Tax Saving Strategies to Help You Keep More of What You Earn

May15
2012 Leave a Comment Written by Deductr

Helpful Tax Saving Strategies

Keep More of What You Earn

Keep More of What You Make with DeductrMany business people spend a great deal of their valuable time developing strategies to generate more income.  They mistakenly believe the secret to becoming wealthy is to simply make more money. Making more money is certainly important,  but not the whole story.  That’s because every year they unknowingly and unwillingly throw money away.  The most common way for people to throw dollars away is through over-paid taxes.

“I don’t overpay my taxes”, you say, “I get a refund every year!”

Indeed, and that proves you are overpaying your taxes every year…If you weren’t overpaying your taxes each year you wouldn’t get that refund.  The tax you pay each year is your largest expense. Taxes can eat up as much as 50% of every dollar you earn.

You can view this two different ways.  One: A huge bummer.  Hang your head and complain, or Two: A huge opportunity to put thousands of dollars back in your pocket each year by simply finding strategies that can offset that tax figure by 5 to 10 percent.

According to Drew Miles, Tax Attorney with Pathfinder Business Strategies these 5 tax saving tips can help reduce your taxes by 50% to 70%.

Tax Saving Strategy #1 – Start Your own Business

Start Your Own BusinessDecades ago, the Supreme Court issued a judgment that has a profound impact on your finances. They said that “there are two tax systems in this country. One for the educated and one for the uneducated.”

The uneducated tax system is what we call the W-2 system. Its goes like this. You make money. They take taxes and you must live on the rest. Here’s a diagram to better illustrate:

Earn -Taxes = Spend

Despite all the hype by income tax preparation specialists, there are only a handful of deductions available to you in this system. Even if they do a great job, in this system, they can have very little impact.

The educated system goes like this: You earn money, you expense it off, and you pay taxes on the balance. It looks like this:

Earn -Expenses = Pay Taxes on Differences

Knowing this one fact can have an ENOURMOUS impact on your tax bill and therefore on your financial wellbeing.

So, if you don’t have your own business, start one. You can increase your income AND put yourself into the educated tax system. The benefits are incredible.

This single step could save you $5,000 or more.

Tax Saving Strategy #2 – Convert Your Ten Largest Expenses

Convert some personal expenses to business expensesMost accountants I interview indicate that they utilize about 25 deductions for their clients. Things like their phone, fax, automobile, office supplies and some meals and entertainment. Now, that’s a step in the right direction because the uneducated system gives you only a handful.

Yet, we have identified over 300 individual business deductions and numerous other strategies that can slash your taxes dramatically. These are deductions that the government through Congress and the IRS has made available to you. Its like getting a government subsidy. Nothing shady, no red flags – these strategies are given to you and endorsed by Uncle Sam himself! Without fully using them, you are overpaying your taxes and ripping yourself off – unnecessarily.

You see, the Supreme Court also ruled that it is your Constitutional right to arrange your affairs so as to minimize the amount of taxes you pay. You should not pay one dollar more than what you legally have to; yet you almost certainly are.

Carefully review your personal check book, your personal credit cards and your personal cash receipts. Go line by line and identify those expenses that you can legally convert to business deductions. Shift them over to your business and reap the rewards!

This could save you over $15,000.

Tax Saving Strategy #3 – The 6 Column Strategy

Tracking ExpensesThe Six Column Strategy is actually an extension of strategy #2. It starts by converting your ten largest expenses. The next step is to properly document those expenses in order to audit-proof your records. By properly documenting your business expenses you shift the burden of proof from you as the tax payer – back to the IRS. This can completely change the outcome of any questions that might arise.

You must answer 5 questions for each deduction you take. They are Who, What, When Where and How Much? Make each question a column heading.

List each of your business deductions on a separate line. Along with your canceled checks, credit card statements and receipts, this forms the backbone of your documentation system.

Now, add a sixth column to your spreadsheet and label it “remimbursed expenses”. Go back through your personal expenses from this year and re-catagorize those that can be deducted as business expenses. Pay special attention to health care (premiums, deductibles, co-pays and uncovered items like chiropractic care, massage and dental), Travel and entertainment (business meals, entertainment followed by a business meeting and vice versa), equipment like computers, fax machines and business cell phones, supper money, clothing with a company logo, salaries for your kids and dependant care.

