Free Tax Tips Articles

Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? -- Charlie B. A: Sorry, but your local municipality is well within its rights to audit your business to identify items purchased online. The city can also demand payment of sales tax on those items if sales tax ...

The first few years of a business are the most important for tax purposes. You can write off a percentage of your home payment and utilities if you use part of your home as an office only

The tax advantages of incorporating a business is one of the main reasons that owners choose to incorporate their businesses, no matter what market they work in. Other types of businesses, such as sole proprietorships, are not afforded nearly as many tax advantages as an incorporation. A move called income shifting is one that helps the business, and its owners, immensely. This is a method in which the total income of your corporation is divided among its members. How doe...

Standard monthly expenses for your Business are transferred from you to your Tax Professional to be put on your Schedule C. No problem, most people get this part right. It?s the thousands of dollars in miscellaneous receipts that many people forget when under the haze of tax season. These miscellaneous expenditures can save a small business owner hundreds if not thousands of dollars in tax liabilities. Examples: 1. Advertising Cost ? The standard deductions are always ther...

Did you know that you could make money by paying someone else?s property taxes? Thirty-one states provide a little-known investment opportunity that might be perfect for you.

You are your own boss. You have been working alone for quite a while, and then why not make the most of what is offered to you.

If your child is under 18, you can pay your child up to 5,000 in wages a year without incurring most income taxes, most employment taxes, and you still get to write it off as a business expense on your own tax return!

Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, here's how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler. What am I talking about? It's called the Section 179 deduction, and if there's one tax law you need to understand, this is it. Here's why: The Section 179 deduction enables the Small...

Well, the bad news is you have medical expenses-- but the good news is-- they may be deductible! The IRS allows taxpayers to deduct medical expenses on Schedule A of their income tax return. Now, your medical expenses have to be substantial-- 7.5% of your income.

Tax season is upon us again, and the majority of Americans will end up losing much more of their income to taxes than they need to. Start learning how to keep more of what you make with simple tax deduction strategies can save you thousands of dollars in taxes per year.