Business Tax Deductions

 
As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim. Deductible Expenses · Office expenses · Rent or lease payments · Advertising · Costs of goods sold · Insurance costs · Utilities · Payments to independent contractors [file form 1099] · Accounting fees · Legal fees · Communication expenses · Credit Card Interest for business charges · Travel expenses · Vehicle expenses · Business-related meals and entertainment · Uncollected receivables · Bank fees on business accounts · Interest payments on notes · Excise and fuel taxes · Employment taxes · Real estate tax paid on business property · Special local assessments for repairs or maintenance to business property · Promotional costs that create goodwill such as sponsoring a youth team · Business association dues · Business-related magazines · Casualty losses · Beverage services · Credit bureau fees · Taxi fares · Telephone calls made on trips · Self-employment tax [if applicable] Sales Tax Deduction Option The American Jobs Creation Act of 2004 provides all taxpayers with the option to claim a deduction for state and local sales taxes instead of state and local income taxes....
 

Amending Procedural Laws for Collection of E-taxation

 
The electronic transaction ordinance defines the certificated copies in which are to be presented for adjudication. Where any law requires or permits the production of certified copies of any records, such requirement or permission shall extend to print outs or other forms of display of electronic documents where, in addition to fulfillment of the requirements as may be specified in such law relating to certification, it is verified in the manner laid down by the appropriate authority. The code of civil procedure should be amended to oblige the court to accept the endorsement rule as enunciated in the rule 4 and 5 Order XI of the Code of Civil Procedure Act 1908 as defined in section 12 of Electronic Transaction Ordinance 2002....
 

Tax Deductions - Mr. C. P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips

 
Recently, I stumbled across a concept that could change your financial life. You can call it a paradigm shift or a new perspective or just a different way to look at things. This single concept can save you tens of thousands of dollars each year. Its soooo powerful and yet its completely underutilized. Learning this simple technique can dramatically impact your financial picture. I was speaking about tax savings at a seminar and there was a spontaneous outburst of questions. Can I deduct my health insurance?...
 

Tax Deduction for Alimony Payments? - Yes!

 
According to the IRS, alimony payments are taxable to the recipient in the year received. In turn, the person paying the alimony can claim a deduction for the payments if the following tests are met: 1. You and your spouse or former spouse do not file a joint return with each other, 2. You pay in cash (including checks or money orders), 3. The divorce or separation instrument does not say that the payment is not alimony, 4. If legally separated under a decree of divorce or separate maintenance, you and your former spouse are not members of the same household when you make the payment, 5....
 

Uncle Sam is Ready...Are You? Organizing Tips for Tax Time

 
Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. During 'Tax Season' we accumulate paper. And more paper. And if you have a small business or investments--even more paper. Whether you hire someone to prepare your taxes or attempt to decipher the forms yourself, it is imperative that your papers be in order for this 'fifth season....
 

Complaince of Tax Return in Electronic Commerce Taxation

 
Emerging Legal issues of Tax compliance of e-business Self-assessment system relies on taxpayers voluntarily meeting their tax obligations by tax payee. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations to fill tax return on self-assessment, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time. Disclosure in this context is introduced for two main purposes. First, it is necessary to provide information for audit selection....
 

How To Get An Extension To File Your Business Tax Returns

 
Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can't imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. As you might expect, there are different forms for different businesses. An Important Note It is vitally important that you understand that an extension to file taxes is not an extension to PAY taxes. The IRS will give you a break on the filing date, but it wants the money now!...
 

Deducting Points On Home Refinances

 
Deduction of Refinance Points Any points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. To the extent that money is taken out to pay off credit cards and non-residence costs, the points may not be used as a tax deduction. Big Deductions By Refinancing Twice If you refinanced your primary residence twice during 2004, you may be in for a very nice surprise....
 
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