Don't blow it off, no matter how good your excuse
or reason is, without at least being aware of the
consequences.
If you are thinking:
I just CAN'T BE READY by Thursday.
I DON'T HAVE THE MONEY I owe.
I need another extension for a little longer,
you HAVE to read the FREE one-page bullet-point
summary I've written SPECIFICALLY FOR YOU.
Just go to www.HomeBusinessTaxSavings.com
You'll find the download link just TO THE LEFT
of the box offering a free video that reveals the
"#1 Secret to Slashing Your Taxes in Half."
Sunday, October 11, 2009
E-FILING OR PAPER-FILING? SURPRISE-THE IRS DOESN'T WANT US TO HAVE A CHOICE
If you have my book and read my Tax Tips, you
know I am NOT a fan of E-Filing of Tax Returns,
because it robs you of audit-proofing options
and increases your chances of an audit.
The BAD NEWS:
IRS is pushing Congress to force all taxpayers to
file returns electronically by 2011. But so far,
it looks like the requirement will apply only to
all tax preparers who process 100 or more tax returns.
The SOLUTION:
After our tax pro has finished his or her work
for us, maybe we'll have to atell them: DON'T SIGN
my tax return. That would still leave us the option
of filing our OWN Tax Return as a PAPER return.
know I am NOT a fan of E-Filing of Tax Returns,
because it robs you of audit-proofing options
and increases your chances of an audit.
The BAD NEWS:
IRS is pushing Congress to force all taxpayers to
file returns electronically by 2011. But so far,
it looks like the requirement will apply only to
all tax preparers who process 100 or more tax returns.
The SOLUTION:
After our tax pro has finished his or her work
for us, maybe we'll have to atell them: DON'T SIGN
my tax return. That would still leave us the option
of filing our OWN Tax Return as a PAPER return.
IS YOUR "TAX PREPARER" A "TAX PROFESSIONAL"
In most states anyone can hang out a shingle claiming to be a
"Tax Preparation Service," without any licensing or certification of any kind.
Some of them are well informed and handle the task exceedingly well.
But not all of them.Congress is yielding to pressure from the IRS to implement a registration requirement of some kind. Expect legislation later this year, but don't expect it to take effect until AFTER the coming tax season.
"Tax Preparation Service," without any licensing or certification of any kind.
Some of them are well informed and handle the task exceedingly well.
But not all of them.Congress is yielding to pressure from the IRS to implement a registration requirement of some kind. Expect legislation later this year, but don't expect it to take effect until AFTER the coming tax season.
WITH UNEMPLOYMENT NEARING 10%
Congress is about to approve an extension of Unemployment Benefits by an extra 13 weeks.
If your business has employees, you will help pay for that. The current 0.2% unemployment surtax will be extended through 2010. In dollars, the cost to you will be about $13-$15 per employee
If your business has employees, you will help pay for that. The current 0.2% unemployment surtax will be extended through 2010. In dollars, the cost to you will be about $13-$15 per employee
"FIRST TIME HOME BUYER" TAX CREDIT MAY NOT EXPIRE NEXT MONTH, AS PLANNED
It looks like the $8,000 FIRST TIME HOME BUYER tax credit,
scheduled to expire on Nov. 30, will most likely be extended for a few more months.
Also, you will NOT have to finish the buying process by the deadline,
just have a contract signed by then.
scheduled to expire on Nov. 30, will most likely be extended for a few more months.
Also, you will NOT have to finish the buying process by the deadline,
just have a contract signed by then.
Thursday, October 8, 2009
WHEN YOU TRAVEL FOR BUSINESS -- ARE YOU USING "PER DIEM RATES" TODETERMINE MEAL DEDUCTION AMOUNTS?
If so, could you stand some GOOD news?
PER DIEM rates are based on the Government Fiscal
Year -- October 1 through September 30 -- NOT on
the Jan.1 to Dec. 31 calendar-year and Tax-Year.