Total them up and write yourself a reimbursement check for the proper amount. (Many of our clients report uncovering $2,500 – $7,500 using this process.

Now, here’s the super special; bonus: You can amend your tax returns up to 4 years back. Imagine that you discover $5,000 in savings. If you go back 3 years, that’s $15,000 in cold cash coming to you – untaxed because it’s a reimbursement of a business expense. Not bad for a few hours work!

This could save you $15,000 or more.  (Editor’s Note: Deductr does the 6 column strategy for you so you don’t have to mess with spreadsheets and charts.)

Tax Saving Strategy #4 – Obliterate the Self Employment Tax

Self Employment TaxesIf you are doing business as an unincorporated business, you are paying an additional tax – the self-employment tax. It amounts to approximately 13.5% of your income.

By setting yourself up in a proper business structure( corporation or limited Liability Company as an example) you can cut that down significantly.

Tax Saving Strategy #5 – Up-streaming Income

up streaming incomeThis is one of my favorite strategies because it is so simple, yet it has a HUGE impact on tax savings. It consists of shifting income from a high tax state or entity to a low tax state or entity. Here’s a simple illustration. Say you live in a state that has of maximum income tax of 9%. At year end, the income your generate in that state is subject to that tax. $100,000 in income = $9,000 in tax. Ouch!

Now, let’s say you shift that income to some other state; one that has a tax rate of 0% (Nevada and Wyoming are good examples). Now, instead of paying $9,000 in state taxes on that money, you pay $Zero.

Just make sure you do it properly by having the proper documentation including contracts, security agreements, invoices, etc. in place.

This could save you $30,000 or more.

Following these tax saving strategies should help you keep more of what you earn.

 

https://www.pfbs.com/articles/Home_Business_Opportunity/5_Tax_Saving_Strategies.php

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Deductr Helps You Keep More of What You Make

Apr06
2012 1 Comment Written by Deductr

You work hard to make a living for yourself and your family.  If you own a business or are self-employed you likely work long hours and even weekends while some of you have both a full time job and a home business on the side!

The rewards for that hard work are the profits your business makes and the income it generates.

So why would any business owner do anything that would jeopardize those profits or cause you to keep less than you should?  Unfortunately too many small business and home-based business owners do just that every year because they don’t keep consistent accurate records when it comes to expenses, mileage, home office use, medical expenses, and many other deductions available to business owners that can reduce the amount of income they are taxed on.

Deductr helps you keep more of what you make.Deductr was developed to simplify the expense tracking process making it easy to keep track of those valuable business expenses and deductions so you keep more of what you make each year.

With Deductr you’ll never have to worry about forgetting to log expenses or procrastinating to the point where you’re forced into a mad scramble come tax time to get your information in order and in to your tax professional.  That is a recipe for lost income and overpaid taxes.

Watch this short video and see just how simple expense tracking can be and how Deductr helps you keep more of what you make.

 

Posted in Business Building, Deductr Tips - Tagged , , , , , , , , ,

Tax Tips to Help You Get Ready for April 17th

Apr02
2012 Leave a Comment Written by Deductr

IRS LogoWith the April 17 tax deadline approaching, procrastinators may be in a rush to find the tax information they need. Businesses, media, web masters and others may also be looking for creative ways to help their own website’s visitors find official IRS tax information and tools.

Let these social media tools from IRS help you or your website visitors navigate last-minute tax-time tasks.

  • IRS2Go The IRS’s smartphone application can help you get your refund status and tax updates. IRS2Go is available for the iPhone or iTouch and the Android.
  • YouTube The IRS offers video tax tips on a variety of topics in English, Spanish and American Sign Language at www.youtube.com/irsvideos.
  • Twitter IRS tweets from @IRSnews include tax-related announcements and daily tax tips. Other IRS Twitter accounts tailor information for tax professionals and Spanish speaking taxpayers – @IRStaxpros tweets IRS news and guidance for tax professionals and @IRSenEspanol tweets IRS news and information in Spanish.
  • Podcasts These short audio recordings offer one tax-related topic per podcast. They are available on iTunes or through the Multimedia Center on this website (along with transcripts).
  • Widgets These tools, which others can place on websites, blogs or social media networks, direct users to the relevant page on the IRS website. The 2012 widgets feature often overlooked tax credits, Free File services, common tax transactions and the popular deadline countdown widget. Marketing Express hosts the IRS widgets.

