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Taxes Information |
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Knock-Knock-Knock Who's there? The IRS! The next quarterly payment of estimated income tax forthe self-employed is not far off. Network marketers whoreceive a form 1099 at the end of the year, and/or whoare expected to owe $1,000 or more in taxes, must filea form 1040-ES Payment Voucher quarterly to avoidpaying a penalty. When it comes to paying income tax, I'm like ArthurGodfrey who said, "I am proud to pay my taxes. I'd bejust as proud to pay half as much. Like most network marketers, I work hard for what Iearn and do not savor sending the government anymore money than what I legally owe. So you canimagine how I felt four years ago, when I learned Ihad overpaid my income tax by some $9,800 overthree years. I had trusted the guy who did my tax returns. After all,preparing tax returns was big part of his business. But guess what, I fired him. Once I learned what the law provides home-basedbusiness owners to deduct, I went back through threemost recent years of returns, revising my 1040 to claimdeductions my tax guy didn't have the foggiest notionexisted. Or if he did know, he failed to ask me aboutthem. For instance, my tax guy failed to ask me if I had anydogs. Did you know your dog (or three dogs in my case)qualifies as a "security system" for your home-basedbusiness? 100% of all dog food, Vet bills, license feesand medication is tax deductible! I have the IRS taxcode to prove it. My tax guy didn't know that. I calledhim on it and told him to look it up for himself. You see, I did something worthwhile. I invested in awell-known and respected home-based businesstax-reduction book. I learned that with some 43,000tax codes on the books, a typical CPA could notpossibly know them all. How could they? CPA's typically specialize in corporate tax code, andare often short sighted when it comes to tax deductionsfor home-based business owners. But I now have myhome business tax-guide that lays out exactly whatdeductions I can take and cites the tax code foreach one. Thankfully, the law allows me to revise previous taxreturns, so I was able to save a bundle of money,money I thought was gone. My point to you is this:The likelihood is great that you, too, have overpaidyour taxes and are not even aware of it. How much? According to what I read, the average home-basedbusiness owner overpays $1,000 to $2,000 in taxesevery year. But the IRS is not about to refund whatwe overpay without us asking for it through anamended tax return. When you add in the interest that tax money is earning and refunded with youroverpayment, the average refund is more like$3,000 to $6,000. From my experience, do not trust anyone doing taxpreparation who is not intimately familiar with home-based business tax deductions and tax strategies.They could cost you thousands of dollars if they arenot up on home-based business tax law, no matterhow many initials they carry after their name. Congress knows that small business is the enginethat runs our nation's economy. To encourage smallbusiness, Congress has passed legislation givinghuge tax breaks to people who invest in a smallbusiness. Your network marketing enterprise placesyou squarely into that small business category. That fact presents another problem for many part-time network marketers, because they do not thinkthey have earned enough money from their businessto qualify for tax deductions. This erroneous thinking is costing them literally thousands of tax dollars. When I do business seminars, I hold up a DistributorApplication and romance it. Why, because just theact of signing that piece of paper qualifies us as ahome-based business owner; one who is now eligibleto claim thousands of dollars in legally authorizedtax deductions; deductions we could not claimbefore signing that piece of paper. Profit or loss is not the criteria, it is our intent to makea profit that allows us to claim deductions year after year. No matter how you view your business, this is yourmoney. So it should behoove you to learn what youcan about minimizing your tax liability. You should do so for yourself, and then for others.How much more good could we do if learned how tokeep tax dollars at home? How much more could wedo for others if we taught them the same? Jim Lynn is the author of, "Real World Secrets BehindAmerica's Most Successful (And Profitable) PeopleWho Network." Website: http://peoplewhonetwork.net
MORE RESOURCES: In regards to the new property assessment and the prospect for higher taxes, I would like to express my opinion. First, this assessment was made [...] BLAKELY — Garbage fees will rise, but Blakely Borough Council doesn’t plan to hike electric rates or add property taxes as part of its proposed 2009 budget presented this week. As the number of people filing claims for unemployment benefits hits a 16-year high, states are imposing higher taxes on employers and reducing benefits to replenish dwindling accounts. A rising equalized assessed valuation will likely bring Morris Elementary School District 54's tax rate under 3.00 for taxes payable next summer. MARBLEHEAD and mdash; Homeowners will pay more in property taxes next year. A tax rate of $8.99 and mdash; up from $8.34 and mdash; was announced Wednesday by assistant assessor Michael Tumulty. That translates into a bill for the median single-family homeowner that rises from $4,511 to $4,665. It's an increase of $114 or 3.4 percent. The Three Gorges Project has turned over a total 20.277 billion yuan in national taxes since its first generating unit began operation on July 10, 2003, according to the State Administration of Taxation of the Three Gorges dam zone in Yichang, Hubei province. Since the first turbine generator was put in use, there are now 26 turbine generators in operation as of October 30 this year. By adding ... GREENFIELD - The value of single-family homes in the city has dropped, but the tax rate is projected to rise, yielding an overall increase in taxes for the average homeowner. ST. PAUL (AP) — Minnesotans are set to pay more property taxes next year if a number of proposed local tax levies are adopted. The government should move to collect taxes on assets to help close off loopholes in the tax system and raise funds to develop the country's social safety net, according to local academics. The Treasurer Michael Aird is not ruling out new taxes as Tasmania faces financial circumstances he is calling exceptional. |
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RELATED ARTICLES
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E-commerce Taxation The means and types of businesses have transformed with advent of era of e-commerce, resulting in global seller and buyer. The Internet offers consumer choice, business efficiency and recreation. Military Reservists, Enlistees May Get Deferral of Back Taxes Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they can show that their ability to pay taxes was affected by their military service.The deferral covers active duty members of the military services - Army, Navy, Air Force, Marine Corps and Coast Guard - and commissioned officers of the uniformed services - Public Health Service and the National Oceanic and Atmospheric Administration. Reducing Taxes Through Dividend-Salary Mix Calculations Should I take wages or dividends from my privately ownedcorporation? What is the best way of taking money out of my company? In other words, what will result in theleast amount of income taxes?A Canadian accountant will perform a dividend-salary mix calculation to determine the best way of withdrawing money from the corporation.Even though Canadian income tax laws are different from other jurisdictions, some of the same principles of tax planning will still apply. Tax Tips for Home-Based Business Owners As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot. I Havent Filed a Tax Return with IRS in Years, What Do I Do? In elementary school, kids come up with creative excuses why they did not bring in their homework. "My dog ate it" or "It was stolen by invisible space aliens" might be given as a reason why something was not turned in on time. Rental Property Tax Deductions Own residential rental properties? 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