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Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips
Recently, I stumbled across a concept that could change your financial life. You can call it a paradigm shift or a new perspective or just a different way to look at things. This single concept can save you tens of thousands of dollars each year. Its soooo powerful and yet its completely underutilized. Learning this simple technique can dramatically impact your financial picture. Tax Deductions the rich use to stay ahead I was speaking about tax savings at a seminar and there was a spontaneous outburst of questions. Can I deduct my health insurance? How about my new truck? I'm taking horseback riding lessons. Are they deductible? What about my vacation? As we worked through people's list of concerns, it dawned on me. You've been trained to ask the wrong question. Let's suppose you call up your C.P.A. and ask, "Hey Lenny, Can I deduct a Pizza? What do you suppose Lenny's response would be? He'd probably think you had gone mad - "Are you crazy, he'd say. You can't deduct a Pizza!". m123.infusionsoft.com/go/pfbsaff/MikeDrew/Pizza">Tax Strategies But if you called me and asked the same question, you'd get a different response altogether. I'd probably pause for a moment and respond "Well, that depends." You see, if you and I went to an Italian restaurant and ordered Pizza and a couple of beers, the meal would be deductible (at the rate of 50%) so long as we discussed business. Same thing with your vacation if you conducted your annual meeting while you traveled. The equestrian lessons are deductible as education and the new truck is deductible to the degree that you use it for business. Which brings up a key point: It's not the item, it's the circumstances. m123.infusionsoft.com/go/pfbsaff/MikeDrew/Pizza">Tax Deduction Secrets Most business people and their advisors wrongly focus on the item (the truck, the lessons, and the trip). The trick is to make your circumstances open the door to the tax deductions. So, instead of asking "Is this deductible" - you should start asking HOW is this deductible? Then, all you have to do is create the circumstances that allow for the deduction! All the Best, Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.
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Organizing Your Taxes Does this scene sound familiar? It's April 7. You haven't seen the top of your dining room table in two weeks because of the piles of paid bills, receipts, canceled checks, and unidentified cash register receipts covering it. Military Reservists, Enlistees May Get Deferral of Back Taxes Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they can show that their ability to pay taxes was affected by their military service.The deferral covers active duty members of the military services - Army, Navy, Air Force, Marine Corps and Coast Guard - and commissioned officers of the uniformed services - Public Health Service and the National Oceanic and Atmospheric Administration. Tax Jokes and Quotes Do you realize that some tax forms ask you to check a box if you are BLIND?Quote: "Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. Uncle Sam is Ready...Are You? Organizing Tips for Tax Time Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. Small Business Tax Deduction - Write-Off Bad Debts Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. Navigating The Internet Sales Tax Laws QUESTION: I have been contacted by my local city government to say that my business is scheduled to be audited to determine if I owe any sales tax from items purchased on the Internet. Can they really make me pay this tax? I thought you could buy things online tax free? -- Katie R. State Tax Information All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips Recently, I stumbled across a concept that could change your financial life. You can call it a paradigm shift or a new perspective or just a different way to look at things. Small Businesses Filing Amended Federal Tax Returns to Recover Money Small Businesses Filing Amended Federal Tax Returns to Recover Money By Darren Oliver April 15th may be gone but, but certainly not forgotten - especially if you, like millions of small businesses, unknowingly overpaid your federal taxes and can recover money by filing an amended return. According to the IRS tax code, you have three years from the filing date for the tax year in question to file an amended return. Business Tax Loophole: Leasing Assets To Your Corporation While there are many equally valid reasons to incorporate, saving money on taxes is a consideration that can yield relatively immediate results. Leasing assets to your corporation is a tax strategy you should absolutely consider if you already have a corporation or are thinking about forming one. Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake 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 of our lives. How to Donate Your Car to Charity and Get Tax Deduction Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation. IRS Offer-in-Compromise, Hype or Hope? "Settle for Pennies on the Dollar! IRS debts settled for $20 Wipe out the Penalties with an Offer"-such is the language of Offer-in-Compromise promoters. What they fail to tell you is that one has to qualify for an Offer and few taxpayers will be able to meet the tough standards for an OIC. How To Set Up A Tax-Saving Bookkeeping System One of the most important, but least understood or appreciated aspects of any business is its bookkeeping or accounting system. And, because very few people know much about the reasons for a bookkeeping system, most people are frightened by the thought of the work involved in setting up such a system, and the drudgery of daily maintenance. Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions Adding Your First Additional Stream of IncomeMost new wealth builders currently have a full-time job. After realizing that means "Just ----Over Broke" they commit to quitting their job and starting their own business. Home Based Business Tax Deductions Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available. Euro Tax Haven Threat Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, Malta and Andorra, to disclose bank account owner information to their home country's tax authority. The Annual Gift Tax Exclusion: Getting The Edge Whether helping the kids with a down payment on their first home, paying the premiums on a life insurance policy in an irrevocable trust, or moving appreciated assets to a younger generation, annual gifting will touch the lives of millions of Americans. But before the transfer is made, an investor should spend some time looking at the investment and the tax ramifications of the property to be passed. Tax Time Tune Up Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize. Tax Audits: What Signs Make You More Likely to be Audited by the IRS? It's a major fear for most Americans: A notice from the Internal Revenue Service (IRS) summoning you for an audit.What is it about these three letters that strikes a cord of fear in Americans' hearts? Learning the signs that could put your tax return at the top of the list for an audit, and avoiding them if possible, may put your mind at ease.
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