tag:blogger.com,1999:blog-63770823662528250852011-11-27T20:22:31.196-05:00<b>Helping home based business owners keep more of what they make.</b>Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.comBlogger681100tag:blogger.com,1999:blog-6377082366252825085.post-57812682782679032182011-01-31T13:40:00.000-05:002011-01-31T13:40:00.792-05:00

PAYROLL TAXES REDUCED for 2011The portion of Social Security taxes paid byEMPLOYEES, will drop from 6.2% down to 4.2% -- for calendar year 2011 only -- on all wages earned up to $106,800. (Employers will still continue to pay the current 6.2%.)SELF-EMPLOYED people will pay 10.4%in 2011 -- down from 12.4%.This is just some of the changes inthe tax code for 2011.A COMPLETE SUMMARY is available at

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-84325493241917969942011-01-29T13:38:00.000-05:002011-01-29T13:38:00.772-05:00

"BONUS DEPRECIATION" is BACK!Jan. 1, 2010 through Sep. 8, 2010 The 50% Bonus Depreciation for purchase of capital expenditures, which expired 12-31-09, was reinstated for 2010, retroactive to 1-1-10.Sep. 9, 2010 through Dec. 31, 2011 The Bonus Depreciation deduction increases to 100% for assets purchased after Sept. 8, 2010 through Dec. 31, 2011. Jan. 1, 2012 through Dec. 31,

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-80898440917223582942011-01-28T13:35:00.000-05:002011-01-28T13:35:00.297-05:00

"AMT" gets 2-Year “PATCH”Alternative Minimum Tax exemptions will be increased for 2010 and 2011. New rates are: 2010 - $47,450 exemption for Individuals $72,450 exemption for Joint Filers 2011 - $48,450 exemption for Individuals $74,450 exemption for Joint Filers

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-51831263286857399732011-01-27T13:18:00.005-05:002011-01-27T13:35:34.554-05:00

Congress has made some HUGE taxdeductions available to stimulatethe growth of home-based businesses.Do you know about them? Do youknow enough about them to makesure you qualify?Are you PREPARED to MAXIMIZEYour 2010 Tax REFUND?Did you know that “Home BusinessTax Savings, Made Easy” is nowavailable on AUDIO CDS?Don’t let “lack of reading time” stopyou from cashing in on all of the bigtax breaks

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-54076351235749106002011-01-17T14:54:00.001-05:002011-01-17T14:54:00.756-05:00

IRS PUTS ON PRESSUREFOR EVERYONE TO E-FILEStarting Jan. 1, 2011, any tax preparerwho files 100 or more tax returns must file their client' returns electronically. As of 2012, the minimum number to require e-filing drops to only 11!What’s the problem with that?There are a lot of advantages to the IRSif you e-file, but I have not found even oneworthwhile advantage to YOU. In fact itis far better

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-73242592692033507172011-01-13T15:00:00.002-05:002011-01-13T15:00:00.059-05:00

I didn't get this tip up in time for this last Christmas season but perhaps you can plan and take advantage of it in 2011. TAX DEDUCTION LIMITS ON GIFT-GIVING – – AND HOW TO AVOID THEM!The tax deduction limits on business gifts hasn’t changed in years – it’s still only $25 per person, per year.BUT…There is no fixed limit on gifts to companies.If business associates Jan and Joe Jones operate their

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-60345824647083018902011-01-13T15:00:00.001-05:002011-01-13T15:00:01.661-05:00

These 2011 Standard Deduction Rates for use of personal vehicles for business,medical, moving or charity purposes.Business: 51¢/mile (up from 50¢ in 2010)Medical: 19¢/mile (up from 16.5¢ in 2010)Moving: 19¢/mile (up from 16.5¢ in 2010)Charity: 14¢/mile (no change from 2010)Get your FREE 2011 Vehicle Mileage Log now available in the “Resource Center” atHome Business Tax Savings

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-63755466161653529542011-01-12T15:00:00.001-05:002011-01-12T15:00:03.000-05:00

