godaddy
Home Articles Blog Updates Subjects Topics Tips & Guides New Contact Us
adblock creatives to be added later Loose weight without medicines, step by step

Improve your sex life -- overcome your frustration

Survive in Bed Click Here!

Increase your breast size by 2 cups, naturally and without surgery Click Here!
This Single Mother Makes Over $700 per Week Helping Businesses With Their Facebook and Twitter Accounts. You too can earn extra money. Click Here!

Earn money with simple online job works. Click Here!

Discounts at Amazon.com
Eliminate your diabetes, we can help you destroy your diabetes

Self improvement and motivational guru gives simple tips to success - must listen

A foolproof, science based diet that will reduce your weight by 12 to 23 pound Click Here!

Blog

TITLE AND SUBJECT OF ARTICLE

 

Using This Years Taxes to Save On Next Years Taxes

You just got done paying taxes or filing an extension and are grumpy. If you are smart, you will use this miserable event to save some cash for next year.

tax, taxes, irs, tax return, filing, cpa, accountant, tax planning, paying taxes

You just got done paying taxes or filing an extension and are grumpy. If you are smart, you will use this miserable event to save some cash for next year.

Using This Years Taxes to Save On Next Years Taxes

For most people, preparing and filing taxes is the equivalent of sticking a pin in a body part. It simply is not fun. Heck, it is not even amusing. One of the reasons is you inevitably find some part of the process where you wonder how you could possible not have more deductions or credits. You fully realize you should tweak your finances to maximize certain expense areas and, by God, you are definitely going to do it for next year. This admirable goal, much like a New Years Resolution, fades into antiquity after about a month. You should not let this happen!

There is no better time than now to proactively plan for savings on next year’s taxes. Having just completed your taxes, you inherently know where you got hurt. Even if you do not, you inevitably felt like you paid more than your fair share. To avoid this, you need to do some tax planning.

Stop groaning. Tax planning may sound boring, but it actually very exciting if you think about it the right way. If I told you a trip to Vegas would definitely result in $2,000 in your pocket, would you be excited to go? Of course you would. Well, tax planning has the same the result. You need to focus on the amount of money you will save.

The best way to go about tax planning is with a proactive accountant. Yes, they cost money, but they will save you far more than you spend and you can write off their fees. A win-win if ever there was one.

When selecting a CPA, you want a proactive one. You want them to look at your tax return and tell you where money can be saved. Then you want to know exactly how much you would have saved last year if you had taken the recommended steps. Yes, it will be painful, but it will also motivate you to get on board with their plan and stick with it.

Paying taxes this year was undoubtedly a painful experience. Analyze the specific areas that caused you pain, and next year will be blissful.

 

Smart Yearend Planning - Tax Deductions

There are three main areas we need to keep in mind as the year ends, and remember to revisit the idea of converting your 10 largest expenses

tax deductions, tax tips, wealth building

There are three main areas we need to keep in mind as the year ends:
1. Taxes
2. Corporate formalities
3. Planning for next year

Revisit the idea of converting your 10 largest expenses.
This is an ongoing process that should be done at least twice the first year. It’s not realistic to expect you will convert all of your biggest expenses the first time around because it’s too big of a task—this is a habit needing to be developed over time. Our largest expenses, habits, and businesses all change over time. As your life evolves, so should your deductions, so keep current.

Strategy: upstreaming income.
The goal of upstreaming income is to shift income from this tax year to the next tax year. Whatever your operating account balance is on December 31 will get added, as of January 1, to your last year’s income. If you have a $50,000 balance, for example, going into the next year, that’s taxable income. You therefore should upstream the money, making it no longer taxable for that year. This strategy is applicable if you have an S Corp, partnership, limited partnership or sole proprietorship.

How to upstream income
Upstreaming income is accomplished by setting up a new entity such as a management company with a different yearend than your business. A business’s income can then be shifted out of the 2006 tax year to 2007. You will want a contract and invoices to reflect this agreement between your business and management company. Move the $50,000 balance to your management company with a June 1 yearend, for example. The money should be moved ideally at least on a monthly basis, not just once at the end of the year. I recommend taking five to 10 checks out of your checkbook and put them in a file for the upcoming year. In January, if you find out you had some expenses you missed—it’d be a lot better to have a check in sequence that you can write from December.

