When it comes to tax shelters, there’s no better or safer place than our own homes. There are a vast number of companies out there spending a lot of money on advertising trying to convince us that we should be sending our hard earned dollars to some island in the sun, where (for a nice fat fee of course) they…
Tag: Deductions
Tax Refunds How Do They Work
The best part about filing your taxes is getting the tax refund check! Chances are, you have been paying your taxes directly, or your employer has been withholding tax dollars from your paychecks. Many individuals overpay on their taxes, so they quickly file their taxes to get their tax refunds and soon as possible. How do tax refunds work? Your…
How To Audit Proof Your Tax Return Forever A Recent Close Encounter Of The Irs Kind
Congress has passed legislation that is supposed to result in a more “sensitive” Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine. Hmmm . . . . What do you think? A few months ago, one of my clients (let’s call him Mr. Jones) got one of those IRS “love letters” requesting more information about his return,…
Tax Returns Should You Itemize
When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS. Choices, Choices… Tax deductions are a very simple part of a theoretically simple tax reporting system. If you’ve ever prepared your own taxes, you know this simply isn’t true. Complicated…
Discover How A Home Business Can Make Your Life Easier
A Home Business Can Make Your Life Easier In 5 Ways If you are looking for an alternative to the traditional office job setting as well as various freedoms, then a home business may be what you are looking for. Home businesses come in many forms, shapes and sizes. Here are five ways that a home business may be able…
Travel Nurse Employment Tax Advantages Of Per Diem Deductions
When you are a travel nurse, then you need to have a pretty good understanding of per diem rates and how they might lower your taxes. Many travel nurses believe that per diem is only a tax benefit that staffing agencies offer and yet, surprisingly, others do not. This misunderstanding about what per diem is and how it may affect…
How To Get A Tax Break On Your Home Remodeling
It’s always a big discussion among many homeowners who are trying to figure out which tax deduction you’ll be able to get when you’re making improvements to your home. This topic even baffles tax experts at times being that the laws change so often, therefore trying to scramble to see which tax deductions still exist as well as new ones…
It S A Taxing Time Of Year
Yes, that’s right, it’s that time of year nobody loves – tax time! No, this is not too early to think about it, especially if you have money coming to you. All right, so it’s not fun to think about doing your taxes. But there is a distinct advantage to getting an early start – it’s a reminder to be…
Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars
Standard monthly expenses for your Business are transferred from you to your Tax Professional to be put on your Schedule C. No problem, most people get this part right. It’s the thousands of dollars in miscellaneous receipts that many people forget when under the haze of tax season. These miscellaneous expenditures can save a small business owner hundreds if not…
The Ultimate Tax Planning Strategy
The taxes that are withheld from paychecks amount to about 25% of your gross pay (including federal tax, state tax, social security tax and medicare tax). But these taxes that are withheld could be working for you as investments if you employ what I call the ultimate tax strategy. This tax strategy consists of how you plan to pay no…