Here we are at the beginning of another year and another tax season and even the IRS is not ready! The advice we're getting from the IRS this year says early filers should wait.Why the wait? Since the bill for the tax code changes wasn't signed into law until December 17 the IRS had little time to reprogram its processing systems to incorporate the changes.For the 9 million taxpayers who itemize

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-15725936068700027792010-09-13T10:00:00.001-04:002011-01-09T13:37:42.095-05:00

This article is taken from Ron Meuller's "Tax Tips You Can Bank On". You can subscribe free at Home Business Tax Savings.Have you Paid People to do ongoing work?Are they CONTRACTORS or EMPLOYEES? Independent Contractors (IC’s) get 1099s at the end of the year, whereas Employees get W-2 forms. If you have people doing work for you, it’s always better for you if they can be legally classified as

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-10991299311305565742010-09-10T10:00:00.003-04:002011-01-09T13:38:40.828-05:00

This article is taken from Ron Meuller's "Tax Tips You Can Bank On". You can subscribe free at Home Business Tax Savings.Trends in Tax AuditsFor the second half of 2010, and especially aswe enter 2011, this is what my ‘spies’ tell mewe can expect…More “Correspondence Audits” – that’swhere your favorite Uncle (Sam) sends youa love note ‘asking’ you to ‘clarify’ one ormore items on a previously

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-9663063787762879672010-09-09T10:00:00.001-04:002011-01-09T13:39:21.356-05:00

This is a fictitious letter to all of the dear‘nieces’ and ‘nephews,’ of a loving Uncle,named "Sam," written by investment andfinance guru Porter Stansberry 8/21/10.To my millions of nieces and nephews,I'd like to make you a business offer.Seriously. This is a real offer. In fact,you really can't turn me down, as you'llcome to understand in a moment…Here's the deal. You're going to start

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-15212450815140971142010-09-07T14:30:00.009-04:002011-01-09T13:40:09.430-05:00

This article is taken from Ron Meuller's "Tax Tips You Can Bank On". You can subscribe free at Home Business Tax Savings.IS AUTOSHIP A TAX-DEDUCTIBLE BUSINESS EXPENSE?Probably the most frequent question I get fromcustomers is, "“Can I deduct the cost of autoship?”The first part of my answer is always,“The IRS has never issued an official “Clarification”on the deductibility of autoship, and the

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-72346664315270739092010-04-07T10:11:00.005-04:002011-01-09T13:40:32.764-05:00

FREE WEBCASTS WILL REVEAL THE7 BIGGEST HOME-BIZ TAX BREAKSThis Web-Briefing is for YOU, if you are…– Not making a Profit in your home-business, or– Think you can’t afford to get into a HBB, or– Thinking about quitting your HBB, or– Heard it before, but need a Refresher, or– Have heard something about tax breaks for Home-BasedBusinesses, but have NO IDEA what they ARE. Congress passed 100+ tax

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-90352820245619474392010-03-04T09:49:00.002-05:002010-03-04T09:58:23.855-05:00

Here are the top 19 breaks -- including six new ones -- that you shouldn't pass up.Every year, the IRS dutifully reports the most common blunders that taxpayers make on their returns. And every year, at or near the top of the “oops” list is forgetting to enter their Social Security number at the top of the tax form -- or making a mistake when entering those nine digits.No doubt about it: The

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-20132935883494161342010-03-04T08:38:00.003-05:002010-03-04T09:03:12.888-05:00

Why it's important and how it can be easy.The IRS is sending letters to paid tax preparers nationwide encouraging return them to review the documentation records of Schedule C filers.There is no way out of needing to have good records for every tax deduction you claim, BUT there IS a way out of letting the recordkeeping process become a time consuming chore.I have found a really easy to use

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-23520562681642830912009-11-11T08:09:00.000-05:002009-11-11T08:09:00.247-05:00

Currently, if cell phones are provided toemployees the business must require logsof personal v. business use, and thepersonal-use portion is considered to betaxable income. That recordkeepingrequirement is totally impractical, and evenCongress agrees.Expect that recordkeeping requirement tobe repealed by Congress very shortly.View free video, "#1 Secret to Slashing Your Taxes in Half."Look for

