If you missed our training webinar on Wednesday night here is the full webinar recorded.
Share it with those who you think would benefit.
If you missed our training webinar on Wednesday night here is the full webinar recorded.
Share it with those who you think would benefit.
Deductr Overview and Training Webinar.
We recorded our most recent webinar so anyone can view it at any time and get a good overview and understanding of how it works and to most effectively use it!
On August 26th we held a training webinar for the iLA Tax Shield powered by Deductr. Over 200 people registered for the live webinar. However, some were unable to attend and have asked that we post the recorded video of the webinar.
Here is the link to that video. Feel free to watch it here or cut and paste the link in any browser window. You can also email the link to others and share it as you see fit.
Many taxpayers who qualify for the home office tax deduction are not claiming it. The reasons often cited are that businesses and filers do not fully understand the provisions or find it too complicated to calculate the amount or that it is a “red flag” deduction that could trigger an audit.
That’s now going to change as the IRS is now simplifying the home office tax deduction for small business.
To reduce paperwork burdens, the Internal Revenue Service (IRS) announced this month that it is providing a new, simpler option for calculating the home office tax deduction, allowing small business owners and employees who work from home and who maintain a qualifying home office to deduct up to $1,500 per year.
The IRS also expects taxpayers to save more than 1.6 million hours per year in tax preparation time from this simpler calculation method.
The new option allows qualified taxpayers to deduct annually $5 per square foot of home office space on up to 300 square feet, for as much as $1,500 in deductions. To take advantage of the new option, taxpayers will complete a much simpler version of the current 43-line form.
These new rules help the tax code better reflect the needs of America’s 21st Century workforce and especially small businesses, which play a vital role in the economy. Today, more than half of all working Americans own or work for a small business. An estimated 52 percent of small businesses are home-based, and many of these small businesses have home office space that would qualify for the deduction. And as technology improves, more businesses – large and small – are going virtual and recruiting employees from across the country, many of whom work from home offices and could benefit from the simpler home office tax deduction rules.
This announcement is part of a broader effort by the President’s Office of Information and Regulatory Affairs (OIRA) to reduce paperwork burdens for small business owners and individual taxpayers across all government operations. Agencies have posted paperwork burden reduction updates on their OpenGov websites, which also have more information on agencies’ regulatory “lookback” efforts.
The new rules simplifying the home office tax deduction for small business will be available starting with the Tax Year 2013 return, which most taxpayers file early in 2014. In addition, the IRS is accepting comments for improving upon this new option.
Current restrictions on claiming the home office tax deduction, such as the requirement that a home office be used regularly and exclusively for business and the limit on the amount of the deduction tied to income derived from the particular business, still apply under the new option.
May 16, 2013 – Salt Lake City, Utah
In a fast paced business world where ease and convenience is king, solutions that remove the complexities from doing business are in high demand.
Two companies whose products are specifically designed to make the complex simple, have announced a partnership to broaden their reach to make the lives of even more business people a little easier.
hyperWALLET® Systems Inc., a global payment provider and processor for corporate entities that make payments to employees and other beneficiaries and Deductr™ the developer of a business expense tracking and reporting system for small business owners, will integrate their respective services to provide the customer with an innovative and unique way to not only pay for business expenses but track and record them at the point of sale.
This means anyone using hyperWALLET’s patented payment solution combined with Deductr’s patent pending tracking solution, can essentially eliminate the need to sit down to a stack of receipts, in front of a spreadsheet, ever again!
Financial responsibilities are certainly high on the list when considering the complexities small business owners face, but one stands consistently at the top: Taxes.
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.
Deductr has taken the labor and time intensive task of tracking and recording business expenses and turned it into a “set it and forget it” proposition. Combined with hyperWALLET, the day to day business expenses and the tax ramifications that go with it are as simple as the swipe of a card.
hyperWALLET Systems Inc. is a global payment provider and processor for corporate entities that make payments to employees and other beneficiaries. hyperWALLET provides a variety of payment solutions including online and mobile payments, cross-border payments, prepaid cards, and a payment platform that can be licensed to enterprise-level organizations. hyperWALLET’s patented commerce platform (US patent #7177830) is a global-grade solution, with support for cross-channel, cross-border, multi-currency, and multi-language deployments under a single payment infrastructure.
