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Miscellaneous
Itemized Tax Deductions 
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| You can only
deduct those miscellaneous deductions that exceed 2 percent of your
Adjusted Gross Income. Start saving those receipts now! |
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You can combine business with
pleasure, and deduct it, too
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| The IRS says you can deduct expenses for taking a business trip or
business convention. And there’s no reason the trip shouldn’t coincide with your
vacation. |
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Ways to Plan Now for Next
Year's Taxes
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| Tax planning is a year-round process. Here are four ways you can plan
today to minimize your contribution to the IRS. Plan, prepare and project now so you won't
have any IRS surprises next April. |
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Length of Time You Must Keep Certain
Records |
| The period of time you have to keep records is a function of the
period of limitations for the items you are claiming. Here's a suggested retention
plan to comply with year 2007 regulations. |
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What is "Modified Accelerated Cost
Recovery System"?
|
| As assets wear
out and lose value, you can recover your cost as a business expense. The method of
deducting the cost of property is called depreciation. |
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To Save On Taxes Keep Good
Records
|
| It really does pay to get organized. Here's a guide to record-keeping
and a simple system to make it all manageable. |
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5 Reasons You
Really Do Have to Pay the IRS
|
| When you pull your pen out a few weeks from now to pay your federal
income taxes, stop and consider this question: Just who says you have to pay income taxes?
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What Auditors
Look For When Examining A Business
|
| First and
foremost, the IRS training manual tells its auditors that they are examining you, not just
your tax return. Know what an IRS auditor looks for when examining your business and
its records. |
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What if you can't pay the IRS?
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|
We finish your tax return and
you find you don’t have enough cash to
pay Uncle Sam. You're not alone, and you won't go to jail. The IRS has some options as
well as some more forms for you. |
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Never Trust a "Common Law", "Constitutional" or "Pure Trust"
|
|
Scam artists praise these money-saving legal vehicles on
hundreds of Web pages. One big hitch: the trusts don't legally
exist, so they don't work. |
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Business
Accounting Methods and Taxable Income
|
|
An accounting method is a set of
rules used to determine when and how to report income and
expenses in your books and on your income tax returns. |
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Tax Deductions Your
Business Shouldn't Miss
|
|
It's very simple: the more tax
deductions your business can legitimately take, the lower its
taxable profit will be. |
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Miscellaneous
Deductions Add Up to Big Savings |
| The simple rule of thumb is, if it affects your income and is not
offered as a separate deduction on your tax forms, it may qualify as a miscellaneous
deduction. |
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IRS Hikes Mileage Rate for
2008
|
|
The Internal Revenue Service has
increased the mileage rate used to compute the deductible costs
of operating an automobile for business due to the sharp rise in
gasoline prices. |
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Cafeteria Plans and Benefit Choices
|
| Many employers
offer a cafeteria plan to their employees. This type of plan, also called a flexible
benefit plan, allows employees to choose between cash or a menu of qualified benefits such
as accident and health coverage, group-term life insurance coverage, and/or dependent care
benefits. |
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Taking Care of
Year-End-Tax Chores Now
|
| Everyone gets
busy at end of the year. There are plenty of year-end chores you'll find yourself
scrambling to deal with — unless you get started now. |
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Document Your Gifts and Charitable
Contributions
|
| If you gave gifts to clients or charitable organizations, the cost is deductible.
If your self employed, it comes straight off your gross income from self-employment. |
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End-of-the Year Tax Saving Tips
|
| There's still time to save on taxes. With a little planning, you can
save a bundle on your next return. Successful tax planning summed up here. |
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Time For a Mid-Year Tax Checkup
|
| Although 2007 is
just about half over and income tax returns aren't due until next spring, this
is a good time to take stock of your business and see what you can do to lower your tax
bill for this year. |
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IRS Targets Gas Stations & Convenience
Stores
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| At a time when
gasoline prices average well over $3.00 per gallon, according to the Energy Information Agency
(EIA), the IRS has quietly revised its field investigative methods so its auditors could
look for increased sources of unreported income at gasoline stations and convenience
stores. |
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