So far this tax season, more than 1 million taxpayers have viewed the IRS’s popular YouTube video tax tips, about 500,000 have downloaded the IRS phone app and more than 188,000 have viewed the IRS widgets. More than 23,000 Twitter followers get daily tax tips and IRS news at their fingertips. You can too.

Remember: The IRS uses these tools to share information with you. Do not post confidential information on any website or through social media channels, especially your Social Security number. The IRS will not be able to answer personal tax or account questions through any of these services.

Posted in Tax Tips - Tagged , , ,

A “Simple” Shift in Business Bookkeeping for Small Business and Home-Based Business Owners

Feb24
2012 Leave a Comment Written by Deductr

When it comes to taxes Deductr™ is facilitating a shift in business bookkeeping for small business and home based business owners.

This shift is having a correlation on the length of time a new home business or small business remains in operation.

For network marketing companies this change in attitude and approach corresponds to increased time on automatic product shipments, paying more attention to time spent working the business, and a direct benefit to the business owner’s earnings and the bottom line of the company they represent.  For the small business owner who is not only the owner/operator but the accountant too, Deductr™ provides simplicity and the surety that every expense related to the business is being accounted for and translating into tax saving deductions.  It’s an exercise in efficiency that can lead to other more effective practices by the business owner.

The Deductr™ software is founded on experience of working with small business and home based business owners and the realization that most business owners don’t take full advantage of all the tax benefits their business affords them by law.  Even if they know about the benefits, human nature lends itself to procrastination and putting off the things that are “painful”.

All too often business owners put off record keeping and bookkeeping not giving it the attention it requires.  At the end of the year they find themselves playing catch up and trying to reconstruct a full year of business expenses in just a few days before tax day.  They ultimately lose money they could have saved with consistent expense tracking and record keeping throughout the year.  Deductr helps solve this by giving business owners instant feedback on how their business is doing, an estimate of what they are saving in taxes (not at the end of the year but in real time), and automatic features that push out prompts to them when they need to pay attention to important tasks (like an automatic assistant keeping them straight on important issues).

Deductr™ eliminates cumbersome spreadsheets or other applications that take too much time and effort and eliminates the tendency to put off the important and essential task of tracking expenses to reduce taxable income.

It’s almost procrastination proof!

Deductr™ is simple to use, and provides real time feedback reinforcing the need to track expenses regularly, putting expense tracking on auto-pilot, and creating a shift in business operation when it comes to taxes, all without having to be your own tax expert.

The bottom line here is “the bottom line” of every small business; making money. Deductr helps make sense of it all from a tax perspective making it easy for the business owner to put more of their hard earned money back in their pocket and creating a simple shift in business bookeeping for small business and home-based business owners.

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How To Enter Year-To-Date Information

Dec04
2011 Leave a Comment Written by Deductr

Year-To-Date (YTD)Did you start using Deductr sometime in the middle of this year?  Do you want to go back and enter every transaction you had prior to using Deductr?  Or would  you like to know an easier way to get all of your year-to-date information into Deductr without entering every single separate entry!

How to enter year-to-date information in the system that is prior to the date you enrolled in Deductr

If you are setting up your account for the first time but have older year-to-date information you would like to enter, there are basically two ways to do it.  All entries are date sensitive so going back and entering old receipts will have the effect of entering data as if you had been using it all along.  The easiest way to get year-to-date information into the system is to simply enter each item using the input screens provided.  This will give you additional familiarity with the system and will give you a chance to “practice” using this powerful software.  It will also provide the “audit trail” for which the system was designed.

However, if you have been using another system to track your expenses and there are a large number of transactions to enter, an alternative way to get this year-to-date information entered is to complete the following steps:

  1. Decide on a cutoff date for when you will start entering all new data.
  2. Run a transaction type report from your old system that will give you all the detail from all transactions and sort them by category.
  3. Make a new entry for each category total from the year-to-date transaction report.  Use the date of the report as the date of Expense (or income), put “Beginning Balance” or “Year-to-date Balance” as the payee (or source for income transactions), and put the total amount for that category in the amount field.  Then select the category that corresponds to the transaction report category.
  4. Repeat this for each category total you want to enter into the system as a lump sum balance.

