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Taxes Information |
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Seven Key Tax Deductions for the Self Employed
As a sole proprietor, it's wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004. Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. But you should also meet with your accountant well before the year-end rush to discuss such matters as tax planning, and record keeping for tax deductions. Seven common small business tax deductions: 1. Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances the maximum contribution that you may deduct per employee in a qualified retirement plan can go up to: $100,000 or more For a Defined Benefit Plan 2. Automobile Expenses- You can elect to deduct the actual expenses incurred (including gas, oil, tires, repairs, insurance, depreciation, and rent or lease payments) for the business-related portion of your car or truck expenses, or simply take the 2004 standard mileage rate of 37.5 cents per business mile. 3. Taxes - You may deduct Social Security and Medicaid taxes paid to match required withholdings on employee wages, federal unemployment taxes, sales taxes and real estate or personal property taxes paid on business assets. 4. Home Office - Depending on whether you use your home or other real estate for business purposes, you may deduct some or all of any mortgage interest paid, as well as some or all of the maintenance and repair expenses associated with the property. The cost of utilities and business supplies associated with business use are also deductible. 5. Depreciation - Depreciation may be taken on passenger cars, equipment used for entertainment or recreational purposes (i.e., photographic equipment, cell phones and computers), as long as these items are used solely for the business. 6. Professional Fees - You may deduct professional fees, such as those paid to a lawyer or accountant. 7. Meals and Entertainment - You may deduct 50 percent of meal and entertainment expenses directly associated with the conduct of your business Remember to keep on file the records and documentation necessary to substantiate all of your deductions. Daniel Lamaute, of Lamaute Capital, Inc. specializes in setting up retirement plans for small business owners. http://www.InvestSafe.com
MORE RESOURCES: So what are these state taxes on which nearly $234 million are owed? The answer can be found at http://bit.ly/bN1p8g — the Pennsylvania Department of Revenue website. NEW YORK - The developers planning to build a $100 million Islamic center near the World Trade Center site still have financial hurdles to clear: They haven't finished buying all the property they want for the project and are nearly a quarter-million dollars behind on real estate taxes and late fees. TOWNSEND -- Taxes, the economy, illegal immigration and even school uniforms were covered during a two-hour candidates forum for Democrat and Republican candidates for the 1st Middlesex District at Memorial Hall Thursday. Campaign 2010 GOP businessman runs for governor Jack Kimball wants to slash state taxes that he says handcuff New Hampshire entrepreneurs. But if the Dover Republican's gubernatorial campaign is rooted in his decades as a businessman, it's also a product of the Tea Party movement that emerged as a conservative political force following President Obama's election two years ago. "I look at things ... Minnesota's candidates for governor engaged in a heated debate over taxes and the deficit-plagued state budget before a wind-chilled but rowdy crowd Friday at the Minnesota State Fair. TOWNSEND -- Taxes, the economy, illegal immigration and even school uniforms were covered during a two-hour forum for Democrat and Republican candidates for the 1st Middlesex District at Memorial Hall yesterday. Guests who spent the night at lodging establishments in Volusia County in July paid a total of $932,294 in resort taxes, 10 percent more than the same period last year, according to a report released Friday by the county's revenue department. West Virginia state government collected $31 million more in taxes last month than expected, suggesting signs of a rebounding economy. Massachusetts has collected $89 million more in taxes during August compared with the same month last year, but... Congress seems increasingly reluctant to let taxes go up, even on wealthier Americans.Worried about the fragile economy and their own upcoming elections, a growing number of Democrats are joining the rock-solid Republican opposition to President Obama's plans to let some of the Bush administration's tax cuts expire.Democratic leaders in Congress still back Obama, but the willingness to raise ... |
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