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Write and Save on Income Tax!
By James Barakaat, aka James Graves-Barakaat of James Graves and Associates, Inc., JamesGraves.com How many people do you know that work on a job and do not file a Schedule C with their tax returns? When you file your Federal Income Taxes and you have a job and a side business, you can legally itemize deductions for business expenses when you file a Schedule C with your 1040 or 1040EZ. You can have a side business just by becoming a part of a FREE Affiliate Program as a writer and sharing this information with others. You can learn all you need to know to start the business by checking the links at the bottom of this article. Your business can grow to be a highly profitable business while you experience some of the same tax benefits of the wealthy. The Internal Revenue Service (IRS) wants citizens to know that they can immediately deduct expenses such as: - Your vehicle - Your home office - Travel for business - Meals and entertainment - Your children - Computers, printers, repairs, and supplies - Internet access, home/cell phones, and much more... Let's say you travel across country for the purpose of telling someone about your business. You take them to dinner, discuss the business, and leave them with a business card. You can make a vacation out of it but the point is, all the expenses that you incur for business are deductible. This includes travel, car rental, hotel, dinner, etc. Since you can have a business that is worldwide, you could travel practically anywhere and as long as you travel to purposely discuss your business with someone, you can deduct the travel expenses. Things you're already buying or paying for instantly become tax deductible. Check with a tax advisor or the IRS link at the end of this article. You probably pay more than your fair share of taxes. According to "Forbes Magazine", Americans Fork Over an Average of 35.2 % of their income. One out of every three hours goes to pay taxes. That's INSANE! According to "Money Magazine" the home office deduction is one of the most closely guarded goodies dispensed to taxpayers by the Internal Revenue Service. "Nations Business" suggests if you don't already have your own little side business percolating away you may want to consider it. Besides making extra $$$ and having some fun, you may qualify for a whole list of valuable tax deductions.
FREE SBI! Affiliate Program! Free ebook - Starting a Business and Keeping Records here. You can find IRS forms that include the Schedule C Form and Instructions here. JamesGraves.com |
