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How many times have you heard someone say, "I don't pay any taxes. My accountant takes real good care of me . . . I haven't paid a dime in taxes in years."
Does that outrageous statement sound familiar?
Maybe it's your brother-in-law, or a fellow Soccer Mom, or a co-worker at the office.
And so you think to yourself, "What am I doing wrong? How come I'm paying taxes and so-and-so says he/she pays nothing? How do they do it!"
Is it really possible to pay "zero taxes"?
For purposes of this...
Small Business Tax Trap #1: Waiting To Incorporate -- What A Difference A Date Can Make
If you're a sole proprietor, perhaps you've considered incorporating your small business or self-employment activity.
And so maybe you've been wondering, "When is the best time to incorporate?"
From a legal standpoint, any time is the best time. The sooner you incorporate, the sooner you make the move from the world of unlimited liability to the world of limited liability.
From a tax savings standpoint, any time is the best time. The sooner you incorporate, the sooner you will start putting...
What Is The Key To Slashing Your Taxes?
What Is The Key To Slashing Your Taxes? by Wayne M. DaviesOne very foggy night the captain of a large ship saw whatappeared to be another ship's lights approaching in thedistance.The two were on a course that would mean a certain head-oncollision.So quickly the captain signaled to the approaching vessel,"Change your course ten degrees west."The reply came, blinking back through the thickening fog,"You change your course ten degrees east."The captain became insulted, pulled rank, and angrily...
How To Turn Your Bookkeeping Nightmare Into A Money-Maker
How To Turn Your Bookkeeping Nightmare Into A Money-Maker by Wayne M. DaviesFor most self-employed people, bookkeeping is about as muchfun as a root canal. But like it or not, it must be done,otherwise you'll end up overpaying your taxes big time.Perhaps this article will help you see this tedious taskin a new light. Follow along with me and I can turnyour bookkeeping nightmare into the best paying part-timejob you ever had.How much money do you make right now -- per hour -- at your"regular"...
How To Make Sure 2004 Is Your Best (Tax) Year Ever
How To Make Sure 2004 Is Your Best (Tax) Year Ever by Wayne M. DaviesSorry to crash your party, but as we bring in the New Year,it's also time to bring in a New Tax Season.As a small business owner or self-employed person,one of the easiest ways to keep Uncle Sam off your backand out of your life is to file your forms, payments andother paperwork on time.Over the next four months there are several key datesthat you dare not forget! Here they are -- all in one place,along with links to the...
How To Turn Non-Deductible Commuting Mileage Into A Legitimate Business Expense
How To Turn Non-Deductible Commuting Mileage Into A Legitimate Business Expense by Wayne M. DaviesTax Tidbits: Presented by Wayne M. Davies of www.YouSaveOnTaxes.com.Short but sweet nuggets for the Small Biz Owner and/orSelf-Employed Person, each morsel serving up a specific taxreduction strategy guaranteed to tickle your monetary taste-buds.The U.S. Tax Code is so big, there's only one way to digest it: one little nibble at a time.Just like a piece of candy, one small bite of taxknowledge...
How To Get A $1,000 Refund By Filing An Amended Tax Return
How To Get A $1,000 Refund By Filing An Amended Tax Return by Wayne M. DaviesTax Tidbits: Presented by Wayne M. Davies of www.YouSaveOnTaxes.com.Short but sweet tax nuggets for the Small Biz Owner and/orSelf-Employed Person, each morsel serving up a specific taxreduction strategy guaranteed to tickle your monetary taste-buds.The U.S. Tax Code is so big, there's only one way to digest it: one little nibble at a time.Just like a piece of candy, one small bite of taxknowledge can give you one...
Tax Filing 101: It's Never Too Early To Procrastinate
Tax Filing 101: It's Never Too Early To Procrastinate by Wayne M. DaviesFor all you procrastinators out there, here's a nuts 'nbolts guide on how to legally postpone the filing of yourYear 2002 income tax returns.When it comes to putting things off, you can never plan toofar ahead!In many cases the IRS allows you to file a 'no-questions-asked' extension form. Which particular form you filedepends on what type of entity your business happens to be.CORPORATIONS:Whether you are a "C"...