 

Mobile Home Tax Deductions

People who choose the cost-efficient mobile home lifestyle can save even more money with specialized tax breaks.

Owners of mobile homes who pay taxes to local government for parking in their cities or states are eligible for a tax deduction. Under IRS rules, a "home" can be a house, condominium, co-op, trailer, mobile home or even a houseboat. In order to qualify as a home, the property should have cooking, sleeping and toilet facilities. Since mobile homes meet all of t...

People who choose the cost-efficient mobile home lifestyle can save even more money with specialized tax breaks.

Owners of mobile homes who pay taxes to local government for parking in their cities or states are eligible for a tax deduction. Under IRS rules, a "home" can be a house, condominium, co-op, trailer, mobile home or even a houseboat. In order to qualify as a home, the property should have cooking, sleeping and toilet facilities. Since mobile homes meet all of these conditions, owners may take advantage of the tax deductions notified by the federal government.

Mortgage interest is the largest tax deduction available to mobile home owners. Joint tax holders can deduct the entire interest amount up to a maximum of $1 million in mortgage liability paid on a first and possibly second house.

It is not necessary to calculate the amount you deduct. To claim the deduction, all you need to do is wait for your lender to send Form 1098 at the end of the tax year. On this form you will see how much interest you have paid on the loan, and the points that are due to you. This is your deductible interest for tax purposes.

The acquisition debt is another tax-deductible area. The acquisition debt is equal to the first or second mortgage used to build, buy or improve your home.

A tax deduction is also available on your home equity debt. Basically, this is any loan in excess of what was spent to build, purchase or improve your mobile home. Any points that you paid during refinancing are also tax deductible.

Finally, you are able to deduct any property tax paid to a local or state government where your mobile home is parked. This is one tax benefit that every mobile home owner should take advantage of. If you are paying local taxes, don't forget to make use of federal benefits.

Living in a mobile home is a great alternative for anyone seeking an affordable lifestyle. Tax deductions for mobile home owners make it an even more cost-effective choice.

godaddy

godaddy
profit by tax exchange and liability
property tax income investing guide
property tax law and appealing business
property texas appeal poconnor
reduce tax payment deduction
retirement plan benefits of taxes
sales tax on electricity ecommerce business
schooling cost and embrace tax
sitemap taxonomy taxation outsource accounting
soundtaxi tax resolution and drugs
tax accounting outsourcing and earn profit
tax advantages benefits of incorporation
tax advantages benefits of operating business
tax advantages of real estate
tax advice and tips for mortgage
taxation law for sole trader
taxation rental income treatment
tax attoreny law hire irs
tax attorney income tax return
tax attorney in maryland miami irs
tax attorney in michigan and minnesota
tax attorney seattle ohio and tampa
tax attorneys help in georgia
tax benefits money revolution
tax changes donations mileage deduction
tax credits for retirement savings
tax credits for saving energy
tax credit toyota hybrid irs
tax debt delay settling irs
tax deduction alimony payment
tax deduction car donation
tax deduction car donetion charity
tax deduction debts business
tax deduction donation automobile to charity
tax deduction home business
tax deduction incorporating business
tax deduction marketing internet investing
tax deduction mobile home
tax deduction refinanced claim
tax deduction road trip vaction
tax deductions charity benefits donating
tax deductions credits hybrid automobile
tax deferred power and protection
tax demand and attorney finance
tax ebay sellers business income
tax employee for hybrids and strategies
taxes and smuggling in england
taxes banking wealth policy
taxes business debt conerns
taxes checklist and marriage
taxes deductions vehicle business
taxes ecommerce product taxland
taxes evolving role of accountant
taxes finance capital gains
taxes irs and taxpayer advocate
mortgage interest deduction tax
taxation rental income treatment
taxing utilities government in check
pre existing business
taxi in aruba and poker
make your backlinks count
magnetic marketing free zine advertising
ip address maintain privacy
incoming linking link building blacklink
how to conference call
godaddy
godaddy