Self Employed Tax Deductions…which Ones Are You Missing?

 

The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.

 

Self Employed Tax Deductions….Discover the Unclaimed Tax Deductions that lie secretly Hidden in your Home Business Tax Returns Tax Write Offs for the Self Employed…Discover 101 Ways To Reduce your Taxes Legally… Unfortunately, we had been students of self-employed tax deductions strategies for over 20 years before we learned what I’m about to share with you regarding tax reduction tips.

I was shocked when we first found out that as self employed home business owners there were more tax loopholes than the limited itemized tax deductions that we had routinely rehearsed and become accustomed to.

My husband and I thought we were savvy entrepreneurs especially when it came down to self employed tax deductions solutions. (He said I knew how to squeeze a dollar to make George holler)

Boy when we found out that we were severely losing out on Thousands of dollars per year from not maximizing self employed tax deductions expenses…well it was just a bitter sweet experience.

We weren’t happy campers to say the least.

Now don’t get me wrong we weren’t blaming anyone.

It was sort of like the lady on the news that was scammed for millions. Her concern was not that she had been scammed. Her concerned was that she was paying income taxes on money that didn’t exist.

She was gravely looking for IRS to bestow a tax reduction… better yet, interest tax deductions for all of the years of over paying.

We implemented every self employed tax deductions suggested by our accountant.

We were appalled to discover how considerably more tax deductions we could claim as self employed home business owner.

It was no secret we’ve visited our share of CPA ,CFP and every other kind of C’s and never seem to stumble on the one that really resonated with us or could noticeably reduce our business taxes.

Now you get the opportunity to benefit from the same self employed tax deductions tips that it took us over 20 years to learn… you get to devour in the time it takes to read this article.

Fortunately, you get to learn from your experiences and from ours.

Here are 9 Bullet-Proof Self Employed Tax Deductions:
If you own your own business (even a home business) or if you’re an Independent Contractor, you could save hundreds… even thousands of dollars each year.

Here is an outline of what you will learn:

1. Learn how to potentially deduct most of your fun such as movies, plays, and season tickets

2. Learn how to potentially deduct your golf, golf balls, golf clubs and lessons

3. Learn how to potentially deduct all parties in your home

4. Learn how to potentially bullet-proof all your entertainment from any IRS or state audit!

5. Learn how to potentially deduct any vacation anywhere in the world by combining the trip with business.

6. Discover the secret as to why IRS doesn’t require receipts for under $75 per item!

7. Find out how to potentially deduct all dry cleaning and laundry and even the cost of clothing itself!

8. Learn how to potentially bullet proof all travel from even the toughest IRS scrutiny

9. Discover a little known secret (that is used by the super rich) to potentially deduct the equivalent of your children’s weddings and education including law school and medical school- No kidding!!

To learn even more specific self employed tax deductions strategies go to taxreductioninstitute Here’s a bonus coupon code you can use.. ‘Boostbiz’ for a 10% saving

Who is Sandy C.Botkin –Sanford C. Botkin, CPA and Former top IRS Tax Attorney lives in Germantown, MD, a suburb of Washington D. C., just a short distance from the IRS headquarters.

Article Directory: http://www.articledashboard.com – 

Deborah’s been an entrepreneur for over 25 years. Her Strongest strength is creative thinking. Deborah’s website www.boost-home-business.com> boost-home- business offers outrageously simple, low-cost ,easy, money making ideas that’s sure to produce measureable results immediately. For short painlessly simple marketing tips blog at www.boost-home-business.com/Home-Business-blog.html> home-business-blog

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Obama Backs Crackdown on Tax Havens

New strict measures could raise at least $50bn a year in lost US tax revenues

President-elect Barack Obama plans to crack down on international tax havens, including Jersey, Guernsey and the Isle of Man, within weeks of taking power in January, putting him on a collision course with Gordon Brown. There is growing international pressure to outlaw the secretive practices of tax havens as a key part of reforms to the world’s battered financial system, as the leaders of the world’s 20 most powerful economies gather for a major conference in Washington next weekend.

 Britain has been notably lukewarm, but Obama, whose approval will be key to any reform package over the next 12 months, was one of the signatories of the Stop Tax Haven Abuse Act, legislation put to Congress last year that blacklisted Jersey, Guernsey and 32 other jurisdictions. Key aides to Obama said he will introduce a similar law as part of a wide-ranging revenue-raising and tax-reform package, within weeks of taking power.

Obama advisers estimate the measure could raise at least $50bn (32bn) per year in lost US tax revenues, and Washington sources say leading accountancy firms have already hired lobbyists in anticipation of a fierce battle to water down the proposals.

Key measures are likely to include: revealing the beneficial owners of secretive trusts; prohibiting accountants from charging fees on specific tax services; and identifying ‘offshore secrecy jurisdictions’ that ‘unreasonably restrict US tax authorities from obtaining needed information’. The measures could end years of financial secrecy that have protected the super-rich and international businesses as they move money from one jurisdiction to another.

Joe Guttentag, deputy assistant secretary for international tax in the Clinton administration and a key figure in the Obama campaign, is likely to drive the policy through, along with Professor Reuven Avi-Yonah, who helped frame the act. ‘It is expected that something like this will happen,’ Avi-Yonah told The Observer. ‘There is a sense that if you can raise revenue by doing this, it will not be controversial.’

The measure comes as the UK faces international condemnation for blocking moves in the United Nations to upgrade its tax committee to intergovernmental status.

Brown has been keen to portray himself as the leader of efforts to reform the global financial system, boosting his credibility at home and distracting attention from the looming recession.

But as the Prime Minister prepares to set out his proposals for next weekend’s conference in a speech at the Guildhall tomorrow night, anti-poverty campaigners will stage a noisy protest, urging him to ‘call time on global greed’.

They fear Brown is too wedded to the light-touch regulation New labor has championed for the past decade to be in the vanguard of a new economic system. ‘Brown seems to have spent the past two weeks resuscitating the International Monetary Fund and refilling its coffers, so that it can lend on the same basis as the past 20 years,’ said Nick Dearden, director of the Jubilee debt campaign. ‘He doesn’t seem to have done any soul-searching about how this crisis began.’

 

© Guardian News & Media 2008 Published: 11/8/2008

Crackdown On Tax Havens - ManxForums.com - Manx Forums Chat Blogs …
Apparently 50 countries have joined a new international crackdown on financial secrecy and tax havens.

Obama to influence Hongkong & Singapore as tax havens : The …
Hong Kong and Singapore may soon come under increased scrutiny from the US, if incoming President Barack Obama follows through with his pledge to crack down on abusive “tax havens”

GAO: Big U.S. Companies Love Tax Havens | IRS Tax Audit News
In a 60-page report released Friday, the U.S. Government Accountability Office offers some eye-opening details on U.S. companies’ use of tax havens and “financial privacy jurisdictions,”

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