Tax Deductions Articles

1). Tax Deduction – Meal Per Diems By : Tim Barrans
Per Diems deduction can be one of the best flight attendant deductions. This deduction depends on which city you layover in. The IRS states that you can either itemize each city you fly to or you may take a standard rate. If you fly domestic, this standard rate can work to your advantage. We are seeing a nice jump in them minimum about in 2006. Previous the base rate was $31 a day for meals and incidentals; in 2006 the base rate has jumped to $39.
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2). Wealth Building Tips from Drew By : Drew Miles
The big O—Organize! Get organized, period. Pathfinder advocates separate files for each expense: utilities, phone, electric, Internet, auto, etc. Each month, invoices (such as repairs or maintenance) go in those files. The invoices are then categorized by group and chronologically (ex. January car bills, February car bills, etc.). When 2007 comes around, copy the file names from last year and start a new file bin for the next year.
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3). Rental Property Tax Deductions By : Richard A. Chapo
Own residential rental properties? This article discusses how income from those properties impacts your taxes. What Constitutes Revenue? Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant.
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4). Smart Yearend Planning - Tax Deductions By : Drew Miles
There are three main areas we need to keep in mind as the year ends: 1. Taxes 2. Corporate formalities 3. Planning for next year Revisit the idea of converting your 10 largest expenses. This is an ongoing process that should be done at least twice the first year. It’s not realistic to expect you will convert all of your biggest expenses the first time around because it’s too big of a task—this is a habit needing to be developed over time.
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5). Heads up on co-signing loans By : Drew Miles
In my opinion, if you co-sign a loan with a family member or a friend, you’re looking for trouble. Granted, if you want to help your child buy his first car, you may need to co-sign because the child does not have credit history yet. The danger is that if your son makes a late payment, the bank will come to you to pay it off. Be extremely judicious who you co-sign for.
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6). Pay yourself first By : Drew Miles
Schools do not teach thrift: college, high school, junior high—our system doesn’t place a high priority on frugality. And what a shame. We should put money aside regularly using a simple system—pay yourself first. For example, when you pay your utility bill, pay yourself first. I’ve talked to people who have mastered saving money who have become very wealthy.
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7). Entity Structuring By : Drew Miles
Entity structuring is the use of limited partnerships, limited liabilities, and corporations. These can help you accomplish three things: 1. Bullet-proofing your assets so that the bad guys are worse of if they try and take them away from you. 2. Slashing your taxes so that they are within single digits. 3. Protecting your privacy and building lasting wealth.
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8). Giving To Charities – Tax Deductions and Such By : Richard A. Chapo
The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of giving to qualified charities. Giving To Charities – Tax Deductions and Such In the rush to get tax returns prepared and filed, many people absentmindedly forget to include deductions for contributions to charities. If you itemize deductions on your tax return, this can be an expensive omission.
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9). Tips to Avoid Identity Theft By : Drew Miles
What is rampant, spreading like wildfire and can kill life as you know it? No, not a deadly virus (but close). Answer: Identity theft. My stepson, Aaron, was a victim of identity theft recently. Someone stole his bank cards, deposited fake checks into his account, then withdrew cash. The deposited fraudulent checks and overdraft charges hurt his credit, and he’s slowly recovering and rebuilding his score.
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10). ROI-calculating accurately By : Drew Miles
The phrase "return on investment" (ROI) is thrown around a lot, but do you know what it really means and how to calculate it? Three ways to calculate ROI Cash-on-cash If $20,000 is invested and it grows by $10,000, it’s a 50 percent cash-on-cash rate of return, which is great for wealth building. Total amount of investment If you put $20,000 down for a $200,000 mortgage, the growth is happening on the $200,000, not what you originally put in.
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11). Emergencies-Are you prepared? By : Drew Miles
A young man got into a car accident resulting in many bedridden months in the hospital and $100,000 of debt in hospital bills. Pathfinder’s “Mastering Your Money” series originated from this true story. The young man decided to pay off his debt in small amounts each month instead of filing for bankruptcy. When he was released from the hospital, he got a job, generated a modest income and stuck to his plan of paying his doctors $5 each week.
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12). The Two Biggest Thieves In Regards To Wealth Building By : Drew Miles
The two biggest wealth thieves a person will encounter are tax deductions and lawsuits. Taxes work against you by chipping away at your wealth. These include federal income taxes (deducting up to 39% of your income), state taxes (deducting up to 9.6%), and self employment or social security (over 15.5 %.). The average American is paying 42-55% in taxes.
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13). Ten Commonly Missed Tax Deductions For Businesses By : Christopher Anderson
It is important to know what deductions are allowable to businesses. Here are ten most commonly missed business deductions.
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14). Wealth Building … A Combination of Strategies By : Bradley Miller
Combining Strategies to create Wealth, have your own business, become educated on tax deduction and asset protection strategies and create passive income to create enough to maintain lifestyle costs.
Article Related to: wealth building, home business, tax deductions, liability management

15). Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars By : Cassandra Ingraham
Standard monthly expenses for your Business are transferred from you to your Tax Professional to be put on your Schedule C. No problem, most people get this part right. It’s the thousands of dollars in miscellaneous receipts that many people forget when under the haze of tax season. These miscellaneous expenditures can save a small business owner hundreds if not thousands of dollars in tax liabilities.
Article Related to: bookkeeping, taxes, tax deductions, loopholes

16). Repairing Your Credit Report By : Drew Miles
Fixing your credit report and repairing your credit are two distinct processes and problems. If your credit is bad, you can implement some of the strategies below to fix a low score. Negotiate down the amount of debt (it’s easiest with private individuals). To do this, you must demonstrate the reason for falling behind. One of the tools you can use as leverage is offering something (not the full amount) rather than nothing.
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17). Income Tax Software - The Best Ones On The Market By : Mike Singh
There are several income tax software programs available on the market to help you complete your yearly taxes. But, which one is right for you? Find out ...
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18). Travel Nurse Employment: Tax Advantages of Per Diem Deductions By : Jeff Morrow
When you are a travel nurse, then you need to have a pretty good understanding of per diem rates and how they might lower your taxes. Many travel nurses believe that per diem is only a tax benefit that staffing agencies offer and yet, surprisingly, others do not. This misunderstanding about what per diem is and how it may affect your taxes is an important financial issue that you need to understand.
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19). Using Mortgage Interest as an Itemized Deduction By : K Hoyng
What is mortgage interest? It is any interest you pay on a secured loan when you bought your first or second home. The loans include the mortgage to buy your home, a second mortgage, a line of credit or a home equity loan. The loan must be secured debt or it will be considered a personal loan and the interest is not deductible. For the average consumer.
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20). Getting a Tax Credit for Your Kids By : Richard A. Chapo
As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids. Getting a Tax Credit for Your Kids With a tax deduction, you are reducing the total amount of adjusted gross income you have. For instance, if you earned $50,000 dollars in 2005 and take a $1,000 deduction for something, you’ll have to pay tax on $49,000 dollars in earnings.
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21). Uneducated Tax System v. Educated Tax System By : Drew Miles
The line under your income on your pay stub is where these two systems differ. With the uneducated tax system, you deduct the three lines under your income and the remainder is what you receive. With the educated tax system, the first line is your reported income as with the uneducated tax system. However, the second line is the money you spent on the business, and you pay taxes on what is left.
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22). Smart Yearend Planning-Planning for the next year By : Drew Miles
There are three main areas we need to keep in mind as the year ends: 1. Taxes 2. Corporate formalities 3. Planning for next year Planning for the next year a) Operations—What are one or two areas of your business that can be improved? How can you improve your service, stay in better touch with clients, close the gaps in your system? Ask your customers, clients and employees for suggestions.
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23). Home Equity Loans Tax Deductions - What Are The Tax Advantages Of A Home Equity Loan? By : Carrie Reeder
Depending on how you used your home equity loan, there are a number of tax deductions available for your home equity loan interest. The largest deductions are available for home improvements. However, for loans used to consolidate debt or pay for college, you can still deduct interest with some limits. And if you use the loan for investment purposes, you can also deduct interest charges.
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24). Views are Spectacular Off the Beaten Path By : Drew Miles
When I was practicing law, my colleagues would talk about how lucky they were to put their kids through college or. “I don’t know how we did it, but we put the kids through college , and now we’re hoping to start saving for retirement,” they’d say. In reality, they were saying much more—“Wow! We’re so lucky to barely be able to put the kids through college, now we’re just crossing our fingers that we’ll be able to start saving enough to retire.
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25). Smart Yearend Planning-Corporate Formalities By : Drew Miles
There are three main areas we need to keep in mind as the year ends: 1. Taxes 2. Corporate formalities 3. Planning for next year The power of documentation—shifting the burden of proof For those who have an LLC (opposed to a sole proprietorship, S Corporation or C Corporation), it’s always better to over-document. By keeping a tax diary, you shift the burden of proof from yourself to the IRS, who then has to disprove its validity.
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