Outright.com Giving Away $2,000 to Wise Bread Readers
Winner Announcement:
- Comment Winner: Comment 71 from Jacob
- Twitter Winner ShesAnAngel417
- Outright Facbook & Community contest: Kathy N Scott
I have emailed Jacob and DMed ShesAnAngel417. Please reply ASAP to claim your prize!
Outright.com, a free online bookkeeping service for the self-employed and small business owners, is giving away $2,000 to Wise Bread readers!
My favorite part of Outright.com is their community where you can get free expert advice from accountants and bookkepers. For example, their community members got answers on questions like:
- Are moving expenses incurred for a new job deductible?
- Do you need individual receipts to track gas expenses?
- Can I write off laptop purchase in the first year?
- Is it generally beter to itemize mileage or take standard deductions?
- Can I deduct mortgage for small business space?
- Are products purchased for product reviews deductible if you end up using it? (That's my question.)
Of course, you should always be careful about getting free advice online, and I would double check everything with your own accountant later. However, it is nice to have a quick tax resource that is 100% free.
In addition to the contest, Outright.com co-founder Kevin Reeth also shared some great tips on the most overlooked business deductions and most common tax mistakes later in this post (jump to interview).
But first, the contest!
Blog Comment Contest: $1,500
Prize: 1 winner of $1,500, randomly selected from the comments in this post.
How to Enter
Simply leave a comment below answering any one of these questions:
- For everybody: What is your most pressing tax question before April 15th? (By the way, you can get free expert advice from accountants, bookkeepers and other business owners at Outright's Community.)
- If you are self-employed or a business owner: What is the one expense that you wish the IRS would let you deduct for your business and why? (Need some ideas? Add your expenses to Outright.com and discover what is deductible.)
- If you don't have a business: What do you think businesses should or should not be able to deduct and why?
Don't forget to enter your email address while leaving a comment. We can't contact the winner if you don't leave an email address. One blog comment per person please.
Twitter Contest: $250
Prize: 1 winner of $250. Randomly selected.
How to Enter
Follow @WiseBread on Twitter (we can't notify you as the winner if you don't follow us). Then simply tweet one of these messages:
- RT this for chance to win $250 @WiseBread http://bit.ly/aLxcNZ
- Win $2500 at @WiseBread courtesy of @Outright http://bit.ly/aLxcNZ
Outright.com Facebook & Community Contest: $250
Prize: 1 winner of $250. Outright.com will randomly select one of their new fans following them on Facebook or joining Outright.com's Community.
Two Ways to Enter
- Visit Outright.com's Community and add yourself as a new user; or
- Visit Outright.com's Facebook fan page and add yourself as a fan.
Yes, you can do both to increase your chances of winning.
Rules For All Three Contests
The Blog Comment, Twitter, and Facebook/Community contests all end at 11:59 pm EST on 4/2/10. Winners will be announced on this post on 4/6/10. You can enter all 3 contests, but you can only win once. US residents only, must be 18 or over, void where prohibited.
Interview With Outright.com Co-founder Kevin Reeth
What are the most commonly overlooked tax deductions for the self-employed?
There are plenty of deductions out there for self-employed professionals that, thanks to the complicated tax code, are often overlooked.
We’ve found that the home office deduction tends to be the most commonly overlooked—and the one that causes the most confusion for those who are self-employed. This deduction allows an individual to write off any expenses incurred from running a business out of their home, for example, you may write off a percent of your rent or mortgage based on the proportion of your home that the office occupies. But we’ve found so many people are worried about an audit that they are scared to use this deduction, missing out on huge savings. Don’t be overly worried about the deduction—if you run your business out of your home and have a room or a portion of your home dedicated to your business, measure the square footage and write it off. Even though more than half of all small businesses are home-based, the majority don’t claim the home office deduction.
Mileage is another often overlooked deduction. Deducting transportation expenses is one of the most tedious and confusing components of tax prep for the self-employed, but again, it can reap huge rewards. For those who are on the road a lot, like contractors, plumbers or realtors--who average 20,000 miles per year on the road--writing off business-related transportation can save thousands of dollars a year. You can deduct $0.50/mile for each work-related mile traveled.
A good (but confusing) deduction for the self-employed is office equipment. Unless you buy a lot of equipment (in 2009, the limit was up to $250,000), you can write off the full purchase price for that equipment in the year in which it’s first used. However, if you aren’t making a lot of money, you might be wasting a possible deduction. You can instead choose to “depreciate” the item, which means writing off the cost over multiple years. Most office equipment gets depreciated over 5 years (computers, copiers, fax machines, etc.) Office furniture gets depreciated over 7 years. So, see how your overall profit and loss is looking for the year before deciding which way to go – it can make a difference down the road when you might be earning .
