How does tax write offs help you ?

Lori Gaudette

"Learn from Yesterday.... Live For Today....
Create your Destiny...." — Lori Gaudette


E-mail - LoriGaudetteCom1@gmail.com
Website - http://http://www.LoriGaudette.com/

 

How does tax write offs help you ?

A. More write offs help you get back larger income tax check at
    end of year especially if you have a job.

B. They help you to pay in less at end of year.

C. Even if you think your business is small check with your accountant or
      tax preparer if you qualify for write offs. You may be surprised  you did.

D. Call Example H&R Block for a couple quick questions.

 

 

 

Most don't realize it but, having a home based business or subcontracted
employee / business has some incredible write offs which may lead you
to much larger income tax return checks if you have a job.

Even if your network marketing /MLM is not yielding much 
as a business.  The write offs pay in larger deductions.
Which means larger returns or paying in less at the end of year.

I tend to total mine monthly and than total them for the end of year.
Also separating them in categories for my accountant.

** I feel it is best for your  accountant to figure the percentages of write offs and what I can claim
    in case of an audit. **

Here is just a few examples:

Car - Mileage

Tip 1.

Just a couple things, keep a journal in your car at all times.
Anyway which way form of driving for business needs
are a write off and they add up quick.

In the journal the start need to list year make model
and mileage at beginning of year. 

Only list business miles in this journal to be listed
 NOT PERSONAL USE.


Do not forget to get toll fees if paid while driving for your business get a receipt.

Parking meter fees if paid while doing business.

Just a couple examples of things you may drive for.
Anything you drive to buy for your home office, decorations, paint, pens, pencils,
computer, mouse, paper etc. You home office is in essence a brick and mortar
building for your business.


*  You maybe able to claim portion of car payments but, unless you
    use your car for a great percentage of business only, the miles 
    maybe the better choice. Since mileage is paid out from generally
    36 cents a mile to in the 60 cents a mile. The government sets the standard
    and looks like it goes accordingly to gas prices.


***Talk to your accountant and ask for more details.***



House - Apartment

Tip 2. 

If you rent or own a home, a portion of what you pay for 
rent, mortgage / taxes, lights, heat, land line phone, and internet service are tax write offs.

Basically give your account the year totals and explain some of this is business and
some is personal they figure the percentages.

How they figure your write offs for the rent mortgage is amount of space in your home /
apartment to amount of space used for business. Basically the same of the other things as well.

For some it is 1 whole room for some others it's space in their living room.

Remember any up keep for that space, cleaning person, hired carpenter,
decorations, carpets, paint decorations are tax write offs.

** Remember your to write down mileage to get any of these home office business supplies.


***Talk to your accountant and ask for more details.***


 Business Meetings Dinner, Drinks, Coffee etc

Tip 3. 

         If you invite a potential client, downline out for dinner, drinks etc.,
   Your main topic is business this maybe considered a business meeting.
   I give me account total for year and he figures the percentage of write off.
   Last i knew it was 50%


            ***Talk to your accountant and ask for more details.***


Your Business - Hired help - Advertising

Tip 4. 




  Your Business
 
  Anything you pay for setup fees, monthly fees from your MLM, 
  credit card processing fees that are charged to you for your clients orders,
  pay pal business service fees charged for processing your clients orders. etc.

***Talk to your accountant and ask for more details.***


Hired Help -

Anyone you hire for your business, housekeeper, accountant, web designer, advertiser, etc.
This is a write off if your house keeper cleans your whole house explain that to your accountant.
He will total percentage since some is business and some is home.



Advertising - 
 
Business cards, t shirts, magnets for cars, business expos your in, classifieds are
 just a few examples of write offs. 


***Talk to your accountant and ask for more details.***



Your Receipts -

Tip 5



In case of an audit everything need to be documented.
I do so in 2 ways I charge everything on a credit card and I keep the receipts,
Circle item or items on the receipt you have.

Now this is the important thing to remember your receipts FADE and over time they will be unreadable.
You may want to group them together and take a copy of them at end of month.
Keep copies with your receipts



***Talk to your accountant and ask for more details.***

 

 Your Accountant -

Tip 6



If you don't an accountant already generally they can charge $80 to ???
Fees for a small business I don't think more than $150.oo but, all accountants very.
Ask questions about fees before you go in you might get a very large bill if you don't.

Find an accountant you can talk to is a must.

Generally if you call in slower season you might be able to sit down with them for a free consult.
Take a list of questions with you and also don't forget to take notes.

I have called H and R Block in slow time asked questions over the phone and talked.
 Also you may want to talked with an accountant as well.

    This knowledge is very important in getting the most use of the tax write offs for your business.

Anything in above information should be consulted with your accountant before claiming any taxes.
I am not an accountant but, a business owner and not qualified to do your taxes.
The laws / amounts/ things you can claim do change and your accountant is the one whom
will have the knowledge for your best interest and legal taxes.

       If you have like to brainstorm ideas call me personally (Please no recordings) or e-mail me.
        
          

              I wish you the best in your business make 2009 the year!

Lori Gaudette

"Learn from Yesterday.... Live For Today....
Create your Destiny...." — Lori Gaudette


E-mail - LoriGaudetteCom1@gmail.com
Website - http://http://www.LoriGaudette.com/