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-28017755484734883542009-11-10T08:02:00.000-05:002009-11-10T08:02:00.759-05:00

If you claim a home-office deduction (andwhy wouldn’t you?) there are several "personal"expenses that can become partially deductible.The deductible amount depends on the BusinessUse Percentage (BUP) of your home.One of the qualifying "personal expenses" is"repairs." BUT, only repairs that apply to theentire home are deductible.For example if the dish washer was repaired,that expense would NOT

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-44820012611016049792009-11-09T07:40:00.004-05:002009-11-09T07:50:42.664-05:00

Don't miss this no cost webinar TONIGHT!The webinar is for anyone who is… -- Not making a Profit in their home-business, or -- Think they can’t afford to get into a HBB, or -- Thinking about getting out of their HBB, or -- Have heard there are a lot of tax breaks for Home-Based Businesses, but have NO IDEA what they ARE.As you probably know, HOME-BUSINESS OWNERSget more tax

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-23830247763145529832009-10-14T14:43:00.000-04:002009-10-14T14:43:00.200-04:00

WHEN YOU TRAVEL FOR BUSINESS -- ARE YOU USING "PER DIEM RATES" TODETERMINE MEAL DEDUCTION AMOUNTS?If so, could you stand some GOOD news? PER DIEM rates are based on the Government Fiscal Year -- October 1 through September 30 -- NOT onthe Jan.1 to Dec. 31 calendar-year and Tax-Year.Technically, for travel between Oct. 1 and Dec. 31,2009, you can choose whether you want to use the"old" FY

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-83020190014413228412009-10-14T09:00:00.000-04:002009-10-14T09:00:06.737-04:00

ARE YOU ABOUT TO MISS THIS THURSDAY'S DEADLINE TO FILE "EXTENDED" 08 RETURNS?Don't blow it off, no matter how good your excuseor reason is, without at least being aware of theconsequences. If you are thinking: I just CAN'T BE READY by Thursday. I DON'T HAVE THE MONEY I owe. I need another extension for a little longer,you HAVE to read the FREE one-page bullet-pointsummary

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-74625573537409082322009-10-13T14:33:00.000-04:002009-10-13T14:33:00.066-04:00

E-FILING OR PAPER-FILING? SURPRISE: THE IRS DOESN'T WANT US TO HAVE A CHOICEIf you have my book and read my Tax Tips, youknow I am NOT a fan of E-Filing of Tax Returns,because it robs you of audit-proofing optionsand increases your chances of an audit.The BAD NEWS:IRS is pushing Congress to force all taxpayers tofile returns electronically by 2011. But so far,it looks like the

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-45049185971356619562009-10-13T09:00:00.000-04:002009-10-13T09:00:05.573-04:00

WITH UNEMPLOYMENT NEARING 10% ……Congress is about to approve an extension ofUnemployment Benefits by an extra 13 weeks.If your business has employees, you will help payfor that. The current 0.2% unemployment surtaxwill be extended through 2010. In dollars, thecost to you will be about $13-$15 per employee.Free 3 Minute video reveals the #1 Secret toslashing your taxes in half.

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-82574669142765634422009-10-12T16:25:00.000-04:002009-10-12T16:25:00.431-04:00

In most states anyone can hang out a shingleclaiming to be a "Tax Preparation Service,"without any licensing or certification of any kind.Some of them are well informed and handlethe task exceedingly well. But not all of them.Congress is yielding to pressure from the IRS toimplement a registration requirement of some kind.Expect legislation later this year, but don't expectit to take

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-65081604478990671292009-10-12T14:00:00.004-04:002009-10-12T14:14:44.381-04:00

It looks like the $8,000 FIRST TIME HOME BUYERtax credit, scheduled to expire on Nov. 30, willmost likely be extended for a few more months. Also, you will NOT have to finish the buying processby the deadline, just have a contract signed by then.You'll read this in the newspapers in about 2 weeks.But you read it first HERE.Keep up to date with what's changing in taxes.Free lifetime updates