For example, if you are starting to use our software in July but since January 1, you have been using Quicken, run a Quicken transaction detail report sorted by category.  Assume your Quicken report shows the following:

  • 5 transactions for Meals and Entertainment for a total of $100
  • 20 transactions for Auto Fuel for a total of $650
  • 6 transactions for income for a total of $1,200

Our suggested method of entry would be the following:

  • Enter an expense item for Auto:Fuel using the date on the Quicken report as the date of the transaction; enter “Beginning Balance” in the payee field; enter $650 as the amount; enter anything you would like into the Description field such as “Year-to-date balance from Quicken transaction report”; select “Auto:Fuel” as the category.
  • Enter an income item for the income deposits using the date on the Quicken report as the date of the transaction; enter “Beginning Balance” in the source field; enter $1,200 as the amount; enter “Year-to-date income deposits from Quicken report” in the Description field; select “Income” as the category.
  • For the meals and entertainment, since there are only 5 transaction and since the detail of the business purpose of those meals is an important item to track, you might consider entering each one individually.  This is so you can record who you entertained and the business purpose of the meal or event in the Description field of the expense input screen.  Otherwise you could enter the year-to-date total as described in the previous two steps.

If you enter lump sum year-to-date information as described above, you will want to keep the transaction detail report so you can provide that to your tax preparer along with tax preparer reports at the end of the year.  That way the audit trail detail is preserved and the records can be maintained properly showing all the detail necessary. That is how you make a year-to-date entry with Deductr.

Posted in Deductr Tips

Small Business And Tax Complexity

Nov21
2011 Leave a Comment Written by Deductr

Small Business and Tax Complexity
Americans are facing an ever increasing amount of Tax Complexity. The federal income tax code contains nearly four million words and is more than four thousand pages long!  The IRS then takes the laws passed by congress and adds layers of regulation totaling another 13 thousand plus pages.

For the small business owner, sole proprietor, independent contractor, or home based business owner the tax code and its associated IRS regulations can be a daunting obstacle.  In fact, in a joint study, the IRS along with IBM found businesses with one to five employees incur a cost to comply with the tax code of just over seven thousand dollars per employee. Comparatively, for businesses with more than 50 employees the cost was just under three hundred dollars per employee.

Nina E. Olson is the National Taxpayer Advocate at the IRS. In June of 2011 she testified before the Senate finance committee on the complexity of the tax code and its effect on tax payers including small business. The Wall Street Journal has quoted Olson saying, “Small businesses are burdened with a particularly bewildering array of laws. They face a patchwork set of rules that govern the depreciation of equipment, onerous filing requirements for employment taxes, and a vague set of factors that govern the classification of workers as either employees or independent contractors that keep businesses and the IRS battling each other for years with no obvious “correct” answer.”

Simplifying the tax complexity is something only our elected officials can do, but simplifying how you and your small business deal with the current tax system is something Deductr can do.

Posted in Tax Tips

How To Track Multiple Businesses in Deductr

Nov08
2011 Leave a Comment Written by Deductr
Do you have more than one business?  Have you wondered how to track income and expenses for the multiple businesses?  Do you need two Deductr accounts?  What about business miles for each?

How to Track Multiple Businesses

Theoretically, there is no distinction between multiple sole proprietorships for tax and for legal purposes.  Therefore, all sole proprietorship activity can be reported on one Schedule C whether it was from one business or five.

 

Tracking Income

Therefore, the easiest way to handle multiple income streams is to set up custom income categories to track the income from each business (Income tab, category tab, add new categories button).

 

Tracking Expenses

And if you have expenses that are specific to one business over another, you can setup custom expense categories for those particular expenses (Expense tab, category tab, add new categories button).  Since all your other expenses are likely related to both businesses, such as your home office, office supplies, the business use of your car, etc., it doesn’t matter if they are all combined for both businesses.  Whether you eventually report the activity on one Schedule C or multiple Schedule C’s, your tax preparer will know how to separate out the different business expenses.  But either way, the net effect on your taxes will be the same.