Technically, for travel between Oct. 1 and Dec. 31,
2009, you can choose whether you want to use the
"old" FY 2009 rates or the "new" FY 2010 rates.
I say "technically" because you COULD use the 2009
rates, but you'd be an idiot if you did, because they
have INCREASED in the 2010 Per Diem schedule.
The amounts allowed for breakfast and lunch have
remained unchanged, but Dinner rates have
increased by $5.00, no matter where you are traveling
in the U.S., and the deduction for Incidentals has
increased from $3.00 to $5.00 per day.
"Incidental Expenses" include fees and tips to porters,
baggage carriers, bellhops, hotel maids, and shipboard
stewards and stewardesses, according to examples the
IRS provides.
The deductible rates for Meals and Incidental Expenses
(M&IE) depends on your business travel destination, and
sometimes also on time-of-year.
For high-cost locations, the total daily M&IE rate
is $71 for FY10. The rate for the lowest-cost
locations rate $46. And there are in-between rates.
How do you know how much you can claim?
FIRST go to www.gsa.gov/perdiem to see the M&IE rate
for the location you are traveling to.
THEN go to www.gsa.gov/mie to see the breakdowns of
Breakfast, Lunch, Dinner, and Incidentals deductions.
OH, BY THE WAY… If this all sounds "foreign" to you ----
See Ch. 9 of "Home Business Tax Savings, Made Easy!"
or review the recording of Session 2 of "Basic Essentials
Course for Home Business Tax Savings." (Both are
available at www.HomeBusinessTaxSavings.com )
PER DIEM rates are based on the Government Fiscal
Year -- October 1 through September 30 -- NOT on
the Jan.1 to Dec. 31 calendar-year and Tax-Year.
Technically, for travel between Oct. 1 and Dec. 31,
2009, you can choose whether you want to use the
"old" FY 2009 rates or the "new" FY 2010 rates.
I say "technically" because you COULD use the 2009
rates, but you'd be an idiot if you did, because they
have INCREASED in the 2010 Per Diem schedule.
The amounts allowed for breakfast and lunch have
remained unchanged, but Dinner rates have
increased by $5.00, no matter where you are traveling
in the U.S., and the deduction for Incidentals has
increased from $3.00 to $5.00 per day.
"Incidental Expenses" include fees and tips to porters,
baggage carriers, bellhops, hotel maids, and shipboard
stewards and stewardesses, according to examples the
IRS provides.
The deductible rates for Meals and Incidental Expenses
(M&IE) depends on your business travel destination, and
sometimes also on time-of-year.
For high-cost locations, the total daily M&IE rate
is $71 for FY10. The rate for the lowest-cost
locations rate $46. And there are in-between rates.
How do you know how much you can claim?
FIRST go to www.gsa.gov/perdiem to see the M&IE rate
for the location you are traveling to.
THEN go to www.gsa.gov/mie to see the breakdowns of
Breakfast, Lunch, Dinner, and Incidentals deductions.
OH, BY THE WAY… If this all sounds "foreign" to you ----
See Ch. 9 of "Home Business Tax Savings, Made Easy!"
or review the recording of Session 2 of "Basic Essentials
Course for Home Business Tax Savings." (Both are
available at www.HomeBusinessTaxSavings.com )
HAVE YOU COMPLETED YOUR 90-DAY VEHICLE-USE LOG? IF NOT
IF NOT, READ ON…
Without at least a 90-day log, you risk losing ALL deductions
for business use of personal vehicles.
Guess what? There are exactly 85 days left in 2009.
That's 5 days short of 90, but you can "recreate" your vehicle use for the past 5 days,
and then keep accurate records for the next 85 days.
Then, voila- you have a 90 day log, and thus get to claim vehicle deductions for the WHOLE YEAR.
BUT if you wait a few more days to begin your log --
you will LOSE $3,000 to $5,000 or more in tax deductions.
Without at least a 90-day log, you risk losing ALL deductions
for business use of personal vehicles.
