Written by Donations made to qualified organizations may help reduce the amount of tax you pay. Here are a few things to help ensure your contributions pay off on your tax return.
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Maximize your Travel & Entertainment Benefits.
Expenses are directly related if you can show:
There was more than a general expectation of gaining some business benefit other than goodwill.
You conducted business during the entertainment.
Active conduct of business was your main purpose.
Tax Record Keeping Advice for Small-Business-Owning Technophobes
Tweet This is a guest post from Erinn Stam, the Managing Editor for nursing student scholarships. She attends Wake Technical Community College and is learning about nursing scholarships for working moms. She lives in Durham, NC with her lovely 4-year-old daughter and exuberant husband Are you afraid of Quicken? Do you hate working on your computer? [...]
READ MORE »Last-Minute Tax Deductions for 2011
Tweet With tax day just around the corner, here are some ideas that can maximize your tax returns this year: Invest more money in your retirement account – Your retirement funds actually aren’t taxed until that money is taken out of your retirement account. Contributions to retirement funds can be made as late as April [...]
READ MORE »The Home office
Tweet Guest post by Mariette Knoblauch of Ballard Beancounters In the economic chaos of the past few years, many people have turned to self-employment. If you have a home-based business, you may very well have a home office, and a convenient deduction on your federal income taxes. What makes a home office deductible? There are [...]
READ MORE »Financial Planning Dos & Don’ts
Tweet During these uncertain economic times, financial planning has become a challenge. Here are a few financial planning suggestions that can add to your peace of mind about financial matters and simplify your life: At least once a year, write down your investment goals and what strategy you will use to reach them. This will [...]
READ MORE »A Week in Perspective
Tweet HERE I GO ONE MORE TIME – This message cannot be repeated often enough Don’t miss the Articles that TWTP is putting out over at mainstreet.com How to Save the American Dream IRS Increases Tax Deduction for Drivers 5 Money Moves to Make Before Year-End – I have thought about my finances and some [...]
READ MORE »The Home Office Deduction
Tweet The tax break has been expanded, but make sure you know the rules. The Taxpayer Relief Act of 1997 included a modification of the IRS’s definition of “principal place of business” that will permit a larger number of taxpayers to qualify for the home-office deduction. For tax years beginning after 1998, the deduction will [...]
READ MORE »Misconceptions Business Owners Have About Their Returns
Tweet Regardless of how life changes, one of the biggest hurdles you’ll face in running your own business is to stay on top of your numerous obligations to federal, state, and local tax agencies. A tax headache is only one mistake away, be it a missed payment or filing deadline, an improperly claimed deduction, or [...]
READ MORE »Year-End Tax Planning for Businesses
Tweet Businesses can take several Tax Planning measures at the end of the year to reduce their tax burden in 2010. Here’s a rundown of best options. Purchase New Business Equipment Expensing. The Section 179 deduction for equipment purchases was increased again in 2010 under the recent passage of the Small Business Jobs Act of 2010. [...]
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