What are some of the more common tax/deduction mistakes made by the self-employed?
Again, the process for filing taxes can be super complicated and we see both first-time and seasoned filers making mistakes that can either lead to an audit or cause them to miss out on key deductions. One big mistake is not paying taxes because they don’t think it’s a lot of money or because they have other bills. Or they wait until the end of the year, instead of paying estimated taxes throughout the year. Another is to allow themselves to get disorganized, which causes them to miss important deductions or critical tax deadlines. Other mistakes include:
1. Forgetting to sign and date your return. This is so common, the IRS even posted a video on You Tube, with sign language, to remind people to sign and date their returns.
2. Math errors. The frequency of math errors has gone down recently as more people are using software or professional return preparers, but simple addition and subtraction errors are still an easy mistake you need to avoid. Double check any manual math before sending in your return.
3. Wrong social security numbers for you, your spouse or your dependents. A sure way to get a letter from the IRS is to put an incorrect social security number on your return. Their computers automatically match names and social security numbers for every return.
4. Not matching information returns to your personal tax return. You know all the information returns you get in January and February like W-2's, 1099's and 1098's, well the IRS gets a copy of those also and they match up your return with their copy. Sometimes you may have a legitimate reason why amounts on a 1099 will not agree with your return, but a W-2 should always match what you report. If you get an information return that is not correct, contact the person who sent it and have them send you a corrected copy.
5. Mixing up deductions and credits. Deductions are used to calculate how much of your income is taxed, whereas credits are dollar for dollar reductions in your tax liability. Use a bookkeeping application like Outright.com for your business to record everything accurately.
6. Putting the wrong bank account information on your return. If you are getting a refund, the IRS allows you to choose to have your money direct deposited into your checking or savings account. All those little electronic looking numbers at the bottom of your check are how the IRS knows where to send your money through the banking system. When you put those numbers at the bottom of your return, you can be off one number and that refund will not find its way into your account.
7. Failing to file electronically. Electronic filing was first introduced in 1990 and turns 20 this year. When you file a return manually, most of the information has to be scanned or manually keyed in by an IRS employee. In their own studies the IRS found that they themselves made mistakes on 20 percent of the returns that were processed manually compared to under 1% on electronically filed returns.
Are there any special new tax rules for 2009 the self-employed should watch out for?
Very few of the 2009 tax law changes had any positive or negative impact on small businesses, but with the constant media coverage of the changes to the individual tax laws, most self-employed workers are worried they can’t keep up.
There are two tax law changes that self-employed workers should keep in the back of their minds when filing taxes: the Making Work Pay tax credit and the ability to carry back operating losses.
Although the Making Work Pay tax credit is targeted towards employees, self-employed business owners can benefit too. This is not a deduction, but rather a credit, meaning you can write it straight off your tax liability. The credit is worth up to $400 for working individuals who earn between $75,000 and $95,000—significant sums for self-employed workers.
If your business hasn’t performed as well as expected, you can take advantage of the ability to carry back operating losses. This means small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision to get a refund of taxes paid in prior years.
Who uses Outright.com?
Anyone who works for themselves or has started a small business can use Outright.com. The majority of our users are sellers on sites like eBay, etsy and Amazon. Many of our users are freelance writers, web designers, realtors, and bookkeepers. We also have a large presence of people who are craftsmen and some more unusual professions, like a canine holistic therapist.
What are some of your favorite free apps for the self-employed besides Outright.com?
Right now, there are some really great resources out there for the self-employed.
We love social networks like LinkedIn because it makes it easy for self-employed workers to connect with potential clients without spending thousands of dollars on marketing and customer relationship software.
We recommend people get a web presence. Create a blog on Wordpress, Typepad or Blogger. We are also huge fans of Google apps—especially Gmail and Google Calendars. They’re free and incredibly helpful in making your business look even more professional. You can integrate all of these to your domain name and website through Google Apps for Your Domain.
Another great free tool for the self-employed is Craigslist both for buying cheap office equipment (that’s still in good condition) and reaching potential clients by promoting your services. Plus, if you grow and need to hire, Craigslist is a great way to find potential employees.
