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7 Cash Flow Secrets Your Accountant Never Told You
Looking for ways to boost your cash flow? As a small business consultant, I make these recommendations to my cash strapped small business clients: 1. Shoeboxes are for shoes, not business records. Pardon my candor but, you will never have a...
Buying Overseas Property
Copyright 2005 Hugh Griffin
Fourteen Top Tips for Overseas Property Investment:
1. Buy what you want to buy. The most important decision when buying a property is deciding exactly what you want the property to do for you. Is it purely for...
Don't Wait for Tax Time to Look at the Bottom Line
A curious thing happens to entrepreneurs in the spring of every year. They wake up one day and realize they had better figure out how much money they made last year so they can pay their taxes. But wait, shouldn't a business owner already KNOW...
Home-Based Business Owners Save Thousands on Their Taxes
Do You Qualify For Home-Based Tax Deductions?
New changes in the tax laws have made it easier than ever to claim Home Office Deductions and keep more of what you earn.
If your home is a place of business, many of your personal expenses...
How To Realistically Set Your Fees - Part 1
We all know there are 52 weeks in a year and 40 working hours in a week. Therefore, we can bill 2080 hours per year, right. Wrong. Too often this is the trap that many new service businesses fall into.
The first step in calculating your...
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Seven Ways To Save On Taxes Next Year
Nobody likes paying taxes, so the procrastination factor when
preparing them tends to be high. But the good news is that there
are some things you can do now that will help you prepare for
next years taxes. Here are seven great tax saving tips so that
you can keep more of your hard earned dough!
1. Pay your January 1st mortgage payment a day early. If you
mail out your mortgage check on December 31st, the interest
deduction for that month will be good for the current year. This
is true even if the check doesn't get cashed until after the new
year.
2. Make a last minute donation. Under that same philosophy,
consider putting any last-minute charitable donations on your
credit card (for those that will allow it) on or before December
31st.
3. Defer that income one more day. This works with investments
as well as earned income. If you get a year end bonus, request
that it come in January rather than in December. If you are self
employed, you can do all your billing at the end of the month so
that the payments will come in after the first of the year. In
regards to investments, some will allow you to postpone paying
taxes until a later year even if the income is earned this year.
4. Look for every available credit and deduction. This tax
saving tip seems obvious, but people miss deductions and credits
that apply to them all the time. A credit is a dollar-for-dollar
reduction in any amount you might owe, so the effects of having
one or two of them on your return can be dramatic.
5. Donate your old clothes and furniture to your favorite
charity. Cleaning out the attic, the closets, that spare room,
and
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the garage is not only purifying but will help to decrease
your taxes. Put everything together and then take the load to
your favorite charity or charities. Make sure to get a receipt
for your records. The wholesale fair market value of the items
you donated is allowed as a charitable deduction.
6. Give your kids a job, in other words, put them on the
payroll. If you have kids, and they are over fourteen, you can
have them do some work for you around the house and pay them on
a part time basis. That will allow you to shift some of your
income that would be taxed at a higher tax bracket to their
lower tax bracket. However there is one warning; watch their
earnings because they will be considered when they get ready to
go to college and their financial aide could be affected.
7. Invest in your children's names. Your kids can each earn up
to $700 in investment income without paying any taxes if they
are over fourteen.
As painful as taxes and any related thoughts of them can be, by
following these great tax saving tips, you will save money this
year--and the next. One final tip; don't procrastinate until the
last minute! Preparing for your taxes year round will force you
to keep your eyes open for saving possibilities, and will likely
reduce your tax bill even more!
About the author:
If you would like to get more credit information you can visit
our website which contains many credit resources.
http://www.my-credit-report.info This article is copyright
2005, but can be freely reprinted, as long as no changes are
made, including hyperlinks.
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