Deductr™ is developed by Business Owners Advantage and is the leading expense tracking software for independent business owners. Through its patent pending technology, Deductr™ automates and simplifies much of the process to track business related expenses. BOA is a proud supplier member of the Direct Selling Association. Business Owners Advantage can be reached at: (877) 236-3768. Email: firstname.lastname@example.org or visit http://deductr.com
[Salt Lake City, UT] – Sysponi, a social media, marketing, broadcasting, and presentation Software Company, announced a new partnership with Business Owners Advantage to make Deductr™ available to its Bojabie subscribers nationwide.
Bojabie is an internet-based, business builder tool that unites the essence of Facebook™, and other social media solutions with state-of-the-art communication, video conferencing and broadcasting, and presentation tools found in Skype®, GoToMeeting™ and WebEx™, all in a single, proprietary, easy-to-use system.
Bojabie also includes tools for interactive on-demand training, managing sales leads, generating and receiving texts, and instant messaging. The Bojabie platform now includes the Deductr Automated Tax Savings Solution, for tracking business expenses and calculating real-time tax savings, using one-click reporting for business tax return preparation.
Deductr™ provides business owners with a simple and comprehensive way to take full advantage of the tax laws for businesses. Deductr™ automatically tracks each business expense at the point of sale and records it safely in each Deductr™ user account, eliminating the worry of procrastination and forgetfulness when it comes to recording those all-important business tax deductions.
“The strategic partnership between Sysponi and Deductr brings the power of a unique total virtual business solution for increased productivity and effective management of the “business of the business” from any place, at any time,” explains Sysponi CEO Brooks Andersen.
Developing business traits, skills, and mindset in every business owner is essential for long-term success. Deductr™ encourages that development by educating the user on the tax advantages associated with business ownership and then helping them apply the habits of consistent business expense tracking and accurate record keeping lowering their overall tax liabilities.
Bojabie is located in the Salt Lake Valley in South Jordan, Utah, and offers an innovative platform with strategic tools to drive productivity and profits to new levels for corporations and independent business owners who are building collaborative global team networks. Bojabie can be reached at (855) 265-2243.
Email: email@example.com or visit http://www.bojabie.com.
Now that we’ve seen the other side of the fiscal cliff you may be wondering what exactly to expect in 2013 which is why we decided to provide you with these 2013 tax tidbits to munch on.
Take note of the 0.9 percent Medicare payroll tax increase
In addition to the Medicare surtax on investment income, individuals who make more than $200,000 ($250,000 for joint filers) in the 2013 tax year we will see a new 0.9 percent Medicare payroll tax taken out of their paychecks on the amounts earned over their filing status thresholds. Self-employed workers will have to figure the added payroll tax on their earnings, too.
Monitor your medical expenses
A major shortcoming of the itemized medical expenses deduction is that you must rack up enough qualified costs to be able to claim the amount on Schedule A. In the 2013 tax year, again as part of the health care law, you’ll need even more. For the 2012 tax year, you can deduct only the amount of medical and dental expenses that exceed 7.5 percent of your adjusted gross income, or AGI. In 2013, you must have qualified medical expenses that are more than 10 percent of your AGI. Taxpayers age 65 or older, however, can still use the 7.5 percent threshold through 2016.
If you plan to get around the higher deduction threshold by using a flexible spending account, or FSA, to pay for unreimbursed medical costs, that’s still a good strategy for the 2013 tax year. But as you learned when you signed up for your medical FSA during your workplace benefits enrollment period, you can only put up to $2,500 into the account. So, plan accordingly for expenditures of this reduced amount.
Determine whether your insurance rebate is taxable
Last fall, health insurers issued more than $1 billion in premium refunds to nearly 13 million consumers. The payments, officially known as medical loss ratio, or MLR, rebates were required by the Affordable Care Act in cases where health insurers did not spend at least a certain percentage (generally 80 percent to 85 percent) of the prior year’s health insurance premiums on health care services. The rebates issued in August 2012 covered premiums collected for the 2011 plan year. And in some cases, the rebates are taxable. The general tax rule is that if you got a tax break for the money and then got some of it back, the Internal Revenue Service wants to collect its portion. So, for example, if you paid for your medical insurance and itemized those premiums as part of your medical deductions, at least a portion of the rebate is taxable. The IRS has a frequently asked questions Web page with more on the various insurance rebate payment methods and taxability issues.