For free finance related tools, we love Shoeboxed and Xpenser. Shoeboxed lets you scan receipts and automatically turn them into categorized expenses. Xpenser is a mobile epense tracking service that lets you easily record expenditures while you’re out and about, by email, text message, or even Twitter. Both Shoeboxed and Xpenser hook up seamlessly with Outright.com, making tax time even simpler.
And then of course, once you do start making a little bit of money, then we strongly recommend people take a look at Outright.com.
Why is Outright free? How do you make money?
Let's just say that we don’t think people should have to pay a lot of money to do their financial record-keeping, especially in an era of great online tools. We provide Outright for free in order to help as many entrepreneurs as possible. We have begun offering additional paid services, such as a 1099 e-filing service, and will continue to do so. But Outright.com’s basic bookkeeping service will remain free.
About Outright.com
"Outright.com is streamlining the work involved with owning a business, helping entrepreneurs pay the right taxes, record financial transactions, and keep their businesses on track and growing.
Outright.com was created after watching entrepreneurs struggle to capture all of their business deductions, often piecing together different solutions. Whether sticking every possible receipt in a file folder and shipping it off to a bookkeeper, tracking everything in a huge spreadsheet, or even using a couple of different web sites to track transactions and create invoices, the results were invariably the same: too much time and effort spent on the least enjoyable part of running one's own business. Our goal: to keep it as simple as possible; helping entrepreneurs track all of their income and expenses to get their taxes done accurately."
Don't forget to leave a comment below for a chance to win $1500!
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Most pressing tax question:
As a small business owner, isn't there an easier way to file taxes instead of looking up and deduction all of your expenses?
My most pressing tax question is did I account for everything? I have a small side business, from which I earn less than $1,000 a year. Tax Act always asks me about deductions for supplies/equipment for it, but since the only things I use are pens, my computer, the Internet, paper, and my mind, I think it can't really be deducted. Or at the deduction would be too small to even bother with. I already have the supplies and equipment, so I wouldn't know how to do a fraction of the costs of those items.
My husband and I are self-employed and work from home and I wish the IRS would let us deduct the cash/gifts we give to those who help us out with the kids when we need to get some work done (or let us deduct the video games and movies we buy to keep them occupied;) ).
I was wondering if cashing out a small ira that year would the tax bracket be lower if that is all you are earning that year? For example, 25% but then you would get the 10% penalty on top of that so a total of 35%? Just asking since my mom is getting this via a divorce and wondering if we should just wait the 2 years when she is 59 1/2.
As an artist, I thought it would be nice to get shipping/mailing deductible. :D
I believe that health insurance premium for the self-employed should be deductible as well as the professional development expense. Both costs are tools to run and/or for the betterment of the business.
I use Outright for my dad's trust. Simple and easy, yet provides enough info for taxes.
I think businesses should be able to deduct more expenses for training and conferences (even video conferences). Having ready-to-access tax help at an affordable price would be great--I'm excited to see what outright.com has to offer.
I recently started selling on eBay and I'm concerned about the best way to declare the income I make this way. Any tips on documenting my sales that will make things easier come tax time?
Thank you!
I don't really have a question as much as a few statements.
first:
I think that if we have a deadline to mail in our tax papers then the gov't should have a deadline to mail us our refunds. Thats our money and it could be earning money in investments instead of sitting in the gov't hands. there should be penalties for late refund payments just like we incur penalities if we dont have our taxes done on time.
second:
I think everybody should be able to deduct mileage to and from work from their taxes. not just business owners but everybody. We are paying taxes on our income but why should money we spend to get to and from work count on our taxes?? It just seems stupid to me that we pay taxes on money we are spending in order to earn money....
just my thoughts!
Businesses should be able to deduct the cost of small business electronics like computers and small printers the year of purchase instead of depreciating it. I can understand the need to depreciate a $20,000 machine over 5 years, but a $500 laptop that won't even last that long?
Just keep it simple and deduct it all the first year.
My most pressing tax question is how I can quickly and cheaply get a "second opinion" before submitting my return. I usually just complete it on TurboTax, but this year I had an especially low return and wasn't sure if I had made a huge error. Also, it would be great to get advice on how I should fill out a W4, so I can make sure that the amount of taxes that I would like taken out are taken out.
Thanks for the post, hoping to win mad loot!
Are you kidding me? my most pressing question is always how could I have lost those little tiny receipts for coffee, lunches ect... and how can keep receipts organized in my car/office without it becoming a trash recepticle?