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-11394830984086596442009-09-28T10:30:00.006-04:002009-09-28T11:03:48.229-04:00

GUARANTEED to increase your W-2 tax withholdings by at least $3,000, or YOUR MONEY BACK!This just in from Ron Mueller, Speaker, Business Success Coach & Author ofHome Business Tax Savings MADE EASY!IF YOU ACT NOW, YOU GET OUR #1 BEST-SELLER for HALF PRICE-- BUT for Three Days ONLY!!!GUARANTEED to increase your W-2 tax withholdings by at least $3,000, or YOUR MONEY BACK!To celebrate completion

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-80952582327333339842009-09-24T09:00:00.001-04:002009-09-24T09:00:08.260-04:00

Check-out the completely new website,www.HomeBusinessTaxSavings .New Format. Easier Navigation. And muchmore Content (which we will be continuallyadding to, especially in the Resource Center).TO CELEBRATE, I have an amazing freeGIFT for you: a $200 SCHOLARSHIPtowards my most popular tax-savings program,"Basic Essentials Course for Home-BusinessTax Savings."The website shows the tuition as $387,

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-69062958014272424142009-09-23T12:39:00.002-04:002009-09-23T17:22:29.550-04:00

When a person who has been operating a home-basedbusiness for several years, finally learns about all thegreat tax deductions available to HBB owners, I tell themabout their right to file Amended Returns (Form 1040X)for the past three years to claim the deductions they missed.That can result in a second refund for those tax returns,quite often worth thousands dollars.Filing Amended Returns does

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-73960155735154389822009-09-23T12:13:00.003-04:002009-09-23T12:24:50.695-04:00

DO YOU SPEND ENOUGH TIME ON YOUR ACTIVITY TO QUALIFY AS A "HOME-BASED BUSINESS?"Auditors are being told to use several tests to determine if your "activity" is really a "hobby" or a "business." Hobbies get a few tax breaks, but home-business owners get waaaaay more!If they can reclassify you as a hobby, they get more of your money, and you’re…well, screwed.IMPORTANT: One of the tests that is

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-10869075452678710392009-08-18T09:15:00.000-04:002009-08-18T09:15:00.211-04:00

Revamping the health care system will cost at leastONE TRILLION DOLLARS. Supposedly health carecost savings will pay for 40% of the total. I doubt that,but even if it is true, guess where they'll get will theother 60% -- $600,000,000,000? (Yes, 600 BILLION!)That task, my friends, has been given to the House and Senate TAX WRITERS. Savor the feeling of your wallet in your hands while there's

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-68669452624416375672009-08-17T15:14:00.000-04:002009-08-17T15:14:00.762-04:00

If you have children under the age of 13 who need daycare during summer vacation while you work, the cost can count towards Child and Dependent Care Credit, BUT ONLY IF it is DAY-camp, not overnight camp.This Credit can range from 20% to 35% of the actual cost up to $3,000 for one minor, or up to $6,000 for two or more dependents under 13.The 20% rate applies if your income is over $43,000, and

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-33200098374214069622009-08-14T15:10:00.000-04:002009-08-14T15:10:00.410-04:00

In "Home Business Tax Savings MADE EASY!" (Ch.6) Ron Mueller describe LOTS of advantages of employing your minor children in your home-based business, and exactly how to bullet-proof your tax deductions for doing it.Now here is another reason: Roth IRA.An amount up to $5,000 or your child's total 2009 earned income (whichever is lower) may be contributed by the child or by you into a Roth

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-76576021137753446192009-08-13T11:00:00.000-04:002009-08-13T11:00:06.014-04:00

Of all tax returns filed in 2009 (most of which were for 2008 income), the IRS says that 79% have gotten refunds, and has computed that the average refund was $2,675.Wow! The IRS got religion? Not on your life! They've simply gotten us to overpay our taxes by an average of $225/month. Then 15 months later the give it back to us -- with no interest-- and we happily brag that we got a refund.Would

