Accounting : Every Day is an Opportunity to Reduce Your Taxes
|
|
|
By: Tom Wheelwright
Date Submitted: 2009-12-08 07:30:04 - Article Views: 24
|
|
Copyright (c) 2009 Tom WheelwrightOur taxes are impacted any time we receive or pay money, and we have a lot of control whether that impact is positive or negative.Here are a few things many of us will be doing over the coming holiday weekend and how they can impact our taxes.What Are You Doing This Weekend That May Impact Your Taxes?#1 TravelingTravel always brings the opportunity to reduce your taxes by turning your travel expenses into legitimate business deductions. If you've been receiving my reports for awhile, you probably recognize this topic because I write about it a lot.#2 ShoppingWho and what are you shopping for? Are you shopping for people with whom you do business? Are you shopping for business gifts?The items you purchase may be business deductions! Keep in mind that in order for an item to be deductible in your business it must have a business purpose and be ordinary and necessary in your business.There is one more item to keep in mind when shopping. The deductible amount of a gift is limited - even if it has a business purposes and is ordinary and necessary.So, when you are doing your shopping, it's important to consider if what you are buying is a gift. If it is, the deduction may be limited. If the item qualifies as something else, such as a promotional item, then the deduction is not limited...but remember it must still meet the business purpose and ordinary and necessary requirements.#3 Getting OrganizedWith a long weekend usually comes the lofty goal of cleaning out certain areas of the house. If this is on your to do list, use it as an opportunity to get organized for your 2009 taxes.Being organized is an effective tool to make sure you do not miss deductions.#4 Going to Parties This weekend kicks off the holiday party season. Here are a few questions to ask yourself when you attend or host holiday parties.Is the party business related? If so, your travel there is business travel. If you are taking a taxi, it's a business deduction. If you are driving, the miles are business miles.If you are hosting the party, is the party for business? If the party is a business event, then be sure to track all of your expenses. Generally, meals and entertainment expenses are only 50% deductible. However, an office party for the benefit of the entire office can escape this rule and be 100% deductible.Year Round Tax PlanningRemember, every day is an opportunity to reduce your taxes. In my tax coaching teleconference last week on year-round tax planning strategies, we covered a broad range of topics, including:Tax planning for losses and how to use reverse tax planning in this situationIncreasing the right type of income to shield disability or social security income from taxesDetermining how much to pay yourself in salary during your first year of business - many people pay too much in tax because of a common first year mistakeHow adding a management company to your tax structure could result in $10,000 in annual tax savingsWhether to do fix and flips inside an IRA or outside of an IRAAll of these topics are situations we come across in our normal routines. Knowing how to turn them into an opportunity to reduce your taxes is the key to a successful tax strategy. |
Author Resource Required for Reprint:
Our taxes are impacted any time we receive or pay money, and we have a lot of control whether that impact is positive or negative.
http://www.ProVisionWealth.com
|
Article Source: ArticleMind.com 
|
Tags:
business  taxes tax deductions reduce requirements planning strategy year round |
|
|
Bookmark and Share
|
|
 Accounting Category Rss Feed |
|
|
-
As your business ages and grows over time, its needs change, especially as the Information Technology Revolution continues to advance technology as mind-boggling speeds. That which gave your company the cutting edge over competition is now useless. You still have stacks of unorganized paper files, and it has become so difficult just to circulate one memo around the office.
Viewed: 25 Times.
Read More ...
-
Recent news coming from Wall Street won't exactly fill your stockings with Holiday cheer. In fact, it may make you think about tucking a bit of your discretionary cash under the mattress for the proverbial rainy day. If the economy does sour, what will your customers do? Will they continue to spend as they always have, or will they begin to pare back spending?
Viewed: 26 Times.
Read More ...
-
What may be ok for you, may not be just right in business and in life overall. Some words of experiences here
Viewed: 26 Times.
Read More ...
-
Things are looking up for minority women. But don't break out the champagne just yet. As tough as the corporate world has been on women in general, it has been brutal to minority women.
Viewed: 26 Times.
Read More ...
-
Because a company's image to the world is its calling card for success, forward thinking enterprises know that they must pay careful attention to how they are perceived in the marketplace. Here are some ideas to help your business boost its image.
Viewed: 26 Times.
Read More ...
|
|
| Tom Wheelwright's Author Feed |
|
|
-
Just because a tax return is accurate, does not mean it has been prepared in a way that minimizes your taxes (and is still accurate).
Viewed: 17 Times.
Read More ...
-
Travel is one of my favorite deductions because it is one of those expenses that most of us already have, and when planned properly, it gives us the opportunity to increase our business's bottom line while decreasing our tax liability.
Viewed: 21 Times.
Read More ...
-
Tax planning that creates permanent tax savings by eliminating tax is my absolute favorite type of tax planning. The home office deduction is another great example of this.
Viewed: 23 Times.
Read More ...
-
The items you purchase may be business deductions! Keep in mind that in order for an item to be deductible in your business it must have a business purpose and be ordinary and necessary in your business.
Viewed: 24 Times.
Read More ...
-
Having the right members on your wealth team makes all the difference in your tax and wealth strategy.
Viewed: 33 Times.
Read More ...
|
|
Article use is considered your agreement of our Terms of Service.
This work is licensed under a
Creative Commons Attribution-No Derivative Works 3.0 United States License.
Thanks for visiting ArticleMind.com
Copyright © 2009 - 2010 ArticleMind.com
|
|
|
|
|
| |
| |
|
|
Print
