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Issue # October
2006
October 24 2006
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Editor
'S Note - Peter
Tran: There are
more tax savings with with itemized deductions. As a rule
taxpayers should not simply take easy road, the standard deduction and
miss out a lot of eligible deductions. Always remember when
you can take more deductions, your tax bill is less! This
month edition our firm features article which brings you none to
huge deductions and great save, "Taking Advantage of Tax
Deductions". Happy Holiday and Great Tax
Save!
This month's Products Recommendations And Best
Deals
:
January 31 2006 Federal
and State Employment Tax Due (Forms 941 & DE-6)
W-2,
Sales Tax
February 28 2006 Form
1099Misc Income Due To Independent Contractors
April 15 2006 Income Tax Due Sole Proprietorships & Partnerships
April 31 2006 Federal
and State Employment Tax Due (Forms 941 & DE-6)
Sales Tax
July 31
2006 Federal and
State Employment Tax Due (Forms 941 & DE-6)
Sales Tax
October 31
2006 Federal and State Employment Tax Due
(Forms 941 & DE-6)
Sales
Tax
CONTENTS
_Publisher's Article:
***** Taking Advantage
of Tax
Deductions
_Market's New
Inventions
_Special Contests
& Announcements
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Feature Article:
Taking Advantage of Tax Deductions
There are plenty of tax deductions
out there just waiting to be found. The problem is that many people
simply take the standard deductions and miss a lot of the potential
deductions available that they might have found by itemizing.
Essentially, there are two overriding themes to tax
deductions. First, most tax deductions center around those areas
that are the necessities of life, such as medical costs, buying a
home, having children, earning a living, getting an education and
helping people less fortunate than yourself. The second basic
premise of a tax deduction is that it is a reasonable expense
within the deductible category.
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Below are some areas to consider
when looking for deductions. It is worthwhile to review these
carefully and make sure you are within the IRS guidelines. Then,
you should review them with your accountant. Software programs
like TurboTax, among others, can help you determine what is and is not deductible.
Review your medical expenses. They need to total at
least 7.5 percent of your adjusted gross income (AGI) in order for
you to take the medical expense deduction. This includes more than
doctor and dentist visits. You can deduct medical-related
expenses that exceed those covered by your insurance plan or are
not accepted by your insurance plan. For example, glasses, contact
lenses, braces, false teeth, lab fees, emergency room visits,
travel to and from medical treatments, medical supplies and laser
surgery are all potential medical deductions.
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Work-related expenses may include uniforms or
specific clothing necessary for your job, business travel expenses
and the many costs associated with a work-related relocation. If
you are self- employed, your home office is deductible if it is
your primary place of business. This means that it is used
regularly to meet with clients or customers in the ordinary course
of business or is a separate structure apart from the residence
portion of your home. If your home-office is actually part of your
home, you can deduct proportionally the area used for business.
You can also deduct your business computer and other business
expenses. Be careful to clearly follow IRS guidelines that define
what is used for
business purposes.
For homeowners, mortgage interest payments are deductible.
Therefore, if your mortgage interest is higher than your standard
deduction, itemize and take advantage of the greater
deduction.
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=
As of 2005, the total deduction for each child is
$700. If you are adopting, you will receive a $10,000 tax deduction
per
child.
Charitable deductions are always in vogue. Make sure you have a
receipt or statement of the value of goods donated if your
donation is in the form of goods or services rather than cash.
Education deductions include tuition and enrollment fees to
accredited public or private institutions above the high school
level. They can be deducted on behalf of yourself, your spouse
or your dependants, after deducting the portion paid by
college financial assistance or scholarships.
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