|Real Bookkeeping. Virtual Assistance.|
|Volume 8 Issue 4||www.offassist.com|
It's already the start of the
If you're not a bookkeeper, this month, take some time out to regroup. Nearly everyone is super busy in the early part of the year -- taxes, new budgets, new plans to implement. It will probably be later in the month (after April 18th!), but I'll be taking some time out, too, to assess what we've done over the past few months and what we need to do moving forward to make the rest of this year rock!
Happy Tax Season is almost over! Time to get out and
enjoy the Spring!
1. It is important to have detailed record-keeping. This is a critical tax tip as without the resources of a large company to do this for you, it remains your personal responsibility to maintain the detailed records and receipts in the event that you have to document your tax deduction.
2. Deduct your professional space: If you use a separate office space or designate a portion of a spare room in your home or your basement, you are allowed to deduct the percentage of the part of your home you use exclusively for professional purposes. Claim a tax deduction for this percentage from your rent or mortgage payments, utilities, etc. If you keep a cell phone or land line exclusively for business purposes, deduct the amount from any bills.
3. Be sure not to overlook business expenses: Maintain thorough records and keep all receipts for professional travel and other business expenses, which may include supplies for the office, postal and shipping fees, dues for professional memberships, magazine or newspaper subscriptions, and other business items, including software for your computer or technical upgrades.
4. Subtract day care costs: The IRS allows deductions for all types of childcare that may be provided during your business hours. These kinds of tax tips are often overlooked but they can save you a lot of money, so be sure to take advantage of the allowed deductions.
5. Create a retirement plan: Consider creating a self-employed retirement plan (that is, a SEP IRA) for tax purposes, as well as for the sake of building money to fund your retirement. You can start with as little as $100, but should you have $2,000 or more, consider a Keogh plan option, which will allow you to keep more money for your retirement in savings that are tax-deferred.
6. Hire members of your family: If this is done legitimately, you may subtract medical expenses for the whole family.
7. Defer income, if you need to: You are your own boss, so if you find yourself in an elevated tax bracket, billing can be slightly altered in order to defer income.
8. Get your FICA refunded: The self-employed in effect are making both the employers and employee's contribution to the FICA taxes every time they write their own payroll check. The tax code recognizes this so you are permitted to deduct 50% of the payments on the 1040 form.
9. If it is helpful, increase expenses. If you wish to augment some of your tax deductions before 31st December, you may make more business purchases at the end of the year. It will help you to defer your income if you have a high income that may push you to the next year tax bracket.
10. Try to find the right help: While taking help on tax matters go for someone who is an expert on self-employment issues since your requirements may be different from a company's needs.
Ron Finkelstein is NOT a Tax Attorney or an accountant. He is merely a small business owner who has paid a lot of money over the years to learn these Self Employment Tax Tips. Check out these other 5 Small Business Tax Deductions You Don't Want To Miss and more Consulting Resources
Article Source: Free
on Income from Previous Year
Note: Check with your accounting professional before doing this to be sure that's how they'd like it done. YMMV!
An accountant was visiting the Museum of Natural History. Wanting to appear smart, he leaned toward the the person standing next to him and said, "That dinosaur is two billion years and ten months old."
Surprised, the man asked, "How did you get such exact information?"
"I was here ten months ago and the guide said the dinosaur was two billion years old."
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- Last Day to set up and fund IRAs and Roth IRAs for previous year
- Deposit FUTA tax if more than $500 was paid through March 31st
- Employers Make Monthly Payroll tax deposit on the 15th of each month
“It will bring down our entire wireless network!”
Umm, okay That got me a bit scared. Apparently there is quite a bit of nonsense circulating that wireless printers are Doomsday Devices, created by the powers that be to wreak havoc on unsuspecting network admins.
This couldn’t be further from the truth. The quick and easy installation of my wireless network printer went flawlessly. The same can be said for nearly all of the articles I found online. Follow these steps, along with any installation instructions that came with your particular printer, and your install will go flawlessly, too.
I have yet to have my wireless network mysteriously lose connection. I have not found any weird security hole that lets the printer attack my network. Oh, and the sun still rises every morning. Sounds like it is running pretty smoothly to me.
There you have it--five quick and easy steps to get your wireless
printer up and running! If you need a network printer, don’t let
the WiFi® symbol scare you away. For me, It's really nice to
have an extra printer that doesn’t require me to sacrifice any of
my valuable desk space.
Janica Smith spent years providing executive level support in a corporate environment before deciding to strike out on her own in 2007. AdminiSmith is a full-service VA firm that specializes in author and speaker support and covers services from initial research to marketing to travel arranging.
Janica built AdminiSmith into one of the foremost VA and author
support businesses in the U.S. In addition to supporting authors
and speakers, she is a requested public speaker herself, discussing
the business side of publishing at publishing and VA conferences
around the country.
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This newsletter is published monthly by Candy Beauchamp of OffAssist. © 2011Much of the advice in this newsletter is based upon the research, professional and personal experiences of the authors. If the reader has any questions concerning any material or procedure mentioned, the publisher and authors strongly suggest seeking the advice of a qualified CPA or other professional.