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Tax Loopholes: 3 Ways To Make Tax Laws Work For You
By By Chris Malta & Robin Cowie
Many people associate the words “tax loopholes” with questionable accounting practices. But according to tax strategist Diane Kennedy, of http://TaxLoopholes.com, “A loophole is nothing more than a government incentive—tax laws are written to favor people wanting to start businesses because businesses stimulate the economy.” Tax loopholes are just legitimate deductions the government allows in order to encourage certain behaviors. Exploiting loopholes isn’t about skirting the law, but rather making it work for you.

3 Steps to Reduce Taxes

1. One of the best ways to reclaim your tax dollars is by starting your own business. Owning a business allows you to take advantage of the way those laws are written. With the increase of e-commerce, it’s easier than ever to start an online business. Whether you offer a product or service, an e-business is an excellent vehicle for lowering your tax liability.

2. As a business owner, it’s crucial you consider the business structure in which you operate. Don’t just start selling online without considering the tax implications or bothering to incorporate. Says Kennedy, “Your business structure can save you a lot of money—not acting

Our articles continue...
It's Not All Bad News: Independent Advisor Representative Sheds Light on these Financial Dark Days
Scary headlines may have you thinking about pulling out of the market, but peppered in among those doom and gloom proclamations is solid advice, urging investors to take advantage of a number of significant opportunities present in today's market. According to Brett Ellen, an independent investment advisor representative and President of American Financial Network (AFN), even during uncertain times such as these there are ways to turn your loses into gains if you just know where to look and whom to turn to. (PRWeb Dec 2, 2008)

Read the full story at http://www.prweb.com/releases/2008/12/prweb1662124.htm

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JK Harris Reminds Taxpayers of Changes for Upcoming Tax Season
Tax season is approaching and JK Harris and Company wants to make sure taxpayers are aware of changes that may affect them. (PRWeb Nov 23, 2008)

Read the full story at http://www.prweb.com/releases/2008/11/prweb1653524.htm

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Bad Credit Loans: A Good Option for Bad Times
UK Consumers turn to bad credit loans to get through temporary difficulties explains Andy Hygate from www.loansbadcredit.org.uk. (PRWeb Nov 22, 2008)

Read the full story at http://www.prweb.com/releases/2008/11/prweb1652524.htm

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Hope for Those with Debt Problems
With the credit crunch biting deeper into everyone's pocket, many people are sliding faster and faster into debt. House foreclosures are on the rise, and there appears to be no end in sight. However, help is at hand. Debt Relief Ireland is a new debt advisory service that offers realistic solutions to mounting debt problems. (PRWeb Nov 22, 2008)

Read the full story at http://www.prweb.com/releases/2008/11/prweb1646104.htm

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on that can cost [you] tens of thousands of dollars.”

3. Many business owners miss out because they fail to take all their lawful deductions. Particularly when starting a business, you’re going to encounter many expenses that you can legally deduct—but you have to report them or they don’t do you any good. It’s important to keep good records of all your business-related costs because anything ordinary and necessary to the production of income is a valid deduction. Don’t be afraid to take advantage of the business tax breaks the law allows:

• Home-offices. Changes in tax laws have made this a fairly simple deduction. You need a separate room used exclusively for business, and you must regularly conduct business in that room. If you meet those two criteria, you qualify for a home-office deduction.

• Business-related storage space. Unlike a home-office, this space can be multifunctional. If you use one-third of your spare room to store inventory or promotional products, and the remaining space as a wreck room, then one-third of your spare room is tax deductible.

• Wages. Rather than giving your kids an allowance, pay them to help out with your business.

• Travel. All your business travel is deductible. For validation reasons, you need to keep track of the mileage and purposes of your trips.

• Donations. Anything you donate to your business serves as a deduction. Even if your business can’t afford to repay you right away and you have to take a loss there, that net operating loss can roll forward and offset future income.

Money you earn is subject to taxes—the more you earn, the more you pay. However, when you save money by reducing your tax bill, your savings are yours to keep. Tax laws are written to foster your business’ growth, so put them to good use. Take a good look at your accounting and expenses, and avail yourself of the tax loopholes and breaks your business entitles you to.

Article Source: http://www.article-matrix.com

Chris Malta and Robin Cowie of WorldwideBrands.com are the Writers and Hosts of The Entrepreneur Magazine EBiz and Product Sourcing Radio Shows. Click Here for more FREE eBiz info from Entrepreneur Magazine Radio!




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federal tax id number news:

Governors appeal to Obama for aid
Governors from across the country gathered in Philadelphia on Tuesday to appeal for federal assistance from President-Elect Barack Obama and Vice President-elect Joseph Biden at a National Governors Association meeting. Wilson new president at Skinny Nutritional
A retired president of Philadelphia Coca-Coca Bottling Co. will head the company that distributes Skinny Water. Comcast Center vendor Compass accused of discrimination
Eleven black current and former employees of Compass Group PLC have sued the company, contending it discriminated against them in its food-service operations at Comcast Corp.’s Philadelphia headquarters. (CMCSA) Lockheed Martin starts work on solar site
Lockheed Martin Corp. broke ground Tuesday on a solar-power testbed at its facility in Moorestown, N.J. (LMT) WPCS says it could buy back 2M shares
WPCS International Inc. said Tuesday its board of directors has authorized it to repurchase up to 2 million shares of its common stock. (WPCS) Merck working with National Comprehensive Cancer Network on research
The National Comprehensive Cancer Network said Tuesday it has received a $1 million research grant from Merck & Co. Inc. to fund clinical trials of new combination treatments for cancer patients. (MRK) Airgas grows again with acquisitions
Airgas Inc. completed a transaction in which it bought three businesses, adding to its portfolio of a dozen acquisitions since the beginning of its fiscal year in April. (ARG)



A process of money management that may include any or all of several strategies, including budgeting, tax planning, insurance, retirement and ...