Note your company health coverage’s value
One more health care act tax provision will show up on your 2012 Form W-2 that your employer is required to send you by the end of January. In Box 12, you’ll see how much your workplace-provided medical coverage is worth. Don’t worry. You don’t have to include the amount, which will have the explanatory code DD next to it, on your tax return. It’s for informational purposes only. The IRS will use this data to help it enforce the eventual individual coverage mandate (effective in 2014), as well as collect the so-called Cadillac tax on more expensive workplace insurance plans (effective in 2018).
Find a tax professional
Tax laws change every year. And too often, the changes are made late in a tax year, giving you very little time to adjust. If the 2013 tax year is the one where you decide to get professional help in deciphering the late-breaking and convoluted tax laws and filing your return, start searching for a tax pro now. You have plenty of time to determine which tax professional best fits your tax needs and then thoroughly check out the tax adviser before hiring.
The 2013 Tax Tidbits come from the article in Yahoo Finance, 10 Savvy Tax Strategies to Keep in Mind for 2013 By Kay Bell | Bankrate.com
Wynton Hall, who writes a column for Breitbart.com recently pointed to some interesting, if not alarming, statistics showing IRS audits of small to medium businesses rising sharply.
Wynton says, “The Internal Revenue Service (IRS) recoups $702 in taxes for every hour it spends auditing small businesses, versus $9,173 an hour for auditing large corporations. But under Barack Obama, audits of small and medium-sized businesses have skyrocketed.”
Peter Schweizer, President of the Government Accountability Institute uses IRS statistics to corroborate Hall’s assertion.
Schweizer reveals IRS statistics from 2009 to 2011, show the coverage rate (number of audits as a percentage of total returns filed) for corporations with assets between $10 million and $50 million has increased 32 percent. The coverage rate for corporations with assets between $50 million and $100 million has increased at the same rate. Some businesspeople file individual returns, and those with incomes higher than $1 million have experience a 94 percent increase in their coverage rate, and a 29 percent increase in the actual number of exams since 2009. Those with incomes $200,000 and higher have seen a 36 percent increase in their coverage rate.
Has this “ratcheting up” of audits on small business proved a substantial revenue swing for the government? ”No” says Schweizer.
“Using 2011 IRS data, the Transactional Records Access Clearinghouse (TRAC) at Syracuse University found that audits of a company with assets between $10 and $50 million yielded $702 in recommended additional taxes per hour. For large corporations with assets of $250 million or more, the recommended additional taxes are $9,173 per hour. Yet while the coverage rates of companies with assets between $10 to $50 million are up 32 percent, rates for companies with assets of $250 million or higher are up just 7.4 percent.
In short, for every hour the IRS spends auditing a small or medium business, it would have recouped $8,471 more dollars auditing a large corporation. Nevertheless, the IRS continues to aggressively increase audits on small and medium companies over their larger counterparts.”
Even Treasury Inspector General for Tax Administration (TIGTA), Russell George, says the increase in audits on small business is “unproductive” and “burdening compliant taxpayers with unnecessary audits.”
IRS statistics also show freelancers and the self-employed as being increasingly targeted for auditing. Chances of a Schedule C being audited are twice as great as a corporation getting audited. Three percent of small businesses under Schedule C got audited, compared with one percent of corporations.
We don’t share this information with you to create angst or worry, but to help solidify the importance of good, consistent, record keeping so you can defend your small business and the deductions you have taken.
That’s why we created Deductr in the first place. To provide a simple and almost carefree way to track all business related expenses and provide records that can make you bullet proof in an audit.
[Salt Lake City, UT] – November 2012 – Nerium International announced a new partnership with Business Owners Advantage to make Deductr™ available to its brand partners in the company’s U.S. market as announced at the company’s Get Real 2012 National Conference July 6-7 in San Diego, CA.
Nerium International is providing consumers with a skin care product that truly gets results, plus an incredible opportunity to build a business to help any entrepreneur participate in the American Dream of business ownership.