I wish that I could deduct my health insurance payment, as someone who is self employed. That's the biggest monthly expense I have, actually!
Being able to deduct ink and toner cartridges is nothing compared to being able to take 300$ a month for my health, that my employer would pretty much pay for if I were an employee other than a 1099er.
What can I do if the IRS wants to check my records back to 1997 because of a trust?
I wish the requirements for a home office were not as stringent. I work at home, for myself, yet I use the same area/desk/computer/printers for personal use as I do for business use. It is really hard to "section off" a certain amount of square footage and call it a home office.
Is there ever a time when you can go back to refund or taxes owed from years past and investigate the authenticity?
I still owe about 1000k on my taxes from last year. What happens if I owe again this year? I can barely pay my bills now, I have already set up a payment plan with the IRS, but what are my options if I owe more?
thanks
-s
Does e-filing really increase your audit risk?
Related question: I heard the IRS may soon require e-file - is that true?
For California VDI participants, is the first $2400 of PFL for a new child tax-exempt? This income comes with a W-2 not a 1099 like the SDI.
My most pressing tax question is that I moved to a new state mid year last year. I'm not sure how I combine my income from both states for my federal return, and how to do separate state returns. Which return can I deduct my moving expenses from?
If I work for a large corporation, can I deduct expenses such as packaging and mailing fees I incur that I don't expense for the business?
I believe that the IRS should place a value $ in the time that Sales agents spent in explaining the sale to future clients.
Not all clients buy, and Agents do not only spend milleage, gasoline, car, but also time that is valuable. You are being paid only commission, therefore you do not get paid 8 hours/day.
You can visit 3 or 4 customers per day, but youu do not sell the 4. If you sell the four, must likely you have to come back to close the sale (more time spend).
I own a business from my home and what I think the IRS should allow me to deduct or deducted more is advertising cost. It is a huge part of running a business and maintaining traffic to your establishment. It is hard for small business owners to keep up with big competition because we don't have the money that they do to spend on advertising. And we should get a break when we do spend our marketing money because most of time it is hard to even fit that expense into our budgets!
What is your most pressing tax question before April 15th?
My big concern is always that the tax preparer doesn't leave off any credit we may be eligible for. We've never had a problem but I always worry a little before we file.
I think all subsidies should be eliminated and losses from matural disasters, droughts, etc. set off against earnings over a long period for as much as possible in each year until totally written off and balanced against profit. Only big business truly profits from subsidies, they keep prices too high artificially and the corporate farmers lease out the subsidized land or use it for other profit making purposes. It is double dipping plain and simple for which other taxpayers pay. I also think all work related auto expense including repair should be deductible to everyone.
I'm always confused about which medical expenses can be used for tax deductions. It seems that the monthly payments just for coverage are sometimes deductible and sometimes not. What determines if it is?
businesses should be able to deduct all business expences because that reduces income
My biggest concern was how to deduct the interest I paid on my zillions of dollars of student loans. My accountant set me up, and I got a really decent refund!
Should i pay taxes on grocery gift cards that i won?
Families of deployed service members are allowed to send in their returns after they return home without penalty.
The most pressing tax question is if I'm going to be oweing money at the end of the year. I always have W-4 filled out with 0 exemptions, but I always have to pay. (We are a dual-income family)
Business should be able to write off anything that is business-related.
I've already filed my taxes this year. My motivation was the first time homebuyer credit. Now that most of my credit card debt has been wiped out with my refund amount, I'm in a place where I can continue to practice good financial discipline.
I'm wondering about next year though, and what else I can do to maximize my tax refund. I should already be getting a huge deduction from mortgage insurance and PMI, and I am planning to return to school, so some education expenses are deductible. But is there anything else I can do?
I wish some of the professional development expenses could be deductible. I'm going to be taking a lot of continuing ed classes and the majority are not deductible though required to maintain my license and credentials.
I used TurboTax for at least five years, but went to an accountant this year, who immediately pointed out the $400 education credit TurboTax had missed. (I teach part-time at a Community College.) A colleague told me the same thing. Be sure to look for this credit if you file through TT, as it seems elusive to many.
My biggest concern is deductions and making sure they are correct.
My family's biggest tax concern is always how to account for tax liabilities and deductions fairly in regards to home school education and adoption.
I think businesses should be able to deduct because there is a lot that goes into creating a business.
I wish that I could deduct daycare expenses from my "in-home" daycare. She will not give me her social security number because she obviously does not claim the income.... but I'm still paying her regardless of whether she does things legally!