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-90272553436797809002009-08-12T10:00:00.000-04:002009-08-12T10:00:04.839-04:00

You need to know this if you are employing your spouse or kids to get the tax benefits described in Ch. 6-7 of "Home Business Tax Savings Made Easy!"The new federally-established minimum wage rate is now $7.25/hour. Most states have their own minimum wage, BUT most employers have to pay whichever is higher, your state's rate or the federal rate. To find out your state's current minimum wage rate,

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-61407286720528411312009-08-11T14:38:00.000-04:002009-08-11T14:38:00.119-04:00

Email subject line reads:Tax Refund Number 2009IRS2...Email text reads:Dear Applicant, 2009 Recalculation Tax Refund.After the last annual calculation of your fiscal activity we have determined that you are eligible to receive a tax refund of $284.23DON'T FALL FOR IT! Come on, if the IRS has money for you, are they going to tell you by email? I don't think so. Your email address is about the

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-40986666642872783872009-08-10T14:16:00.004-04:002009-08-10T14:37:26.192-04:00

A member of Ron Mueller's Mentors Club sent the following email: "I heard that the IRS will begin to target small businesses with losses, to try to reclassify them as 'hobbies,' thus stripping them of their home-office and other business deductions. IS THIS TRUE, AND SHOULD I BE WORRIED?"I thought you may be interested in Ron's answer, which follows........Dear _______ ,I have not

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-46567403309997133332009-07-22T08:54:00.009-04:002009-07-22T09:44:30.890-04:00

Many of the tax breaks made available earlier this year in the American Recovery and Reinvestment Act (ARRA) have expiration dates (most, but not all, on Dec. 31) so take advantage of them while you can. Here's what the IRS wants you to know: FIRST-TIME HOMEBUYER CREDIT Taxpayers who didn't own a principal residence during the past three years and who purchase a home this year before

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-29307166940829842962009-06-19T06:55:00.005-04:002009-06-19T07:37:03.486-04:00

In its never-ending thirst for power, and its undying quest to turn your own tax professionals into IRS "enforcers," IRS Commissioner Doug Shulman announced today that by the end of 2009, he will propose a "comprehensive set of recommendations to help the Internal Revenue Service better leverage the tax return preparer community with the twin goals of increasing taxpayer compliance and

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-4853578523317723192009-06-17T06:59:00.002-04:002009-06-17T07:11:56.605-04:00

You probably already know that if you plan to buy a new car,this is the year to do it. Here are the details...● New deduction is only for buying NEW vehicles (not used)● Purchase must be made after 2-16-09 and before 1-1-10● Allows taxpayer to deduct State or Local Sales Taxes or Excise Taxes you pay on the purchase.● Limited to the fees or taxes paid purchase price up to maximum of $49,500

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-77444667987053753102009-04-14T13:15:00.004-04:002009-04-14T13:35:11.431-04:00

No need to panic!Here's a 5-step guide to getting anautomatic 6-month tax filing extension.HOW TO GET A FORM 4868:-1-First go to this web site:http://tinyurl.com/home-tax-savings-2-At the top of the homepage, hover your curserover "Resource Center" and from the dropdownmenu, select "IRS Forms and Publications."-3-Scroll down to the 6th category, labeled"Deadline Extension Forms" and click onForm

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-3850921625306782982009-04-13T07:35:00.003-04:002009-04-13T07:40:22.420-04:00

YOU WON'T BE READY TO FILE YOUR TAXES BY APRIL 15? NO PROBLEM...By mailing-in IRS Form 4868 by April 15th you get an automatic six month "Extension of Time to File (but, note it is not an extension of time to pay any taxes you owe.)That sets your new Filing Deadline to October 15th!NO, it will not increase your chances of an audit (in fact,it may decrease it), and YES, approval is automatic.You

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-56891034410615903972009-04-03T09:21:00.002-04:002009-04-03T09:27:11.711-04:00

