Welcome to Tax Saving Guide
Reduce State Georgia Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
What are Some Ways a Business Owner Can Reduce Taxes?
from:People who run there own businesses often wonder what are some ways a business owner can reduce taxes? It may seem that the taxes we must pay are set, but in reality there are ways that both business owners and others can reduce taxes. Here are some things to think about when you’re wondering what are some ways a business owner can reduce taxes.
Know the deductible expenses – The first thing you should look at when you’re wondering what are some ways a business owner can reduce taxes are the deductible business expenses. According to the IRS, a business owner can deduct any reasonable business expense. So, for example, purchasing a computer for your home office is a perfectly acceptable business expense, as is your cell phone bill, if your cell phone is used for business. Even the clothes you wear are deductible if you’re required to wear a uniform.
Keep track of your mileage – Mileage you put on your car for business is also deductible. Keep a mileage log of trips you take for business – be certain to note the purpose of the trip each and every time. At the end of the year, put your mileage log with your tax receipts and start a new log for a new year. When it’s time to do your taxes, figure your deduction by using either the "mileage" method (you deduct a certain dollar amount for each business-related mile you drive) or the "actual expense" method (you can deduct the total you pay for gas, repairs, plus depreciation -- according to a tax code schedule -- multiplied by the percentage of business use). Figure it both ways and take the method that benefits you more. This is one of the most overlooked deductions when people wonder what are some ways a business owner can reduce taxes. It’s overlooked simply because you have to keep track of the expense nearly every day for the whole year, and many people are just not diligent enough about it.
Keep receipts – One of the most important things you can do as a business owner is to keep receipts for deductible business purchases. Keep a log of all your mileage, and put all of your business receipts in folders or envelopes by category. If you suffer an audit and can’t produce receipts, knowing what are some ways a business owner can reduce taxes won’t help you at all. Everything you deduct needs a receipt. Keep your cell phone bills, too.
Keep track of entertainment expenses – Another often overlooked item when people wonder what are some ways a business owner can reduce taxes is entertainment. Under the current tax code, you can deduct 50% of what you spend entertaining clients. Qualified entertainment includes anything from taking a client out to dinner to taking him to a sporting event. However, if your business throws a party or event for employees and their families, you can deduct 100% of that expense.
Reduce State Georgia Taxes Specific Links
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Howie Mandel & The Talking Pine
- Howie Mandel tries to come up with a holiday campaign for Buy.com. Buy.com has millions of items at amazing prices, free shipping, video reviews, over 20 major categories of products.
-- http://www.youtube.com/
Free Tech and Gadget Reviews!
- Watch GeekBrief With Cali Lewis on Mevio!
-- http://www.geekbrief.mevio.com/
Free tech talk and news video!
- Watch Tech5 with John C. Dvorak now!
-- http://www.tech5top5.mevio.com/
Watch Funny Videos!
- Click here to see funny videos, pictures, jokes, commercials, and more funny stuff from Comedy.com.
-- http://www.comedy.com/
Reduce State Georgia Taxes News
Police Agencies Worldwide Reduce Criminal Activity with SPSS ... - Earthtimes
CHICAGO - (Business Wire) Hundreds of police departments around the globe are enhancing “who-done-it” crime fighting techniques with an innovative 21 st century approach of applying Predictive Analytics technology to thwart criminal activity ...
Read more...State deficit could reach $6 bil - Seattle Post Intelligencer Blogs
Gov. Chris Gregoire says the ballooning state deficit could reach $6 billion, and will lead to spending cuts that are "truly ugly." Gregoire and other leaders learned last week that the budget deficit through mid-2011 is about $5.1 billion. That ...
Read more...Beazer Homes Reports Q4 and Full Year Fiscal 2008 Results - Marketwatch
-- Reported net loss from continuing operations of $(475.2) million, or $(12.32) per share, including non-cash pre-tax charges related to inventory impairments and abandonment of land option contracts of $58.8 million, impairments in joint ventures ...
Read more...Feds to fund ‘Lexus lanes’ on I-85 from Perimeter into Gwinnett - Atlanta Journal Constitution
A $110 million federal grant headed to Georgia to create a toll lane along I-85 would guarantee a free-flowing lane of traffic on a heavily traveled thoroughfare in Atlanta, the second-most congested urban area in the nation. Touted by federal and ...
Read more...Political Insider - Atlanta Journal Constitution
Get the latest news, opinions and blogs on politics and the election from across the state on the Georgia Politics page. Former Gov. Roy Barnes has said he’s not running for governor in 2010 when Gov. Sonny Perdue ends his second and final term ...
Read more...