing And Understanding Taxes! Download his FREE 84 Pages Ebook, “Taxes Made Easy!” from his website http://www.Taxes-Guru.com/777/index.htm . Only limited Free Copies available.


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Tax Planning After April 15th – 5 Secrets to Massive Tax Savings

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Home Page > News and Society > Politics > Tax Planning After April 15th – 5 Secrets to Massive Tax Savings

Tax Planning After April 15th – 5 Secrets to Massive Tax Savings

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Tax Planning After April 15th – 5 Secrets to Massive Tax Savings

By: Tom Wheelwright

About the Author

Many people view April 15th as the end of tax season and enjoy the idea that they don’t have to deal with their taxes for another year. I look at April 15th a little differently. I see April 15th as the time to start planning your taxes for the next year (and the next year and the next year).
http://www.provisionwealth.com

(ArticlesBase SC #907255)

Article Source: http://www.articlesbase.com/Tax Planning After April 15th – 5 Secrets to Massive Tax Savings





Many people view April 15th as the end of tax season and enjoy the idea that they don’t have to deal with their taxes for another year. I look at April 15th a little differently. I see April 15th as the time to start planning your taxes for the next year (and the next year and the next year).

The best potential to create massive tax savings comes from planning your taxes not only throughout the year, but years in advance.

This doesn’t mean you have to treat your tax planning like a part-time job (although I’ve seen tax savings that yield more than a part-time job!). It simply means take a few hours now to create a tax strategy that is specific to you, then integrate your strategy into your daily routine and take a few hours a month to keep it on track.

I think most people dread tax planning because it’s something they have found to be boring and confusing (and sometimes painful) in the past. Traditional tax planning can be all of this!

This is why I’ve made it my mission to make taxes more understandable. I’ve just recently taken the hundreds of strategies I use with clients and broken them down into 5 secrets that cover the scope of how to create massive tax savings.

5 Secrets to Massive Tax Savings

Secret #1 Rules the IRS Won’t Tell You

Secret #2 Creating Permanent Tax Savings

Secret #3 Forming Your Personal Tax Strategy

Secret #4 Tax Saving Entity Structures

Secret #5 Reducing Your IRS Audit Risk

I’m so excited to share this information!

I’m going to share more about each of these secrets over the next few weeks, but before getting into those details, this week I want to share the common theme behind each of the secrets.

Behind Every Secret is… Knowledge! Now, I’m not referring to the type of knowledge that will have you quoting Internal Revenue Code sections – that falls into the category of boring and confusing. The knowledge I’m referring to is the type of knowledge that makes you aware of what creates massive tax savings so you begin to see your daily routine a little differently.

Here is an example most people can relate to:

Have you ever noticed that right after you buy a new car, you see that same car everywhere and you don’t remember ever seeing that many before? The reality is the cars have always been there, it just takes awareness to see them. Once you become aware of the car, you see it everywhere.

The same is true for tax savings! The opportunities are there, it’s just a matter of being aware of them.

Retrieved from “http://www.articlesbase.com/politics-articles/tax-planning-after-april-15th-5-secrets-to-massive-tax-savings-907255.html

(ArticlesBase SC #907255)

Tom Wheelwright -
About the Author:

Many people view April 15th as the end of tax season and enjoy the idea that they don’t have to deal with their taxes for another year. I look at April 15th a little differently. I see April 15th as the time to start planning your taxes for the next year (and the next year and the next year).
http://www.provisionwealth.com

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Many people view April 15th as the end of tax season and enjoy the idea that they don’t have to deal with their taxes for another year. I look at April 15th a little differently. I see April 15th as the time to start planning your taxes for the next year (and the next year and the next year).
http://www.provisionwealth.com


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Tax Savings Solutions, The Savings Highway Has Them All

Tax Savings Solutions, The Savings Highway Has Them All


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Home Page > Business > Ask an Expert > Tax Savings Solutions, The Savings Highway Has Them All

Tax Savings Solutions, The Savings Highway Has Them All

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Tax Savings Solutions, The Savings Highway Has Them All

By: Jim Roche NJ

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For more Information Contact :

Jim Roche NJ

(908) 413-5363

The Savings Highway

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Tax Savings Solutions, The Savings Highway Has Them All

US Congress enacts Home-Based Businesses Tax Savings Solutions

We are talking about tax savings laws passed by the United States Congress specifically to encourage taxpayers to actively operate a small home-based business – even on a part-time basis – with the intent to make a profit.

First, the fastest-growing business category — for several years in a row — has been Small Home Based Businesses. Maintaining continued expansion in that industry simply makes perfect sense for our national economy.

Second, unemployment puts a tremendous strain on the economy, and the leading job-growth category, again, is Small Home Based Business. Job growth = less unemployment = stronger economy.

Third, if every taxpayer had a part-time home-based business as a “fall back” or “safety net,” a signifigant layoff by a major employer would have less of an impact on the economy.

You are about to get a map to a lot of “information” i.e., small home based business tax savings that are 100% IRS-compliant, easy to qualify for, and simple to document.

Most taxpayers (and most professional tax preparers) are clueless about these small-business-friendly tax savings, for a variety of reasons:

· The media gives very little publicity to these laws,

· Small-business tax law is not part of the ciriculum in most accounting schools,

· Knowledge of small-business tax law is not tested on CPA exams,

· IRS “publications” focus mostly on what you cannot deduct, not on what you CAN.

Here’s how your business can qualify for Small Home Based Business Tax Savings…

In order to be in compliance with the IRS,” you must:

1. Be able to Prove that you Intend to make a Profit.

o Write a Business Plan

o Estimate when you expect your business to become profitable

o Continually work to improve and expand your business

2. Tend to your business on a Regular and Consistent basis

o Regular and consistent activity is much more important than the number of hours.

o As little as 41 hour, 4-to-5 days a week is sufficient for the Tax Court

o Document your business activities in a day planner with ledgible notations.

3. Maintain Accurate Records

o Document All Business Income

Deposit all business income into a Business-only checking account

Keep a running log showing, for each check received:

Date received
Amount received
Source of income (company name, etc.)
Purpose of income received (i.e., Products Sold, Commissions, Bonuses, etc.)

o Document All Business Expenses

Use a business-only checking account for all business expenses
The purpose is to keep personal funds and business funds from co-mingling.
Use one or more credit cards exclusively for business expenses
Keep from co-mingling personal and business charges
Interest and fees on business-only cards are Tax Deductible.

o Document All Your Business Activities

A Daily Record is acceptable documentation(IF it is accurate and complete)
Show regular and consistent activity(as opposed to sporadic, inconsistent activity)

In my next article I will discuss what exactly you are able to deduct to take advantage of operating a small home based business for maximum tax savings.

What Should you do Next? Join the Savings Highway today and reap the many tax saving benefits the were specifically enacted by Congress to keep the United states Economy Strong.

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For more Information Contact :

Jim Roche NJ

(908) 413-5363

The Savings Highway


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