 

However, if you have multiple single member LLC‘s, for tax reporting their is no difference than what was just stated for multiple sole proprietorships.  BUT for legal reasons, you will want a separate Deductr account for each business to maintain records separately.  You will also want to have a separate checking account for each, as each LLC is legally a separate business entity.  Be aware, you can’t double dip on the home office deduction, but you can record mileage from one vehicle for both businesses.  Check with your tax preparer to discuss how this would apply to your particular circumstances.
Posted in Tax Tips

Deductr On The Radio

Oct27
2011 Leave a Comment Written by Deductr
Procrastination and Disorganization: Two Mistakes That Can Cost You Big Time at Tax Time

 

New Software Automates Expense Tracking for Businesses
Tracking, logging, categorizing, and organizing business expenses throughout the year can be a real hassle.  Human nature says, “if its a hassle, put it off.”  This leads to forgetfulness, which then leads to a mad scramble at the end of the year to get that disorganized shoe box of receipts to the tax professional who then must do his or her best to help you realize the tax deductions your business provides.  In the end, it leads to lost deductions and lost dollars due to over-payment of taxes.

 

William Olsen, Co-Founder of Deductr (http://www.deductr.com), CPA and tax professional in this industry for more than 16 years, joins Anita Campbell for an in-depth discussion about procrastination and disorganization – two mistakes that can cost you big time at tax time.
Anita Campbell, CEO of Small Business Trends LLC and host of a weekly Small Business Trends Radio talk show will be featuring Deductr and talking with CEO and Deductr Co-Founder William Olsen on Tuesday, November 1st at 1:30 PM Eastern Standard Time.
The program will delve into one of the more important aspects of small business operation, tracking and logging business expenses and knowing what deductions your business allows at tax time.  Making mistakes or being inconsistent in this important business practice can be very costly and cause you to overpay your taxes.

 

The broadcast can be accessed online at:
Tuesday, November 1, 2011
1:30 pm Eastern Standard Time
The program is 30 minutes long.
Posted in Press Release

Opening That Door You Just Unlocked

Oct24
2011 Leave a Comment Written by Deductr

Open that door

When you started your business you unlocked an important door.  Have you opened it yet? That door leads you to advantages you didn’t have as an employee, the biggest one being tax deductions. We all relate to taxes and the worries that often go along with them. Deductr was designed and developed to eliminate the worry and simplify that one essential business practice you must do; tracking your business expenses so you can take advantage of the tax laws and deductions that now work in your favor.When something is painful we tend to put it off.  When it comes to taxes, putting off expense tracking can be costly leading to over-payment of taxes.  Deductr takes the pain out of tracking letting you input information on any computer or right from your iPhone or Android Phone with the free Deductr app. The more consistently you track expenses the more you will save on your taxes.Add MyBankLink and take the tracking out of tracking.MyBankLink is an automated feature in Deductr that allows you to link your business checking, debit, and credit cards directly to Deductr.  Then, anytime you swipe a card, write a check, or deposit income, your bank automatically records it and sends Deductr the basic information concerning where you spent the money and how much.  NO sensitive personal banking information is exchanged or accessed by Deductr.  Deductr then sends you a notification of expenses to confirm. All you do is log in, confirm those expenses, assign them a category, and save.  It’s that simple.  No more sifting through the shoe box of receipts or trying to remember what business expenses, mileage, or other business related costs you had for the previous week or month.

Deductr then shows you, in real time, the estimated tax savings you gain each month due to your consistent tracking efforts using Deductr. Once you see just how much using Deductr is helping you save in taxes each year you’ll never want to be without it.

At the end of the year print out the annual tax report or email it as a pdf file formatted just the way your CPA or tax preparer would want it. It doesn’t get any simpler than that.

You didn’t start a business to become a tax expert.  Let Deductr simplify your life and keep your business in full compliance with the tax laws while taking full advantage of them at the same time.

Happy Saving!

Posted in Tax Tips

Maximizing Tax Deductions

Sep28
2011 1 Comment Written by Deductr

By: William W. Olsen, CPA

 

One of the most over-looked and neglected aspects of small business ownership is maximizing tax deductions.  As a business owner, you’re entitled to write-offs, but short of becoming your own tax expert, how do you know what deductions are available to you and how do you get them?

