18 Essential Tax Tips for Your Business

So you can keep more of your hard - earned money!

The Home Office deduction is no longer a ‘red flag’ for an audit with proper

documentation you can legally deduct hundreds, if not thousands of dollars of

your home expenses by working from your Home Office.

 

1.         Mileage can be a significant deduction at tax time. Effective 1/1/07 -Deduct $.485 for every business mile 100 miles = $48.50, 1000 mile and 15000 miles = $485.00, = $7,275.00.

 

2.         By having a Home Office, you will be able to track more mileage because you no longer have a commute to your place of business.

 

3.         Track your spouse’s auto mileage for all miles driven for your business for additional deduction from net income.

 

4.         Don’t lose out on taking a questionable deduction by ignoring it ask a qualified tax advisor ‘how to deduct the item’ Remember every legitimate expense you fail to record costs you dollars out of your pocket.

 

5.         Use specific credit cards 100% for business then you can deduct 100% of all the finance charges and annual fees.

 

6.         Sales meetings, shows or exhibits that include food or refreshments is 100% deductible if it is primarily a business event where business is conducted or you promote your business.

 

 

7.         Office Supplies can include such items as: Bottled water, Wall Decorations, Magazines, Postage Stamps, Videos, and Emergency Rations (chocolates, beverages, peanuts, candy…)

 

8.         Gifts to clients are 100% deductible but are limited to $25.00 per client per year.

 

9.         Greeting cards used for business purposes are 100% deductible

 

10.         The cost of professional clothing is not a deductible business expense unless it displays your company logo or advertising.

 

11.         Dry cleaning of professional clothing is a deductible business expense.

 

12.         Meals provided for employees is 100% deductible if they are on the business premises and for the convenience of the employer.

 

13.         Occasional meals provided to employees such as a pizza party, annual company party or Thanksgiving turkeys is 100% deductible.

 

14.         You can write off a portion of your Vacation costs if it is combined with a legitimate business trip and you follow all the rules and regulations related to such expenses.

 

15.         Charitable contributions through your business are not a deductible business expense (reduction of net income) unless you are a C Corporation. However, you can deduct those contributions if you use Schedule A Itemized Deductions on tax return your personal.

 

16.         Health insurance premiums are not a deductible business expense (reduction of net income) for a sole proprietor. However, you can deduct 100% of your health insurance premiums (limited to ‘net income’ of your business) as an adjustment to income on your personal tax return.

 

17. Interstate truck drivers can deduct a larger % of meals (more than 50%) amounts change annually check with your tax advisor for this years percentage.

 

18. You your business losses if you keep good records to document that your business expenses are all ordinary and necessary and not lavish or extravagant.

 

For more info on simple online accounting www.caases.org/tax.html

 

Learn How to Reduce Your Junk Mail - For Your Businesses

 

Junk mail is a waste, and it costs businesses real money. There are simple things you can do to substantially cut back the amount of junk mail you get in your office and save money.

The suggestions below will help you reduce the mail received for staff members that are long gone, multiple mailings for the same person (often with small inconsistencies such as misspellings and abbreviations, that make them seem like unique records), and poorly targeted mailings (such as office supply catalogs for the CEO or E-commerce seminars for your building maintenance staff).

Click here http://www.stopjunkmail.org/business.htm

Hate junk mail? Tell firms to stop

 

Solicitations to children

 

If a child under age 13 is being mailed ads or credit-card offers, it could be a sign that identity theft has occurred. Immediately contact the three credit-reporting bureaus:

• Equifax: 1-800-525-6285

• Experian: 1-888-397-3742

• TransUnion: 1-800-680-7289

 

ID Theft plans

 

Get an ID Theft credit monitoring & Identity Restoration company all in one plan don’t pay more than $16.00 a month www.caases.org/idt.html   

 

 

Learn How to Reduce Your Junk Mail - For Residents

 

Are you tired of unwanted mail? Have you ever returned from a vacation with a mound of mail, most of it solicitations and credit card applications?

Junk mail is a waste of time and resources. The average American household receives 1.5 trees through the mail slot in the form of unsolicited mail every year. That adds up to over 100 million trees annually. In addition, Americans collectively pay $370,000,000 a year to dispose the junk mail that doesn't get recycled.

But there is good news! You can get rid of 90 percent of that junk mail much easier than you might think.

In order to substantially reduce your junk mail, you need to reduce access to your name and address so that it won't be traded, rented, or sold to companies who send you unwanted mail.

 

Steps to follow in order to reduce the amount of Junk Mail you receive.

The following activities often lead to increases in your junk mail load.

AND two ways that won't help you reduce junk mail.

How to get off Spam Email Listings.

How to Stop Getting Telemarketing Calls. Click here http://www.stopjunkmail.org/resident2.htm