DID YOU KNOW...
Did You Know...?
Hello again MLMGateway members,
I know the title of this business announcement could cover a bunch of things, so bear with me as I ease into the subject and clarify what I'm writing about.
I want to share a little content with you today on a subject that's not exciting, sexy, or entertaining. And it's a subject that all online business owners should be thinking about not only around this time of the year, but throughout the year.
And let me add, I believe we all have regular jobs where we get compensated to pay our bills right? And we run our businesses part-time. So whatever amount of money we could save would be a bonus to our wallets and bank accounts, wouldn't you agree?
Anyway, what is the subject? Drum roll please...
INCOME TAXES!
And before I go any further I'd like you to know that along with being an online entrepreneur marketing a high ticket program that pays VERY well, I'm a tax professional going on 22 years now.
We are now less than two months away from the official start of the 2017 Tax filing season for 2016. Whether you prepare and file your income taxes yourself or you hire someone to do it, there are things you need to know right now.
For example...
Did you know that for the upcoming tax season because of a change in the tax law, the IRS states that those of you who claim the Earned Income Credit or the Additional Child Tax Credit CANNOT be issued ANY refund before February 15th, 2017? And this applies to the entire refund, even the portion not related to the two types of credit.
Did you know the I.R.S. starts accepting income tax returns for e-filing on January 23, 2017? So if you were thinking about preparing and filing your taxes as soon as you recieved your W-2's in the mail for a quick refund this year and you normally claim the EIC or ACTC credits, you can forget about a fast refund or an H&R Block or Jackson Hewitt refund anticipation loan.
Did you know if YOU are preparing your taxes and filing electronically yourself, you must sign and validate your electronic tax return by entering your prior-year AGI (adjusted gross income) or your prior-year Self-Select PIN. Using an electronic filing PIN for THIS tax season is no longer accepted.
Did you know the IRS cautions taxpayers that these refunds (EIC & ACTC) likely won’t arrive in bank accounts or debit cards until the week of February 27th?
Did you know we small business owners are afforded certain tax deductions that the average person who laughs at us for "being in that thing" doesn't have?
Did you know you could stop overpaying your taxes and start adding anywhere from $300-$500/month to your take home pay? How? Simple, the less money that is deducted from your weekly or bi-weekly check, the more stays in, which shows up in your take-home pay. Thus giving yourself a raise! You can email me later at frank@frankmayes.biz to find out how that works.
Did you know that when it comes to filing your taxes as a small business owner, that you file a Schedule C? And on that Schedule C is where you list all of your expenses for running your business?
As a tax professional I'm often asked are there really a lot of tax deductions for the small business owner who works from home?
The answer of course is a resounding...YES!
Did you know you could deduct the partial cost or the entire cost (depending on when purchased) of the apparatus in which you are reading this announcement? I'm assuming of course a computer or tablet.
Did you buy anything for your computer? Maybe a web-cam, accounting software, anti-virus program, wireless mouse, etc. Those items are also expenses that are related to your business. What about your internet service provider charges? Yep! Did you buy a printer, printer ink, fax machine, office desk, chair, printing paper, lamp, pens, sharpies, envelopes, postage? All business expenses. Get my drift?
Let's take a look at something you probably use everyday that would be a deductible expense for your business. Do you have a cell phone? Right, dumb question? Who doesn't. No doubt you probably use it in your business.
But these deductions or expenses I've just given you as examples MUST be PROPERLY DOCUMENTED. The days of throwing receipts into a shoe box and hauling them out for your tax preparer are gone.
I could go on and on with the plethora of expenses you could write off as deductions on your income taxes.
A word of caution though, again documentation is critical. You can purchase a ledger (also tax deductible) from a Staples or Office Depot to jot down what, when, where and how much for each item you claim as a business expense. An expandable folder is a good tool to have for organization. This folder should have enough sections for each month of the year. So all you would have to do is at the end of the day, gather your receipts, jot down in your ledger the info and then stick the receipts in the corresponding section of the folder for that particular month. Easy.
Another great tool for keeping yourself organized and compliant with record keeping for your business is something I use called the Tax Minimiser.
I'm recommending it NOT because I'm an affiliate and would receive compensation for referring you to the website. It's just a great tool.
Here's the link ==> http://www.homebusinesstaxsavings.com/taxminimiser.html
So yes, owning and operating a small business from home has GREAT tax advantages, but documentation is the key.
DID YOU KNOW?
Frank
P.S. Take advantage of a tool that could increase enrollments in Y-O-U-R business, while it's still free!
No comments yet