I have been self employed for a number of years but as time has gone on the larger portion of my business has been conducted online rather than in face to face meetings and I have to agree with kenf's comment above. Current outlines of business deductions are simply not clear enough nor created with the modern world in mind and consequently many digital related expenses are not accounted for.
I wish over-the-counter medications could be taken as medical deductions. I take Mucinex and Advil every day. These cost a lot of money just like a Doctor prescribed drugs.
Although it's too late for us to make any changes for tax year 2009, moving forward for tax year 2010, what is the best source of information/education regarding itemizing deductions?
We purchased a home in 2008 and are just beginning to get the hang of which receipts and payment records to keep to try to maximize our deductions. I'm sure every deductible penny counts, so the sooner we have a good handle on what we need to track, the more advantage we will have when it comes time to process our 2010 taxes.
Thank you in advance for any recommendations, advice.
Terri
Are my continuing education expenses tax deductible? I need a certain amount of credits to keep up my certification - so, it seems like they should be.
How are capital gains figured in mutual funds??
Wisebread is a great new service! I would like to know if sweepstakes wins under $600 are taxable?! Thanks! senekers@comcast.net
In this economy/preliminary depression era, they need to give much more support to small businesses all around. I believe that networking and marketing expenses should be allowed.
My question is about taxes in general. I was just wondering which tax help company or software is considered the best to use. There are so many choices these days!
before Tax Day, which is approaching too fast, is to actually finish my filing and to make sure I have every single receipt or documentation of my professional-related expenses and charitable contributions. I've been a major procrastinator this year, so hopefully I can get everything together!
How much can you deduct for school expense costs (tuition, books, etc)? Also, how much of these deductions would you need receipts for? Does the free version of turbo tax get you the most out of this deduction? Or would it be more worthwhile to pay?
If you are self-employed or a business owner: What is the one expense that you wish the IRS would let you deduct for your business and why? Insurance because it is so expensive to carry on employers but so necessary
no business yet but would like to apply my license in the future for an aquamassage business for the disabled and it be nice if the pool - used for the business were covered - busy being a sahm now
What is the best time frame to file, in order to improve your chances of not being picked for a random audit? Or is there one?
I think every small business should be able to deduct the cost of their tax preparer/cpa. I had a small business and wish I could've done that!!
training for new emplyees should be deducted ty.
How much will I get back for installing a Brand new Lennox high efficiency furnace?
What is your most pressing tax question before April 15th? I got my taxes done by a popluar group. They said my husband and I owed $1,000. We both claim zero as dependents and make about $62,000....I don't understand how we owe so much?
Last year I was waiting for a couple of documents to file with my taxes but didn't receive them (like a statement from my church). I didn't get the actual statement, but I knew how much I donated and put that into my taxes anyway. But I can't help but to wonder if that was the right thing to do.
So I guess my question would be if it is okay to file taxes if you don't receive all the documents for the return?
As a bartender, I worry that the $2.13/hr I'm paid won't cover taxes on my tips. I don't know much about small businesses, but I think they should get tax breaks for providing health coverage for their employees. Thanks.
I'm not a business owner, but I believe they should be able to deduct many, many things. The private sector is what fuels our economy. There would be no public sector without it. I think too many people forget or don't realize that.
What to do about a diamond necklace that I won in a sweepstakes. The 1099 greatly exaggerates its value. How should I declare it?
my most pressing issue is with no income, i still do not qualify for the low income credit. thank you.
Can anyone list a long list of items that most people are unaware that we can get tax deductions on?
Would someone please give a list of items that we generally dont think about as being tax deductable???
If you work from home and use your computer mainly for work but get some personal emails, do you have to figure out the percentage of non-business use or deduct the entire cost of the computer?
My most pressing tax question is just exactly what is deductible if you are working as in independent sales rep for a company? Does it make more sense to deduct a laptop computer and cell phone as an expense the first year or to deduct the depreciation?
I don't have a business, but I believe that small businesses should be able to deduct all expenses. Anything to support small businesses. I've worked for some and I can see it's not easy being a business owner. I'd like to see more small businesses creating more jobs.
I seem to have a problem getting my 1099s each year. I am never sure if they are lost in the mail, or I was just not sent one.
I end up filing for extension and then go to the IRS to get a transcript later in the year. Of course when I owe them money, this is a problem.
Is there any other way to find out whether or not I am getting a 1099 or not?
I know last year, I DID get a 1099 for something that wasn't on the IRS transcript, and I did report it on my taxes.
