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Articles from Wayne Davies | Selfgrowth.com
- Small Business Taxes - What is the #1 Reason You Pay Too Much Tax? - by Submitted on Aug 22, 2011 from Wayne DaviesWhat is the Number One reason you pay too much tax? Let's brainstorm. We all pay too much tax because: 1) Our elected politicians created the complicated and convoluted monster known as the U.S. Tax Code, and this monster takes our money away. 2) Public Enemy #1 (The IRS) takes our money ...
Views: 842 - Small Business Taxes - What is Your Biggest Obstacle to Paying Less Tax? - by Submitted on Aug 22, 2011 from Wayne DaviesBefore I tell you the biggest obstacle to small business tax reduction, let me tell you a story. One foggy night the captain of a large ship saw what appeared to be another ship's lights approaching in the distance. The two were on a course that would mean a certain head-on collision. So ...
Views: 811 - Summer Tax Savings - 4 Reasons to Donate Your Stuff Instead of Having a Yard Sale - by Submitted on Aug 22, 2011 from Wayne DaviesThe purpose of this article is to persuade you to not have a yard sale this year. Instead of holding a garage sale, why not give all your stuff to a charitable organization? I can think of at least four reasons to adopt this motto: Be charitable not profitable! Reason #1: You'll save time. ...
Views: 939 - Summer Tax Savings - How to Get a Tax Deduction For Donating Used Items - by Submitted on Aug 22, 2011 from Wayne DaviesThe purpose of this article is to help you prepare Form 8283, Non-cash Charitable Contributions. The rules for reporting charitable contributions on your tax return are a bit tricky, so take your time as you read on. We'll start with some of the basics on how to report what are known as non-cash ...
Views: 858 - Summer Tax Savings - How to Properly Document Your Non-Cash Charitable Contributions - by Submitted on Aug 22, 2011 from Wayne DaviesIf you want to donate your old stuff instead of having a yard sale, you must make sure that what you want to donate can actually be deducted on your tax return. How do you know? Here's a simple rule to follow: If you're unsure whether your item qualifies for a tax deduction, then consider this - ...
Views: 867 - Summer Tax Savings - Recordkeeping Requirements For Noncash Charitable Donations - by Submitted on Sep 11, 2011 from Wayne DaviesThe IRS does mandate the recordkeeping requirements for non-cash charitable contributions. The purpose of this article is to help you understand what those requirements are, so you can take a deduction for donating "old stuff" to charity, without any fear of an IRS audit. Generally speaking, ...
Views: 967 - Summer Tax Savings - Why Having a Yard Sale May Be a Bad Idea - by Submitted on Sep 11, 2011 from Wayne DaviesAre you planning to have a yard sale this year? If so, this article is for you. Read on to find out whether holding a yard sale is the best way to spend your time. Perhaps there is a better way to get rid of your old belongings while saving time and money. Let me ask you a question: Assuming ...
Views: 986 - Tax Preparation Services - How to Get a Copy of Your Income Tax Return From the IRS for Free - by Submitted on Sep 11, 2011 from Wayne DaviesTaxpayers often need a copy of a previously filed tax return for any number of reasons. Perhaps you are applying for a mortgage loan or you'd like to amend a return. What do you do if you can't find your copy? The article will explain the options for this often overlooked tax preparation ...
Views: 903 - Tax Preparation Services - Why You Want and Need An Experienced Tax Preparer - by Submitted on Sep 17, 2011 from Wayne DaviesFinding a good tax preparer can be a challenge. When it comes to credentials, there is no substitute for years of experience. Here's a story that will help communicate the importance of hiring an experienced tax preparation service rather than a novice. My father recently had heart surgery. ...
Views: 886 - Tax Preparation: What Happens If You Don't File a Personal Income Tax Return by October 15? - by Submitted on Sep 17, 2011 from Wayne DaviesMost U.S. taxpayers file their personal income tax by April 15. But many take advantage of the automatic 6-month extension by filing Form 4868, which gives you until October 15 to file. What happens in you don't file your return by the extended due date? Here are the possible ...
Views: 1107 - The Section 179 Business Income Limitation - by Submitted on Sep 17, 2011 from Wayne DaviesFor small business owners, one of the best deductions available is known as the Section 179. This tax rule allows you to deduct the full cost of business equipment in the year of purchase, rather than expensing the cost over several years through depreciation. Usually, it is better to take the ...
Views: 4137 - What Are State Payroll Taxes and Why Must You Pay Them? - by Submitted on Sep 23, 2011 from Wayne DaviesEvery small business owner with employees must withhold and then pay state payroll taxes. It's just part of doing business that every employer must handle properly. If you don't, you face the likelihood of incurring stiff penalties (late payment fines and interest charges). The purpose of this ...
Views: 784 - What Happens If You File a Business Income Tax Return After September 15? - by Submitted on Sep 23, 2011 from Wayne DaviesThe due date for business income tax returns on extension is September 15. If that date has passed and you still haven't filed a return for your corporation, partnership or LLC that is being taxed as a corporation or partnership, what are the consequences? The short answer is this: You will ...
Views: 2569 - What Not to Report As Wages on Schedule C, Line 26 - by Submitted on Sep 22, 2011 from Wayne DaviesThe purpose of this article is to help you understand the purpose of Schedule C, Line 26, Wages. Whether or not you have employees, if you are a Sole Proprietor, it is critical that you properly deduct expenses related to compensation. The purpose of Schedule C, Line 26 is to deduct employee ...
Views: 11973 - When to Take Depreciation Instead of the Section 179 Deduction - by Submitted on Sep 26, 2011 from Wayne DaviesThe Section 179 deduction is often the best thing for the small business owner since sliced bread. But there are situations when it may not be the best thing for your business. This article will introduce you to one of those situations so you can make the right decision and minimize your taxes ...
Views: 916 - Why Do Self-Employed People Hate the Self-Employment Tax? - by Submitted on Sep 22, 2011 from Wayne DaviesFor Sole Proprietors, Schedule SE (Self-Employment Tax) is arguably the most hated of all tax forms. The purpose of the form is to calculate the dreaded self-employment tax that all self-employed people must pay. The purpose of this article is to explain the reason for this tax and the resulting ...
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