Archive for 2009 taxes
How To Deduct Property Taxes
Posted by: | CommentsWhen it’s tax season, everyone’s thoughts turn to tax deductions. Financial advisors and accountants alike are flooded with calls from frantic clients looking to save money on taxes by finding new deductions or other 2009 tax tricks. The most common question by far is, “Is this Deductible?” Unfortunately, many tax deductions are either too small to have very much impact on how... Read more→
Business Tax ID Number – FEIN and EIN Explained
Posted by: | CommentsThere is an unfortunate amount of confusion surrounding the concept of the Federal Tax Identification Number. It is ironic, because the whole Tax ID, FEIN, and EIN thing is actually very simple, mostly because they are generally all the same thing. However, it isn’t surprising that this concept confused many personal finance students because when it comes to things like laws and taxes, tiny... Read more→
Business tax deductions are important in order to offset high business taxes levied against small business owners and entrepreneurs. Business owners, particularly, single proprietors are often hit with high tax bills because of the Self Employment Taxes. Self-employment taxes, or SE Tax, is so high because it includes taxes that would usually be paid by the employer. As an entrepreneur, the small... Read more→
More Tax Deductions for Small Business Owners and Sole-Proprietorships
Posted by: | CommentsA great tax saving strategy, particularly for higher-income taxpayers is to start a small business. Many expenses that are not deductible for regular Federal Income Taxes are deductible to a business. For example, the mileage deduction is not deductible for personal driving purposes, and mileage driving to work is also not deductible. However, mileage driven for business purposes is tax deductible. While... Read more→