Guess what? There are exactly 85 days left in 2009.
That's 5 days short of 90, but you can "recreate" your vehicle use for the past 5 days,
and then keep accurate records for the next 85 days.
Then, voila- you have a 90 day log, and thus get to claim vehicle deductions for the WHOLE YEAR.
BUT if you wait a few more days to begin your log --
you will LOSE $3,000 to $5,000 or more in tax deductions.
HAVE YOU COMPLETED YOUR 90-DAYVEHICLE-USE LOG? IF NOT
IF NOT, READ ON…
Without at least a 90-day log, you risk losing ALL deductions
for business use of personal vehicles.
Guess what? There are exactly 85 days left in 2009.
That's 5 days short of 90, but you can "recreate" your vehicle use for the past 5 days,
and then keep accurate records for the next 85 days.
Then, voila- you have a 90 day log, and thus get to claim vehicle deductions for the WHOLE YEAR.
BUT if you wait a few more days to begin your log --
you will LOSE $3,000 to $5,000 or more in tax deductions.
Without at least a 90-day log, you risk losing ALL deductions
for business use of personal vehicles.
Guess what? There are exactly 85 days left in 2009.
That's 5 days short of 90, but you can "recreate" your vehicle use for the past 5 days,
and then keep accurate records for the next 85 days.
Then, voila- you have a 90 day log, and thus get to claim vehicle deductions for the WHOLE YEAR.
BUT if you wait a few more days to begin your log --
you will LOSE $3,000 to $5,000 or more in tax deductions.
FINAL TAX-FILING DEADLINE IS JUST BUT, WHAT IF YOUARE STILL NOT READY TO FILE?
If you filed for an extension to file your 2008 Tax Returns,
your final deadline is one week from today, on Thursday Oct. 15.
If you miss that deadline, but THEY owe YOU money,
don't worry, they are happy to keep it a little longer - but don’t expect them to pay interest.
But what if YOU OWE THEM?
That is a WHOLE DIFFERENT MATTER!
When you filed for an extension, that gave you more time to FILE,
but it did NOT give more time to PAY. All underpaid taxes were due on April 15th.
Even if you DO file on or before Oct, 15, you will owe interest dating back to Aril 15, but if you ALSO FAIL TO FILE by Oct. 15, that's when they hit you with serious penalties -- on top of the interest!
Important questions you may have, are:
What if I just CAN'T BE READY by Thursday?
What if I DON'T HAVE THE MONEY I owe?
Can I get another extension for a little longer?
THOSE QUESTIONS ARE ANSWERED in a free
one-page bullet-point summary I've written for you.
Just go to www.HomeBusinessTaxSavings.com to get it.
You'll find the download link just TO THE LEFT of the box offering a free video that reveals the
"#1 Secret to Slashing Your Taxes in Half."
your final deadline is one week from today, on Thursday Oct. 15.
If you miss that deadline, but THEY owe YOU money,
don't worry, they are happy to keep it a little longer - but don’t expect them to pay interest.
But what if YOU OWE THEM?
That is a WHOLE DIFFERENT MATTER!
When you filed for an extension, that gave you more time to FILE,
but it did NOT give more time to PAY. All underpaid taxes were due on April 15th.
Even if you DO file on or before Oct, 15, you will owe interest dating back to Aril 15, but if you ALSO FAIL TO FILE by Oct. 15, that's when they hit you with serious penalties -- on top of the interest!
Important questions you may have, are:
What if I just CAN'T BE READY by Thursday?
What if I DON'T HAVE THE MONEY I owe?
Can I get another extension for a little longer?
THOSE QUESTIONS ARE ANSWERED in a free
one-page bullet-point summary I've written for you.
Just go to www.HomeBusinessTaxSavings.com to get it.
You'll find the download link just TO THE LEFT of the box offering a free video that reveals the
"#1 Secret to Slashing Your Taxes in Half."
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