5 Reasons Why You Should NOT Get A Big Tax Refund
5 Reasons Why You Should NOT Get A Big Tax Refund by Wayne M. DaviesI will never forget the day one of my tax clients came to pick up his personal income tax return. "How's it look?" he asked."Well," I said, "You're getting a refund.""Great! How much?""Oh, it's a big one," I said. "Over $5,000 dollars."Mr. Taxpayer couldn't have been happier. He face lit uplike a light bulb. He was ecstatic -- he sincerely believedthat he had "beat the tax man" by getting such a largerefund.I was not so...
How To Avoid Getting Burned By Your Own Tax Return
How To Avoid Getting Burned By Your Own Tax Return by Wayne M. DaviesI did it. I finally did it.Last weekend, while the rest of Fort Wayne celebrated thelong-awaited onset of springtime temperatures, I stayedinside and did something I've never done before.I burned my first CD.Yep, I joined the Pepsi generation and got me a real CD-RWdrive. And I actually copied a music CD onto a blank CD (mywife's favorite Eric Clapton CD -- so now she's got one forhome and one for the van; guess I better...
IRS Free File Is Not A Free-For-All
IRS Free File Is Not A Free-For-All by Wayne M. DaviesLooking for a way to reduce the cost of income taxpreparation this year? Then you came to the right place --maybe!The IRS has launched a new program this year -- it's called"Free File", and it enables you to prepare and e-file yourpersonal income tax return online for free.But, alas, there is no free lunch and likewise this"free" program isn't really free for everyone. You haveto meet certain eligibility requirements to take advantageof...
The 37 Cent Mistake
The 37 Cent Mistake by Wayne M. DaviesReprint Guidelines:** Attention Ezine editors / Site owners **Feel free to reprint this article in its entirety in yourezine or on your site so long as you leave all links inplace, do not modify the content and include my resource boxas listed above.If you do use the material, please send me an email so I cantake a look: mailto:Wayne@YouSaveOnTaxes.com===========================================================The 37 Cent Mistake-- by Wayne M....
How To Audit-Proof Your Tax Return Forever!
How To Audit-Proof Your Tax Return Forever! by Wayne M. DaviesReprint Guidelines:** Attention Ezine editors / Site owners **Feel free to reprint this article in its entirety in yourezine or on your site so long as you leave all links inplace, do not modify the content and include my resource boxas listed above.If you do use the material, please send me an email so I cantake a look: mailto:Wayne@YouSaveOnTaxes.com============================================================How To Audit-Proof...
There Is No Such Thing As Tax Simplification!
There Is No Such Thing As Tax Simplification! by Wayne M. DaviesI'm a little upset right now, so please bear with me. Idon't get upset very often - you can always tell becausesmoke starts coming right out of the top of my bald head! -but I'm here to tell ya', this one really has me bothlaughing and crying at the same time!Recently the IRS came out with this press release:IRS Increases Interest/Dividend ThresholdSource: Associated Press Publication date: 2002-09-26WASHINGTON (AP) - More than...
5 Common Tax Myths That Are Costing You A Bundle
5 Common Tax Myths That Are Costing You A Bundle by Wayne M. DaviesThis article is based on the following 2 assumptions:1) You are a small business owner or self-employed person(including home-based businesses and part-timeentrepreneurial activities).2) You don't like to pay taxes. In fact, whenever you thinkabout paying taxes, you get so mad you end up "all latheredup and nowhere to go."Now, if paying taxes makes you so upset, what have you doneabout it lately?Why was your tax bill so high...
A Big Tax Loophole Just Got Bigger
A Big Tax Loophole Just Got Bigger by Wayne M. DaviesBelieve it or not, there are ways to convert taxable incomeinto non-taxable income, without any fear of an IRS audit.Here's one of my favorites. It's been part of our belovedtax code for over 30 years, yet many still don't takeadvantage of it.What am I talking about?The IRA -- Individual Retirement Account.Now, before you say, "Oh, I know all about that one; what'sso great about an IRA?", give me 10 minutes to explain 3 newbenefits to the...
4 Simple Steps to Reduce Your Taxes
4 Simple Steps to Reduce Your Taxes by Wayne M. DaviesWith Tax Season upon us, here are 4 simple steps to lower your tax bill this year.STEP #1: Understand How Serious Your Tax Problem IsAre you aware of just how much in taxes you are paying? Here's how much the average family spends on various consumer categories -- as a percentage of income.You must realize that it's not how much you spend on taxes that is important, it's how much you spend on taxes as compared to all other major...
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