Tax deductions for business expenses aren’t just for large corporations. As an Internet marketer or online entrepreneur it is important to know what you can and cannot deduct to save money on your taxes. People new to business taxes tend to fall into one of two groups. The first group are those people who simply don’t believe they can be…
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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. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and…
Can You Deduct Your Mortgge Payment From Taxes
As a landlord, you will want to make sure you take advantage of all of the tax benefits you can receive by owning a property. There are many other deductions than just the obvious ones. Expenses incurred to cancel a lease, reimbursements to renters for expenses that they have incurred and many others exist. Make sure you are taking advantage…
Tax Laws The Irs Doesn T Want You To Know About
Most People Are Not Aware That We Have Two Tax Systems. One is for employees, which was created to take your wealth, and one is for small businesses that was designed to create economic growth. The reason is that small businesses generate over 70% of the job growth in this country. This is why Congress passes “good” tax laws (Yes,…
Gambling Income And Expenses Tax Requirements
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars,…