"14 Power Tax Tools for your Internet Business"
Know thy tax codes! Tax codes can save you thousands of dollars if you use them properly. Following are codes and tax deductions that you can take immediately. (You can do these things even if your business is new.)
Power Tax Tool #1: Section 280: Home Office deduction and related expenses. Your CPA will say that these put up a red flag with the IRS, but that is not true. If you do it properly, it is legal.
Power Tax Tool #2: Section 274: Food, office equipment.
Power Tax Tool #3: Section 132: Deduct your corporate gym.
Power Tax Tool #4: Section 105 and 106: Deduction of health care costs. Chiropractic, eye care, laser surgery. 100% tax deductible.
Power Tax Tool #5: Section 162: Seminars and achievement awards. You can write off the entire cost of seminar: hotel, transportation, and products you invest in. Your company can give up to two achievement awards each year worth $1,600 a piece. You can give the achievement award to yourself since you are the sole person in your business.
Power Tax Tool #6: Section 274: Season tickets and club memberships can be written off 100% if you do it correctly. Have to do these correctly because if you don't the penalties and interest can be more than the tax was to begin with.
Power Tax Tool #7: Section 119: Meals and lodging: Can write off 100% while traveling for business.
Corporate meetings and vacations. You're in a business so you don't go on "vacation". However, the IRS requires that you have an annual meeting. So take the annual meeting in a vacation spot and pay for the entire meeting (vacation) through your business.
Power Tax Tool #8: Kids can be put on the payroll and can be paid up to $6,500 per kid per year. You can opt to put this money in an education IRA.
Power Tax Tool #9: Section 129: Nanny and nurses. You can write off $5,250.
Power Tax Tool #10: Section 127: Scholarships. You can also pay for private school with pretax dollars. You can write these costs off through your business.
Power Tax Tool #11: 217: Executive move. Storage, packing, moving can be written off as business expenses.
Power Tax Tool #12: Fringe benefit programs.
Power Tax Tool #13: If you buy new equipment that is 60,000 pounds or more, you can write off the whole cost THIS year. (Note: The tax code changes yearly.)
Power Tax Tool #14: Retirement plans: Roth, Sep, IRA, and IRA business system. IRA business system is when you can self direct your retirement fund. You gain check book control over the money in your retirement system. This means that you can access money in your retirement account for things such as real estate transactions and other business ventures.
These are just 14 deductions out of a possible 300 deductions.
Related Tags: tax savings, retirement plans, business expenses, business deductions, tax codes, write off
Matt Bacak began investing his first earnings at the tender age of 12, a young businessman in the making. Now, 15 years later, Bacak survived failed businesses, botched partnerships, heavy credit card debt and bankruptcy - all in preparation for the accomplishments he has achieved today as a well-established Internet millionaire and best-selling author.
For more information, visit http://www.powerfulpromoter.com or sign up for his Powerful Promoting Tips at http://www.promotingtips.com
Recent articles in this category:
- Many Different Content Management Systems Are Available ( Cms)
At this time the rule is that going to the content management system open source and a commercial. H - Establish Your Credibility Online
Shoppers are now careful these days. They are more conscious that there are fraud sellers lurking on - Make Money Online Fast - Is It Possible?!
When you see the phrase "make money online fast" you may wonder to yourself, is this for real?! And - What Is Auto Traffic Avalanche?
Many people is talking about this great tool, and that became an excellent software, that can genera - Beginners Guide To Blogging
A blog is basically an online journal wherein you can digitally pen down your thoughts, ideas, opini - Say No To Just Having Enough To Get By...look For Wealth After A Fixed Paycheck
For the last year, I am proud to say that my regular weekly salary was earned through direct deposit - How Outsourcing Works - Hiring An Outsourced Virtual Assistant
Outsourcing is a proven means of helping businesses cut resource costs while getting the same level - How, Where Should You Start And Get Paid In Affiliate Marketing?
Before internet, freelance jobs like insurance, network marketing and real estate used to be the onl - Saratoga Builders Help You Make Informed Decisions
Numerous American central heating designs implement a furnace which blows forced hot air by means of - Basic Features Of A Good Web Hosting Plan
There are a few features that you should look for when you are picking a good web hosting plan, ther
Most viewed articles in this category:
- Tools for Adsense
If you're just boarding on the AdSense train, and looking to find a quick way to make the profits yo - Information Products - Your Action Plan
If you've been thinking of writing your own information product, here are a few tips to help you get - Are You Missing Out On This Method Of Generating Instant Cash?
If you have not yet heard of Bum Marketing, you're missing out. It's a great online marketing metho - How to Find a Home Based Business Internet Opportunity Thats Right for you
Copyright © Jagraj Gill http://www.payitforward4profits.com/jaggiegill Finding the right hom - Can It Be True? Can You Really Use The Internet to Create Money?
Is it hype? Or is it real? Is dramatized and exaggerated? Or can I really use the internet to cre - How to Create a Virtual Grand Opening
Copyright © 2007 Donna Gunter Grand openings and ribbon cuttings don't have to be limited to bu - What Is The Hottest Product To Sell Online
After going through a survey from all the internet Guru Alex Mandossian, Armand Morin, Derek Gehl an - Web Based Employee Time Clock
The power of the internet is in its connectivity. Many people think that the internet is great becau - Driving Hordes of Traffic to your Site
Getting enough traffic to your site is the overwhelming problem for anyone new to Internet or Affili - So You Want to Start an Online Business Part Two - Analyzing Keywords
Analyzing Keywords Continuing on from Part One of 'So You Want to Start an Online Business'; we wil