MOST taxpayers get only very limited tax deductionsfor health care costs that are not reimbursed by theirhealth insurance plan. In fact, in order to get any deductions,they have two hurdles...FIRST a taxpayer HAS to itemize their tax deductions(file a Schedule A), and SECOND, even if they file anItemized Return, they can claim only the amount above7.5% of their taxable income. For example...Ex:

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-42037931227999996862009-04-01T14:47:00.008-04:002009-04-01T15:25:33.586-04:00

Author: Ron SedlakYour take home pay could go up next week.What? You mean a raise?Yeah ... sort of ... give yourself a raise.Get serious! Okay, okay ...This info came from Tax Expert Ron Mueller at a conference I attended in Tampa in June 2008.I was quite interested in the concept of immediately increasing your TAKE HOME PAY from your job starting next week.You can use the extra money to build

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-69942468446726525592009-03-10T10:10:00.006-04:002009-03-23T10:53:00.421-04:00

If you are one of the millions of Americans who throws all their receipts, credit card and bank statements into a box, you are likely to overlook hundreds of dollars in tax deductions when preparing your tax filings.May I suggest that you print out these often overlooked tax deductions onto a single piece of paper for easy reference as you start the annual process of looking for every possible

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-68226214467965919822009-03-08T11:37:00.006-04:002009-03-10T09:31:26.855-04:00

If you did not owe the AMT for last year, you probably won’t owe it for this year either.The 2009 AMT exemption amounts are:$70,950 for joint filers and surviving spouses (up from $69,950 in 2008)$46,700 for singles and heads of households (up from $46,200)The law also extends the rule that allows a bunch of personal credits to apply in computing AMT, including the dependent care credit, the

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-39770080214567641832009-03-08T11:08:00.005-04:002009-03-09T15:36:17.326-04:00

This new law provides a one time only payment to retirees, veterans, and people with disabilities. It would pertain to those who receive one of the following:Social SecuritySSIVeterans BenefitsTo qualify you must have received Social Security, SIS, veterans disability compensation, pension benefits, or railroad retirement benefits in November or December 2008 or January 2009.Persons who are

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-81069506869433724812009-03-08T10:43:00.008-04:002009-03-08T13:58:36.388-04:00

This bill was signed into law by President Obama on February 17,2009 as part of his stimulus package. Tax cuts are a large part of his overall stimulus package.The new law allows for immediate relief to individuals and businesses. Most incentives are retroactive to January 1, 2009. Over $280 billion in tax relief is slated for the next 2 years.Today I'll highlight one of the individual incentives

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-38535364437476214972009-02-16T09:20:00.009-05:002009-02-16T10:30:54.687-05:00

Here's a little known tax tip for those who buy season tickets to college or univerities for athletic events.If you make a payment to a college or university and you receive the right to buy tickets to an athletic stadium of the college or university, you can deduct 80% of the payment as a charitable contribution.If any part of your payment is for tickets (rather than the right to buy tickets),

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-35499767680628653002009-02-11T12:58:00.013-05:002009-02-16T09:27:26.629-05:00

Half-truths and misconceptions about IRS audits abound. Here are the 8 most common fallacies about audits. 1. Filing a home office deduction will red flag your return for audit.This misconception was more popular when fewer people operated out of a home office but it is definitely not true today. More and more businesses are worked from home today than ever before and claiming home office

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com1tag:blogger.com,1999:blog-6377082366252825085.post-23663205830473912402009-02-09T08:32:00.005-05:002009-02-09T09:13:42.193-05:00

This myth and 4 other home based business tax misconceptions explained.I’m Not Considered a Real Business by the IRS if my Business Isn’t Registered Not true. It makes no difference if you have registered your business or not. If you have not designated any other particular business form, the IRS considers you a sole proprietorship. All income, whether it comes from your freelance computer work,

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-78678982572947673502009-02-08T14:00:00.003-05:002009-02-08T14:04:39.985-05:00

Did you know that if you use security measures for your home office such as an alarm system, barred windows, camera monitoring or install motion detector floodlights you can probably write-off those expenses with your taxes along with the expenses related to their upkeep? For more information on this see page 56 in Home Business Tax Savings Made Easy!

