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
Posted: Sep 14, 2009 |Comments: 0
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Tax Savings Solutions, The Savings Highway Has Them All
By: Jim Roche NJ
About the Author
For more Information Contact :
Jim Roche NJ
(908) 413-5363
The Savings Highway
(ArticlesBase SC #1231930)
Article Source: http://www.articlesbase.com/ – Tax Savings Solutions, The Savings Highway Has Them All
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.
Retrieved from “http://www.articlesbase.com/ask-an-expert-articles/tax-savings-solutions-the-savings-highway-has-them-all-1231930.html”
(ArticlesBase SC #1231930)
Jim Roche NJ -
About the Author:
For more Information Contact :
Jim Roche NJ
(908) 413-5363
The Savings Highway
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For more Information Contact :
Jim Roche NJ
(908) 413-5363
The Savings Highway
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