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Posts in category Tax Planning

How To Write Off Travel Expenses As B...

How To Write Off Travel Expenses As Business Expenses
Tweet For someone who likes to travel, the world offers enormous opportunity for new sights and adventure. However, travelling can be an extremely expensive habit. Because of that fact, you may be tempted to try to write off some of your travel expenses as a business expense.  This is perfectly legal, as long as you follow some pretty strict [...]

Tax Planning for Freelancers: Are You...

Tax Planning for Freelancers: Are You Prepared?
Tweet Unfortunately, one of the most common mistakes that freelancers make is that they don’t properly budget for taxes. When you work for an employer, they automatically deduct the right amount of taxes from your paycheck. However, as a freelancer, it’s up to you to remember to set aside money for taxes. Keep in mind that just because you re [...]

Business Structures, Choosing your En...

Business Structures, Choosing your Entity
Tweet One of the most important decisions that new business owners make is selecting their ownership structure. When beginning a business, you must decide what form of business entity to establish. When determining what type of entity will fit your business best:limited liability company (LLC),  Sole Proprietorships Partnerships Corporations [...]

Travel Expenses

Travel Expenses
Tweet  Travel by personal automobile requires special attention to the validation requirements. Because of perceived exposure to personal use, Congress has designated passenger automobiles as so‐called “listed property,” which means that expenses related to their business use must be “strictly substantiated.” In order to comply with this requ [...]

5 Easy Tips to Lower Your Tax Burden

5 Easy Tips to Lower Your Tax Burden
Tweet As and when the deadline for filing your taxes comes, you become more and more anxious about the income that you owe to IRS (Internal Revenue Service). Whether you own a business, do a nine to five corporate job or you are self employed, paying tax is a crucial task that you must perform. But there are a number of ways, applying which y [...]

Residential Energy Tax Credits 2012

Residential Energy Tax Credits 2012
Tweet The Residential Energy Efficient Property Credit is available to individual taxpayers to help pay for qualified residential alternative energy equipment, such as solar hot water heaters, solar electricity equipment and residential wind turbines. Qualifying equipment must have been installed on or in connection with your home located in [...]

Social Security Benefits, are they ta...

Social Security Benefits, are they taxable?
Tweet How much, if any, of your Social Security benefits are taxable? It depends on your total income and marital status. Generally, if Social Security benefits are your only income, your benefits are not taxable and you probably do not need to file a federal income tax return. If you receive income from other sources in addition to Social Se [...]

Grads – Filing for First the Ti...

Grads – Filing for First the Time
Tweet The subtle nuances of tax law have been nothing but confusing to the majority of taxpayers for years. It can be difficult to make sure you have applied for all the deductions and credits available while filing your taxes. The most definitive way to insure you have received all your possible deductions is to sit down with a tax professio [...]

Maximize your Travel & Entertain...

Maximize your Travel & Entertainment Benefits.
Tweet Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home”. You may be able to deduct the ordinary and necessary business-related expenses you have for Travel, Entertainment, Gifts, or Transportation. An ordinary expense is one that is common and accepted [...]

Tax and Finance for all Blue Collar W...

Tax and Finance for all Blue Collar Workers
Tweet Just because you don’t wear a suit and tie to the office and make six figures doesn’t mean you shouldn’t pay attention to your taxes or your finances. In fact, it’s probably even more important for blue collar workers to closely monitor their income and expenses because you may have more opportunities to take control and fin [...]

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