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-12442334949473402832009-02-07T09:12:00.006-05:002009-02-07T09:31:08.042-05:00

The $700 billion bailout bill intended to stop the tailspin of the nation's financial sector did something else: It includes federal tax benefits for people who commute by bike. Starting in January, workers who use two-wheelers as their primary transportation mode to get to and from work will be eligible for a $20-a-month, tax-free reimbursement from their employers for bicycle-related expenses.

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-34368340367672930242009-02-04T12:01:00.006-05:002009-02-04T12:14:03.199-05:00

If you want to write off your losses be prepared to prove your hobby is a business.If your intention is to earn a profit from your favorite hobby you may be able to deduct your hobby related expenses or losses from your income and lower your taxes. Avoid complications by making sure your activity qualifies as a true business and follow local business rules.Hobby Business – What is that?A hobby

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-68075366202368374022009-01-31T08:48:00.003-05:002009-01-31T08:59:12.658-05:00

Did you know that you can save $37 in taxes for every $100 in deductible items (if you are in the 28% Federal and 9% State income brackets)? You will save even more money in tax preparation fees if your tax information is organized and complete.To help jog your memory and make sure you are taking all possible deductions for your home business pick up your free Year-end Tax-Deduction 'Memory

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-36086142344358750402009-01-28T16:13:00.004-05:002009-01-28T16:27:39.817-05:00

You don't want to mess with the Internal Revenue Service. One small mix-up when handling your finances can cost you big.For example, in recent years the IRS has increased its filing of levies, liens and wage garnishments. In fact, in 2004 alone, approximately 2.5 million levies were filed.Here are 4 common ways people common ways people get in hot water with the IRS1. Filing too many exemptions.

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-18639646639479433042009-01-25T10:30:00.003-05:002009-01-25T10:54:28.223-05:00

(Formerly titled, "It's How Much You KEEP That Counts! Not how much you Make.")by Ronald R. MuellerAs a home business tax professional I am always interested in tax information. (Nerdy, I know) In 2002 I found the book; It's How Much You KEEP That Counts! Not how much you Make." From then on it has been an invaluable tool in working with my tax clients. And I have highly recommended this book to

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com1tag:blogger.com,1999:blog-6377082366252825085.post-32906031018790952652009-01-23T09:29:00.002-05:002009-01-23T09:47:13.476-05:00

When the Big Bad Wolf presents itself in IRS clothing countless millions are afraid!Why is this? WHY are people afraid of this Government Department?Let me let you in on a little secret!You are afraid of this Government agency because they want you to be!Have you ever noticed that this time of year, during the "tax season", January 1st thru April 15th, you hear more on the news about audits and

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-5275380998182227722009-01-19T14:18:00.003-05:002009-01-19T14:33:25.249-05:00

Half-truths and misconceptions about income taxes could cost you income tax dollars.Myth #1:Tax professionals are trained to know everything about taxes so I don't need to know about them.Truth: It is impossible for anyone to know ALL the tax rules. Updates to CPA's/Accountants and Tax Preparers usually only include laws that pertain to PERSONAL income taxes.Your tax professional may have done

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-22134011716593582012009-01-14T13:09:00.005-05:002009-01-14T14:02:01.580-05:00

Uncle Sam will pay for you new business equipment via the Section 179 deduction. This deduction enables the Small Business Owner to deduct 100% of the cost of most business equipment, in lieu of depreciation over several years.What's so great about that?Think about it like this: I've got a dollar and I'd like to give it to you. You have two choices -- I give it to you now, or I give it to you 5

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-73155495960293581912009-01-12T13:39:00.003-05:002009-01-14T14:03:16.546-05:00

You say you're a one-person business and you have no employees? Below I will show you how your family can become employees and you can save tax dollars.Hire your kids instead of paying them an allowance!Can a business write off the costs of janitorial service?Of course! Since you have a business based in your home, hire your kids to vacuum, dust and take out the trash.The expense is

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-81001709923320593972009-01-10T09:42:00.004-05:002009-01-14T13:15:58.761-05:00