Deductr™ provides business owners with a simple and comprehensive way to take full advantage of the tax laws in place for businesses.Deductr™ automatically tracks each business expense at the point of sale and recording it safely in their Deductr™ account eliminating the worry of procrastination and forgetfulness when it comes to recording those all-important business tax deductions.
“With Deductr’s automatic point-of-sale expense reporting and GPS mileage tracking, remembering to sit down and record receipts or keep a mileage log in the car are things of the past,” explains Jeff Olson, Founder and CEO of Nerium Intl. “Deductr™ is not only a great tool because of its financial application, but it is also a valuable recruiting and retention tool for every Nerium Brand Partner looking to grow his or her business.”
Developing business traits, skills, and mindset in every new Nerium Brand Partner is essential for long-term success in their Nerium business. Deductr™ encourages that development by educating the user on the tax advantages associated with business ownership and then helping them apply the habits of consistent business expense tracking and accurate record keeping.
Nerium International is a licensed partner of Nerium SkinCare Inc. of San Antonio, Texas.
Headquartered in Addison, Texas, Nerium International is a relationship marketing company led by a seasoned executive team with over 150 years of collective experience in the industry. Nerium scientists developed a breakthrough process, NBio-PL2, to extract from the Nerium oleander plant in a way that preserves its unique and beneficial properties. This patent-pending extraction process yields the NAE-8 extract used to formulate this first-of-its-kind age-defying product line.
Deductr™ is developed by Business Owners Advantage and is the leading expense tracking software for independent business owners. Through its patent pending technology, Deductr™ automates and simplifies much of the process to track business related expenses, mileage, and time, helping every business owner realize all tax advantages his or her business provides. Business Owners Advantage can be reached at: (877) 236-3768. Email: firstname.lastname@example.org or visit http://deductr.com
[Salt Lake City, UT] – October 15, 2012 – dōTERRA ® recently announced a new partnership with Business Owners Advantage to make Deductr™ available to its Independent Product Consultants (IPCs) in the company’s U.S. market. The announcement was made to more than 7,000 IPCs at dōTERRA’s ENGAGE 2012 Convention on September 12, 2012.
Developing business building traits, skills, and mindset is essential for a dōTERRA IPC’s long-term success Deductr™ encourages that development by educating users on the tax advantages associated with business ownership and then helps them apply the habits of consistent business expense tracking and accurate record keeping. Using this simple and automated tracking tool, business owners can avoid the problems of procrastination and forgetfulness often associated with the task of bookkeeping. The bottom line: IPCs using Deductr™ keep more of what they make.
“With Deductr’s automatic point-of-sale expense reporting and GPS mileage tracking, remembering to sit down and record receipts or keep a mileage log in the car are things of the past,” explains David Stirling, President and CEO of dōTERRA ®. “Deductr™ is not only a great tool because of its financial application, but it is also a valuable IPC recruiting and retention tool for every doTERRA® IPC looking to grow his or her business.”
doTERRA® is making Deductr™ available to all IPCs at a significantly discounted price with either monthly or annual subscriptions. While “business tools” can sometimes become a distraction, Deductr™ gets the user focused on core elements of the business; making money and keeping it. Deductr™ can be found on the landing page of dōTERRA’s new virtual office.
A recent article in Forbes™ magazine confirms the importance of the tasks performed by Deductr™ for every business owner.
doTERRA® produces and distributes the highest quality essential oils, CPTG Certified Pure Therapeutic Grade®, through more than 100,000 Independent Product Consultants around the world. In addition to a premium line of essential oils used by individuals and healthcare professionals alike, the company also offers naturally safe, purely effective products infused with CPTG essential oils, including personal care and spa products, nutritional supplements, and healthy living products. More information is available at http://www.doterra.com.
Deductr™ is a developed by Business Owners Advantage and is the leading expense tracking software for independent business owners. Through its patent pending technology, Deductr™ automates and simplifies much of the process to track business related expenses, mileage, and time, helping every business owner realize all tax advantages his or her business provides. Business Owners Advantage can be reached at: (877) 236-3768. Email: email@example.com or visit http://deductr.com