One of the best places to start looking for more deductions is to look at what I call “The Home Business Top 5”.  These are part of a unique type of expenses for the home based business owner where you have the opportunity of taking a portion of what are normally personal expenses, convert their use for business, and take them as deductible business expenses.  The Top 5 categories of convertible expenses are:

 

    1. Mileage: Commuting from home to your job, is ALWAYS personal miles and never deductible…UNLESS that is, you take a detour and conduct business between your job and home.  Also, as you go out and promote your product, attend meetings, visit customers or clients, (basically any driving that is related to conducting business), you are converting a portion of a personal expense, your car, into deductible expenses.  The easiest way to take these deductions, especially for a small part-time home based business is the Standard Mileage Rate method.  Simply track your business miles and you can take .55½ cents (as of July 1, 2011) for each mile as a business deduction.

 

    1. Meals/Entertainment/Travel: Lunch for yourself is not deductible unless the expense is in conjunction with business travel away from home.  However, conduct business over lunch with clients or customers anytime, and you can deduct the cost of the meal.  Entertainment with a customer, client or employee can also be deductible if there is a clear business purpose for having the expense.  But remember, business meals and entertainment expenses are generally only 50% deductible.  Travel expenses are deductible if they are primarily for business.  Tip: Take your family with you and turn your business trip into a vacation for your kids.  Even though you may not be able to write off all travel expenses if you include your family, you can deduct your business related travel expenses, including costs of travel getting to and from your business destination.

 

    1. Child wages: Instead of paying an allowance for household chores your kids should do anyway, put them to work in your business and pay them a wage without having to pay payroll tax.  This is one of my favorite ones.  I have taught my kids  business and financial skills by putting them to work at an early age.  They love earning their own money and they learn the value of a dollar when they buy things with their own money.

So how do you qualify for this tax strategy and what is the deduction amount?

They have to be YOUR children under age 18.  (Not grandchildren, nieces, nephews or even the neighbor’s child).

Not only do you NOT have to pay the FICA and MEDICARE payroll taxes on those wages… you get to deduct the wages as an expense from your business and your child picks it up as income to them… but since they don’t have to pay income taxes on the first $5,800 of income (that’s the number for 2011 and it’s per child per year), they can earn quite a bit before it has a tax effect.

    1. Home Office: If you work from home in a separately identifiable area designated as only for business use, you may be eligible to write off the business use portion of your home expenses.  that area used for business, in relation to the overall square footage of your home, enables you to write off a portion of your rent or homeowners expenses including mortgage interest, real estate taxes, insurance, utilities, and repairs and maintenance.  Depending on the size of your home and the home office area, such expenses can be thousands of dollars a year in deductions to your business.  Even though some of those expenses mentioned may already be deductible from income taxes as itemized deductions, the portion you are allowed to take as business expenses lower your self employment taxes as well as income taxes.  So you can make those deductions work twice as hard for you.  The nice thing about this deduction for the business use of your home is that it kicks in just as you are about to pay income tax and self employment tax on your net income from your business allowing you to keep more of what you make.   Tip: Running your business from your kitchen table does not qualify as a home office. You need to find a space (even if it is just a corner of a room) that is used exclusively for your business.

 

  1. Medical Expenses: The last of The Home Business Top 5 is a deduction that is always a personal expense…medical expenses.  That begs the question, “How can a business incur medical expenses?”  The answer is, it can’t!  But you CAN deduct employee benefits and if those benefits are medical expenses for an employee, they can be deductible.  Now you have to ask another follow up question, “How can you deduct your personal medical expenses as an employee benefit when you are the employer?”  The answer again is, you can’t!  So here is how it works.  If you employ your spouse, and you offer medical expenses as an employee benefit, even if you benefit from your spouse’s employee benefits, you can deduct them.  The IRS has ruled that such deductions are allowed for a sole proprietor’s employee-spouse as long as it is set up correctly.  Done right, you can deduct health insurance premiums, doctors, dentists and eye-doctors visits, prescription drugs, co-pays and deductibles and even certain over the counter medical expenses.  This one alone can amount to thousands a year in converted personal to business expenses if it fits your circumstances.  Tip: When starting your business, don’t make your spouse your partner – make them your employee, so that you can take advantage of this awesome deduction.

 

When it comes to maximizing your tax deductions…documentation is half the game, or more.  And once it’s documented, a magical thing happens…it’s done for the year and you don’t have to think about it again.  The only way to document your tax deductions automatically is by using Deductr.

 

(Always consult a competent tax professional to see if a particular tax strategy is right for your circumstances.)

 

Posted in Tax Tips - Tagged
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