Seven Key Tax Deductions for the Self Employed
As a sole proprietor, it*s wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004. Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. But you should also meet with your accountant well before the year-end rush to discuss such matters as tax planning, and record keeping for tax deductions.Seven common small business tax deductions:1. Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances the maximum contribution that you may deduct per employee in a qualified retirement plan can go up to:$100,000 or more
For a Defined Benefit Plan$44,000
For a 401(k) plan$41,000
For a SEP-IRA
or Keogh2.
Automobile Expenses- You can elect to deduct the actual expenses incurred (including gas, oil, tires, repairs, insurance, depreciation, and rent or lease payments) for the business-related portion of your car or truck expenses, or simply take the 2004 standard mileage rate of 37.5 cents per business mile. 3. Taxes - You may deduct Social Security and Medicaid taxes paid to match required withholdings on employee wages, federal unemployment taxes, sales taxes and real estate or personal property taxes paid on business assets. 4. Home Office - Depending on whether you use your home or other real estate for business purposes, you may deduct some or all of any mortgage interest paid, as well as some or all of the maintenance and repair expenses associated with the property.
The cost of utilities and business supplies associated with business use are also deductible. 5. Depreciation - Depreciation may be taken on passenger cars, equipment used for entertainment or recreational purposes (i.e., photographic equipment, cell phones and computers), as long as these items are used solely for the business. 6. Professional Fees - You can deduct professional fees, such as those paid to a lawyer or accountant.
7. Meals and Entertainment - You may deduct 50 percent of meal and entertainment expenses directly associated with the conduct of your business. Remember to keep on file the records and documentation necessary to substantiate all of your deductions..
Daniel Lamaute, of Lamaute Capital, Inc. specializes in setting up retirement plans for small business owners. http://www.InvestSafe.comSeven Key Tax Deductions for the Self Employed
As a sole proprietor, it*s wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004. Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. But you should also meet with your accountant well before the year-end rush to discuss such matters as tax planning, and record keeping for tax deductions.Seven common small business tax deductions:1. Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances the maximum contribution that you may deduct per employee in a qualified retirement plan can go up to:$100,000 or more
For a Defined Benefit Plan$44,000
For a 401(k) plan$41,000
For a SEP-IRA
or Keogh2....
Cooper tires > Seven Key Tax Deductions for the Self Employed
Let's Pretend
Children have amazing and wild imaginations. The next time you hear "I'm bored" or "What can we do", give them a few household items, or let them make their own and watch them expand into endless hours of fun and entertainment. The following are just a few ideas to get the fun started and be sure to use your imagination too!--->Make an Obstacle CourseObstacle courses can be a lot of fun, spark creativity and also be great exercise for the little ones. These can be set up in and out of doors. Pillows, chairs, tires and stools are just a couple of things that can be used to be climbed, jumped and skipped over, through, around and under.
Time each child as they scramble their way through and have a race. Best thing about these is that once they've done everything they can think of with the first one, it can be torn down and set up again another way. Have each child take turns in choosing the way it's set back up.--->Let's Play Dress UpDon't give away all those old shoes, shirts,...
Let's Pretend
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Chop Cut Rebuild - With Dan Woods, Delivers A Legend To Automotive Audiences Sunday, July 30 @ 8:Oo Pm Est; An Hour Long Special – "The Corvette Affair"
(ContentDesk) July 23, 2006 -- Throughout The Corvette Affair viewers will be taken back to the 1953 inception vehicle, with a Blue Flame six, then transported every generation along the way to todays design masterpiece&the spectacular C6 Z06. Through 6 design generations:
Host Dan Woods delivers the inside info and insight into the Corvettes legendary history and ongoing fascination. Supported by commentary from automotive stalwarts such as Denis Gage, Tom Hnatiw, Barry Meguiar, Russell Mitchell and Craig Jackson, this special delivers opinion and insight seldom merged into one single automotive profile. Of course, true to Chop Cut Rebuild form, this documentary is not a pan n scan talking heads documentary look at the Corvette&
Featured on the show is one of the most meticulous restorations CCR has ever performed a 35th Anniversary 1988 C4 Corvette Convertible! The number one challenge was finding a discarded vette , said Woods. The CCR team located a salvage...
Cooper tires > Chop Cut Rebuild - With Dan Woods, Delivers A Legend To Automotive Audiences Sunday, July 30 @ 8:Oo Pm Est; An Hour Long Special – "The Corvette Affair"
Debt Management ? More Ways to Save on Gas Consumption
The price of gas continues to climb, and with continued uncertainty in the Middle East, they will probably continue to do so. In California and elsewhere, prices for some grades of gas have now reached the previously unthinkable three dollars a gallon. Granted, that is lower than the inflation-adjusted prices of early 1981, but that doesn't make anyone feel better when they've just paid nearly $100 to fill the tank of their sport utility vehicle. In a previous article, we offered some solutions as to how the average consumer can either save on gas prices or use less gas. These tips included using credit cards with cashback rebates, keeping your car tuned and tires inflated, and keeping the car washed and waxed, which reduces drag.
Here are a few additional tips which will help ease the strain of filling your tank.
Cooper tires > Debt Management ? More Ways to Save on Gas Consumption
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