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How Can the Average Person Build Wealth in Real Estate?
Books on real estate are a dime a dozen—and most focus on taking advantage of someone else’s misfortune. They frequently describe lofty methods for buying and selling properties no ordinary citizen can be successful using. Real estate professional Dan ...
Interview with Ron Mead: The Secret Goldmine Of Probate Real Estate
Noelani Rodriguez:You’ve written a nice book about probate real estate.. It is easy to read. It’s obviously worth thousands or even millions of dollars in real estate profit potential, and it's only $29.95. That's fantastic Ron. How’d you come to do ...
What To Expect In Closing Costs On A Home Purchase
Many are taking advantage of this year’s low mortgage rates to purchase a home. Pent up with excitement, many families, who have scrimped and saved for a down-payment, jump for joy when the mortgage lender finally approves their application. But, they ...
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Most of the time any expenses that are related to your business can be added as a deduction on your taxes. If you do not pay taxes through out the year, deductions can help you from paying a large amount of taxes each year and can also adjust earned income. Try to avoid paying large amounts of taxes or owning any money by keeping track of simple things!
Each business is a bit different so be sure to mention these ideas to your tax advisor or accountant to see if your business can qualify for these deductions.
1- If you join any business or purchase into any franchise, the expenses such as kits, or franchise fees may be claimed as a deduction.
2- Business Supplies. Be sure to save all receipts for any supplies you purchase for your business use. Computer paper, business cards, pens, catalogs, or any items you purchase and use for your business.
3- Advertising- Most advertising can be claimed on your taxes. Keep all receipts for any newspaper ad’s you may run, or any advertising you do online. Advertising is a business expense and in most cases can be written off.
4- Items Given Away- Keep a list of any items you may give away, and the costs of these items. Most freebies may also be written off.
5- Phone bills and internet access- If you have a phone line for business use or have the internet in
your home or office for business use, save all receipts for each bill paid. These items are business expenses and may also be written off.
6- An in home office- If you have an office in your home, make sure to let your tax advisor know. Using a room in your home as an office can also be added on taxes.
7- Long distance calls- If you make any long distance calls that are related to your business, make sure you keep all phone bills showing the calls and the amounts charged. If these calls are related to your work, the cost of the calls may also be written off in most cases.
8- Returned Checks and Bank Fees. If you incur and bounced checks from customers and can not collect on them, those amounts may be deducted, along with any fees you were charged from your bank. Be sure to keep the returned check, the letter from your bank and your bank statement to show the fee you were charged.
9- Postage- All postage costs paid by you or shipping fees may be claimed. Keep receipts for all shipping supplies, and postage.
10- Computers- If you purchase a new computer for business use, the cost of the computer may be claimed. You may also claim depreciation for 3 years after the computer was purchased.
About the Author
Tara Grant, owner of http://www.designbytara.com, http://www.partysuppliesrus.com, &
http://www.heronlinenetwork.com. Tara is a warm-hearted entrepreneur, mother of 2 small children and an avid networker in the wahm and parenting communities!
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Tax cuts are a roll of the diceKansas.comSam Brownback has made it clear that cutting taxes is a priority. Brownback believes that lowering taxes is always the best prompt for fiscal growth, promoting Texas' recent history as a model. Brownback ignores Texas' high property and sales taxes, ...and more » |
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