Tag Archive | "business purpose"

10 Tips To Save Money When Dining Out

Posted on 21 July 2008

Here are some tips that can help you save money when dining out. Keep in mind that these tips are intended to help you save money when dining out at a restaurant type setting. In other words, these tips will not be related to fast food establishments for their food is already priced reasonably.
10 TIPS [...]

Valuable Tax Deductions for your Vehicle You Can’t Afford to Miss

Posted on 20 July 2008

Is your business missing out on valuable tax deductions you can take for the use of your personal vehicle for business purposes?If you haven’t done so already, you should definitely beat a path to the door of your local office supply store and pick up a notebook for logging the mileage you drive to conduct [...]

Automobile Expenses - Tax Write-Offs

Posted on 20 July 2008

If you use a vehicle for conducting business, you can deduct certain automobile costs from your tax bill. This is true even if you use the vehicle for personal and business needs.
Automobile Deductions
The powers that be have historically written sections into the tax code promoting business activities. One of the traditional write-offs has always been [...]

Setting Up A One-Person LLC

Posted on 20 July 2008

The LLC, or Limited Liability Company, is the new entity of choice for both experienced entrepreneurs and new start-ups. The one-person corporation is being replaced by the one-memnber LLC.
An LLC combines the liability protection of a corporation with the flexibility and ease of filing as a sole proprietorship.
Every small business, even those that in the [...]

Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrina’s Wake

Posted on 20 July 2008

With gas prices at an all time high before Hurricane Katrina left her mark on our nation, most Americans were hoping that gas prices would settle down once summer passed. But gas prices have jumped as much as 80 cents a gallon across the country once Hurricane Katrina destroyed the Gulf Coast and impacted all [...]

Tax Strategy - Let Washington Pay for Your Corvette, Porsche, or Air Plane

Posted on 20 July 2008

Deducting Your Auto Expenses
Auto deductions are a very complex topic. So, to clarify, we are not going to attempt to cover all of the intricacies of the subject. Instead, we will cover some of the most-used provisions and provide you with a better understanding of some of the associated issues.
In keeping with one of our [...]

Some Folks Pay A Lot Less Tax Than Others On Very Same Income-Did You Pay Too Much Tax In 2004?

Posted on 20 July 2008

Someone once remarked, “Next to being shot at and missed, nothing is quite so satisfying as an income tax refund.” There’s no question that saving money in taxes is high on everybody’s list of financial priorities, especially small-business owners.
Taxes are an inevitable — and painful — part of every business owner’s life. But there are [...]

Tax Tips for Home-Based Business Owners

Posted on 18 July 2008

As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot. For the most part, both of these fears are unfounded.
For one, audits are rare. In fact, only [...]

How to Maximize Your Home Business Tax Deductions for 2005

Posted on 18 July 2008

Someone once said, ‘the best way to calculate your taxes is…Honestly’. For 2005, add ‘Smartly’ to that and you’ll get to keep more than you make. This April 15th is going to be the day of reckoning for every taxpayer. If you are smart enough with your accounting and keep your eyes and ears open, [...]

Small Business Tax Deductions for Year End 2004

Posted on 18 July 2008

As a small business owner, it’s wise to familiarize yourself with some key deductions that may reduce your tax bill for 2004.
Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances the maximum contribution that you may deduct per employee in [...]

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