But if they get 1099 info that I didn't get, and I don't report it, I'd have a problem.
I think there should be tax deductions for mileage and business operating expenses like suppies.
My question is what is deductable when remodeling my home for business use?
I wish the tax language was clearer on what can and cannot be deducted. We have to check each year to see what qualifies.
My most pressing question is will I be able to find all my tax info and forms before I fill out my taxes this weekend! I'd also love to see averages for types of deductions per income range to see whether I'm in line with the rest of the population on the numbers I generate.
My most pressing tax question is what is a qualifying relative? I don't understand if we can take our 22 year old, non student (who lives at home) as an other relative dependent. The 22 year old has lived at home for over 6 months.(I noticed something about for the entire year but in some cases not the entire year. The 22 year old income was under $1,000 for the tax year 2009. The 22 year old was supported by us, previously, for the initial few months previous to moving back home. I've read the tutorials on the IRS website to determine if they can be used as a dependent and I'm just not clear. It doesn't say anything about the support to a qualifying relative is taxable to them?
Thank you.
What is the one expense that you wish the IRS would let you deduct for your business and why? I actually wish the IRS wouldn't tax my freelance writing/editing income up to a certain amount. I make very little (but hopefully will make more soon!), and I would want that the first $2500 of small-business income isn't taxable. I mean, I made way less than that last year, and it made it seem like all my work was for nothing.
We are on the verge of becoming domestic partners in our state, the same year we're adopting a child, which will deeply impact our current file-separately lifestyles. What is some good advice as we approach this change?
The child-care tax is my most pressing issue. Thanks
why do we pay more taxes, once we are married. it's been asked already, but i also want to know
Whenever I've tried to itemize my deductibles (mortgage interest, medical bills, donations) they never add up to more than the standard deduction. Is there anything I can deduct without having to meet a minimum?
Its very frustrating that the tax laws change each year. To me this makes is very difficult as a small business owner.
MINE IS WONDERING IF I DEDUCTED ALL THAT I COULD EVERYTHING IS SO CONFUSING SOMETIMES
I wish I could deduct the cost of meals made at home for my office in my house, and the time off for vacations, sick days, and holidays.
tweet ~ http://twitter.com/spencerdaddyo/status/11510978141
My most pressing question right now is can I file an extension to file because I am not going to be able to meet the 15 th deadline. And how long is the extension good for.
ardy22 at earthlink dot net
facebook fan - Spencer Lewis
I think time and work spent for charities and nonprofit organizations should be tax deductible if they aren't getting paid for it. If I design a website for a charity and they can't afford to pay me, how is that any different from me dropping off toys for homeless kids or old clothes to goodwill? I understand that regulating prices and rates would be different, but even allowing a deduction of the minimum wage per hour should be allowed. As long as the charity endorses your claim (like they give you a receipt when you donate property), the government should acknowledge that as tax deductible.
I have my own writing business and along with my husband, we have a Christian Business networking group. The pressure to get everything into the right places drives me nuts--I know I am forgetting something! A week ago I found Outright.com (a real blessing) from a tweet and am now frantically trying to update everything from last year to get to my accountant. But I am worried that I won't get everything to him on time. Next year should be a breeze though!
tweeted @ http://twitter.com/kellygrant1977/status/11511891928
I would like to know more about what exactly can be deducted i relation to job finding and/or relocation expenses.
I believe that everyone should be able to deduct all healthcare expenses dollar for dollar including prescription medications whether self employed or small business.
I wish I could deduct conferences and seminars
How do I keep records of things that I have donated? As an example, if I donate a box of clothes to Goodwill, how do I determine the value of it to deduct?
I think businesses should be allowed to deduct a percentage of major losses. I think they should be allowed to have a deduction for hiring long term unemployed employees.
Can you deduct medical bills?
My most pressing tax question before April 15th is how to claim the Earned Income Tax Credit?
I have a small business that produces economical shapes in EPS and I am going to bookmark this site for assistance with our efforts to reduce overhead and keep our services economical. I am sure we can share secrets to how our product ideas are a cost saving alternative to other materials.
Global Foam Company
As a business owner, it is very frustrating that I cannot deduct the life insurance premium that my company pays on both my and my husband's policies for tax purposes. (My husband is a Co-Owner of our California Corporation) My understanding is that if either owner is named as the beneficiary, the premiums are not tax deductible. Does this mean that the corporation itself must be named as the beneficiary?
I love this website!