Tax Tips

Help Wanted Hire your Child Tax Free
If your child is under 18, you can pay your child up to 5,000 in wages a year without incurring most income taxes, most employment taxes, and you still get to write it off as a business expense on your own tax return!

How to Deduct Your Medical Expenses
Well, the bad news is you have medical expenses-- but the good news is-- they may be deductible! The IRS allows taxpayers to deduct medical expenses on Schedule A of their income tax return. Now, your medical expenses have to be substantial-- 7.5% of your income.

Income Tax Software The Best Ones On The Market
There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required fields have not been missed.

Tax Advantages Of Incorporating A Business
The tax advantages of incorporating a business is one of the main reasons that owners choose to incorporate their businesses, no matter what market they work in. Other types of businesses, such as sole proprietorships, are not afforded nearly as many tax advantages as an incorporation.

SelfEmployment Tax
This article addresses some of the key issues regarding self-employment tax. A careful reading of this material could make a big difference in how you think about self-employment tax.

Tips On How Your Bookkeeper Can Reduce Your Taxes By Hundreds Of Dollars
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. Examples:

Selling Your Business A Tool To Reduce Capital Gains Taxes
When you sell your business, wouldnt it be nice to pay Uncle Sam as little as possible. This article discusses a method to greatly reduce and delay capital gains and depreciation recapture on the sale of your business.

Benefit Of A SelfEmployment Tax Deduction
You are your own boss. You have been working alone for quite a while, and then why not make the most of what is offered to you.

Business Expenses Tax Deduction
We all love to be businessmen. And what is the motive of business- profits. Whether we make profits or save money, it is still money saved.

The Internet Tax Man Cometh
Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? -- Charlie B.

Taxing Ebay Part Deux
When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.

How To Avoid Those MindBoggling Depreciation Rules
Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, heres how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler.

9 Essential Questions to Help You Prevent a Tax Fiasco
Do yourself and your business a HUGE favor and delegate your tax preparation to an expert. But be careful. Not all tax preparers are alike. Hire the wrong person and you run a risk of finding yourself on the bad side of the IRS. Not sure how to go about hiring the right person? Here are 9 Essential Questions to ask a prospective tax professional.

Tax Haven Raises 2006 Entry Price
While Monaco is a well known European tax haven, Andorra has remained little known outside of the financial community - despite enjoying the same tax advantages and arguably more private banking than her better known rival. In contrast to the similar financial benefits both Monaco and...