Some Tips to Get the Best Tax Refund
One of the best tips to get the best tax refund is to have a home based business.
My husband and I have owned a couple of home based businesses.
There is more to having a home based business than just selling your service or product.
Setting up the bookkeeping is important.
Knowing how to use some of the tax deductions available is also important.
This knowledge can help lower the amount of taxes that you might have to pay.
You could take a course or class on business tax deductions to gain more information on this subject.
Then just tailor the information to your type of business.
You could also pick up a copy of the IRS publication for business deductions.
I am going to give you several great tax deduction tips to get the best tax refund.
Business Space Usage: Figure out what percentage of your home or apartment square footage is used only for business.
This is the percentage that you can deduct for the rent or mortgage payments made.
This same percentage is used to claim a portion of utilities paid.
Also, the same percentage can be used to deduct a portion of any repair or maintenance expense done on the outside or inside of the home.
Automobile: Another one of the tips to get the best tax refund is your automobile usage for business.
There are two methods of tax deductions for automobile usage.
One is called actual expenses.
If you use the automobile for both personal and business use, then keep track of business miles and then figure out the percentage of business miles to total miles.
This is the percentage of deduction you can take for all the automobile expenses.
This could be for car payments, car insurance paid, registration paid, repairs, new tires, etc.
The second method is simpler, which is the business miles multiplied by the IRS established cents per mile.
Hiring Spouse or Child: If you set up your home based business as a sole proprietor, then you can hire your spouse or child as an employee.
The wages and payroll taxes are tax deductible.
If you hire your spouse as your employee, you can also pay for their medical insurance.
Your spouse can elect to have their spouse (you) covered by their medical insurance, also.
The premiums paid for the employee are business tax deductions.
You'll need to keep receipts and keep mileage logs for these different deductions, but it is worth it.
These are just a few really great tips to get the best tax refund.
To find out more information on this subject please click on the link below.
My husband and I have owned a couple of home based businesses.
There is more to having a home based business than just selling your service or product.
Setting up the bookkeeping is important.
Knowing how to use some of the tax deductions available is also important.
This knowledge can help lower the amount of taxes that you might have to pay.
You could take a course or class on business tax deductions to gain more information on this subject.
Then just tailor the information to your type of business.
You could also pick up a copy of the IRS publication for business deductions.
I am going to give you several great tax deduction tips to get the best tax refund.
Business Space Usage: Figure out what percentage of your home or apartment square footage is used only for business.
This is the percentage that you can deduct for the rent or mortgage payments made.
This same percentage is used to claim a portion of utilities paid.
Also, the same percentage can be used to deduct a portion of any repair or maintenance expense done on the outside or inside of the home.
Automobile: Another one of the tips to get the best tax refund is your automobile usage for business.
There are two methods of tax deductions for automobile usage.
One is called actual expenses.
If you use the automobile for both personal and business use, then keep track of business miles and then figure out the percentage of business miles to total miles.
This is the percentage of deduction you can take for all the automobile expenses.
This could be for car payments, car insurance paid, registration paid, repairs, new tires, etc.
The second method is simpler, which is the business miles multiplied by the IRS established cents per mile.
Hiring Spouse or Child: If you set up your home based business as a sole proprietor, then you can hire your spouse or child as an employee.
The wages and payroll taxes are tax deductible.
If you hire your spouse as your employee, you can also pay for their medical insurance.
Your spouse can elect to have their spouse (you) covered by their medical insurance, also.
The premiums paid for the employee are business tax deductions.
You'll need to keep receipts and keep mileage logs for these different deductions, but it is worth it.
These are just a few really great tips to get the best tax refund.
To find out more information on this subject please click on the link below.
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