Organization comes easy to some and hard for others. When it comes to business records you MUST have a system or most assuredly you will lose money when it comes to tax time. And if you’re ever audited it’s critical that you have the necessary documents to back up your deductions.5 minutes a day...that's all it takes to save hundreds, perhaps thousands, of tax dollars and put money in YOUR pocket

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-11489628854894387772009-01-08T08:55:00.003-05:002009-01-08T09:18:16.787-05:00

GETTING THE MOST OUT OF YOUR VEHICLE DEDUCTIONSLast time we talked about record keeping for the business use of your vehicle(s) but you MAY come out better by using the “Actual Cost Method,” rather than the cent-per-mile method. Here’s what I recommend:Get 4 file folders or envelopes. Label them:1. GAS receipts for 20092. TOLL receipts for 20093. REPAIRS &MAINTENANCE for 20094. OTHER Vehicle

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-8851398442590978592009-01-07T08:56:00.010-05:002009-01-07T10:16:13.060-05:00

Your Home-Based Business can increase your tax REFUND by $3,000 to $6,000 or more YEAR after YEAR after YEAR --STARTING NOW.If You run a Home-Based Business YOU can SLASH your TAXES by$300 to $600 per MONTH, STARTING THIS PAYDAY!Listen as Ron Mueller tell of 5 biggest tax advantages you can take advantage of right now to put cash in your pocket. 3 minute recorded message can be found here.Click

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-31835004149074156222009-01-07T08:49:00.004-05:002009-01-08T09:02:21.682-05:00

Let's take a look at a couple of ways to legally turn "personal travel" into business travel in order to deduct more.What about shopping trips and other errands? Yes, there are ways to make those miles tax-deductible also. Let’s look at a few examples…Let’s say you take your daughter to school each morning and want to legally turn those trips into tax-deductible business mileage.Pick out a bank

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-83273863120533026312009-01-06T08:02:00.004-05:002009-01-23T07:47:25.749-05:00

Today you’ll discover how to maximize your deduction for Automobile Expenses and the NEW rules on documentation for this important deduction.Having a qualified home office also allows you a greater auto deduction. Commuting is not deductible. However, with a home office, your commute may be your trip from the bedroom to the basement. All other business trips from your home office may be

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-52171474738718645132009-01-05T09:42:00.000-05:002009-01-06T08:01:50.479-05:00

Just announced by Ron Mueller, author of "It's How Much You KEEP, That Counts! Not how much you Make":WHAT IF YOU ARE MISSING SOME OF YOUR TAX DEDUCTION RECORDS?The law says, "Without proper documentation, tax deductions may be disallowed."If you didn't keep perfect records last year, allis not lost. There are ways to RECONSTRUCT records that are 100% IRS-compliant - but, of course, the IRS

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-45345205157368529722009-01-03T08:21:00.002-05:002009-01-08T09:06:24.261-05:00

This time let's look at the most misunderstood and under utilized deduction for Home-Based Business Owners...Indirect Expenses of maintaining a Home-Based Office.Indirect Expenses include such things as rent on your home, utilities including heating and air conditioning and general repairs such as replacing a roof or repainting the exterior of your home.These are authorized legal deductions

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-37016788672620132652009-01-03T07:47:00.001-05:002009-01-08T09:07:20.107-05:00

"I'm proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money." - Arthur Godfrey To qualify for deducting expenses related to using a workspace for business in your home, your home must be: Your "principal place of business" or you must use the space only to earn your business income. Use it on a regular and ongoing basis to meet your clients,

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0tag:blogger.com,1999:blog-6377082366252825085.post-7854616385054403882009-01-02T08:24:00.000-05:002009-01-02T08:49:58.402-05:00

The benefits of home based business are becoming clear to many in the U.S. and across the world as more and more people set up to work from home. 2006 statistics estimate that legitimate home based businesses account for an annual revenue, in the U.S., of more than $100 billion dollars. It’s clear that people are starting to realize the multitude of advantages offered by this method of

Karinhttp://www.blogger.com/profile/10815841615649756215noreply@blogger.com0