Archive for income tax
End Of Year Tax Tips – Save Money On Taxes By Donating Clothing and More
Posted by: | CommentsAs the end of the year races toward us, the opportunities to find and take advantage of tax deductions and loopholes to save money on income taxes are growing scarce. Fortunately, there are still plenty of tax saving strategies that you can implement even with just a few weeks to go until the end of the tax year. One of the most effective ways for typical households to lower their tax bill is by donating... 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→
End Of Year Federal Income Tax Advice Tips and Tricks
Posted by: | CommentsHere they come. Articles, columns, emails, and websites by the dozens (hundreds? thousands?) each offering tax advice in the guise of tips and tricks while actually offering up nothing more than the same old retread of a supposed gold mine of tax savings. This is the true, cold, hard fact: There is virtually nothing you can do to lower the amount of taxes you pay on earnings that come in the... Read more→
