MIBW
Archives
February 3,
2004
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Table Of Contents
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>> Editors' Notes.....
>> How can MIBW help your business?
>> Voice Your Opinion is Back
>> My Two Cents
>> Looking For Free Articles to Reprint?
>> Tax Help for The Self Employed
>> Hot Off The Presses......Net Profit Secrets
>> Home Office Deductions By Rachel Goldstein
>> List Maintenance and Ad Rates for My IBiz Weekly
>> Contact Information
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Welcome From Your Publisher...
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Hi and welcome to another edition of MIBW.
There is a lot of information in today's issue so I won't go
on and on with a big speech.
The Voice Your Opinion column is back with some helpful
questions that you can add your expertise to
and let everyone else know how its done.
I have also set up a big resource issue today with tons of
links to some helpful tax resources. This way you won't
cringe every time someone says Tax Season.
Stay tuned for next week's issue. You never know what you
might find.
Your Publisher,
Donesia
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VOICE YOUR OPINION
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1. What software or method do you use to keep track of your
business income??
Quicken, MS Money, Quickbooks, Excel, or good old fashioned
pen and paper...
Let MIBW know and help us all get through tax season in one
piece :)
Send your opinions here
mailto:donesia@ezineadhelper.com?subject=software
2. What tips can you give for those of us who are new to
paying self employment taxes?? How do you organize your
business files to keep track of what is going in and what is
going out??
Opinions will be posted in the next issue of MIBW
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MY OPINION:
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I started my business in 2001. I have learned to keep all
receipts that I have for my business.
Every
> Paypal, Clickbank receipt emails (or whatever payment
processing company you use) as well as your invoices.
> Does your web host send you an email when your monthly
payment has been paid?? My web host Host 4 Profit
http://www.host4profit.com/cgi-bin/home.cgi?47954
sends me an email every time, so I can print these out and
keep a hard copy for my records. Just one of the reasons I
have been with Host 4 Profit for two years and counting.
> Purchased a new computer this year? How about a new fax
machine or a new desk for your office, keep copies of
everything for future deductions.
> Had any legal fees this year?? Are you a member of any
business organizations? They might be deductible as well
Sounds like a lot of paper and ink for your printer huh?
I usually order my supplies from Staples
http://staples.com
and I always keep receipts. It can be used as a business
deduction.
When I buy ink for my printer and fax machine, I always use
Lady Ink.com http://ladyink.com She sends a convenient
receipt with each order and I can also use those receipts as
a business deduction. I love her site because if you are not
sure of what ink to buy, she has a convenient toll free
number and she has the best customer service. I have
purchased ink through her for over a year now and won't go
anywhere else.
I also use a pen and paper to record my sales weekly, and to
record any expenses as well. This way I can analyze what is
going in and what is going out. I can tell my good months
from my bad months.
I use MS Money as well as Quicken 2002 Basic for my
finances. I am still debating which is best to use so for
now, I use both. It is great to keep your files on the
computer, but always make a copy of it in case you need to
take the records to an accountant or bookkeeper.
I learned that lesson the hard way when the power went out
last week, everything I had was in the computer, even phone
numbers of my online colleagues. Good thing people keep
contact information on their websites. Although I keep a
record of sales, login information, passwords, etc. was all
in the computer, and talk about feeling useless :)
So learn from my mistake and keep both pc and pen and paper
records.
It can be time consuming to keep track of all the receipts,
emails, and paperwork, but I think it is easier than coming
up with the paperwork when the IRS comes knocking on your
door so stay one step ahead of the game and don't wait until
11:58pm April 15th to wonder:
" Did I do my taxes yet?"
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Tax Resources For The Self Employed
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Here is a list of resources that I have compiled to help you
figure out what to do this tax season. These links should
help you find out the information you are looking to help
ease the tax stress we all feel this time of year.
If any links appear broken, please copy and paste the link
into your browser.
To check the status of a refund
https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
>> SELF-EMPLOYMENT TAXES
Beginner's Guide to Self-Employment Taxes
http://taxes.about.com/cs/payingyourtaxes/a/beginnerguide.h
tm
What Are Your Self-Employment Taxes?
http://www.toolkit.cch.com/text/P07_1400.asp
Your Sales Tax Obligations
http://www.toolkit.cch.com/text/P07_4000.asp
>> HOME OFFICE DEDUCTION
Rules for Taking the Home Office Deduction
http://www.turbotax.com/articles/RulesforTakingtheHomeOfficeDeduction.html
Business Use of Home
http://www.mckenzielaw.com/businesshome.htm
>> BUSINESS DEDUCTIONS
What Can I deduct for my business??
http://www.taxformprocessing.com/tax/faq/tax6.htm
Understanding Small-Business Tax Deductions
Thankfully, you can reduce your tax burden by deducting most
of what you spend in the course of business.
http://www.inc.com/articles/2002/02/18952.html
>> TIPS AND RESOURCES
Small Business Taxes FAQ
Answers to common tax questions on tax deductions and more.
http://www.ezineadhelper.com/cgi-bin/arp3/arp3-t.pl?l=28&c=20421
Recommended Tax Tips and Resources
to Save You Even MORE Time and Money
http://www.internettaxhelper.com/taxtips.html
A Dozen Deductions For Your Small Business
By Dana Dratch • Bankrate.com ( Article )
http://www.ezineadhelper.com/cgi-bin/arp3/arp3-t.pl?l=30&c=20421
Checklist for Small Businesses (Canada)
http://www.ccra-adrc.gc.ca/tax/business/checklist/faq-01-e.html
Employment Business Expenses
http://www.ezineadhelper.com/cgi-bin/arp3/arp3-t.pl?l=29&c=20421
>> FILE YOUR TAXES ONLINE
Tax Freedom Act, What Is It?
Intuit Tax Freedom Project
Offering free online tax preparation and filing to families
who have an adjusted gross income (AGI) of $27,000 or less,
or who are eligible to claim the federal Earned Income Tax
Credit (EITC).
http://www.taxfreedom.com/
TaxACT
http://www.taxact.com
H & R Block
http://www.hrblock.com
Turbo Tax
http://turbotax.com
eSmart Tax
https://www.esmarttax.com/default.asp?
Free File Home - Your Link to Free Online Filing
http://www.irs.gov/efile/article/0,,id=118986,00.html
>> BUSINESS MILEAGE DEDUCTIONS
How to Deduct Your Auto Expenses
http://www.turbotax.com/articles/HowtoDeductYourAutoExpenses
.html
========================
VOICE YOUR OPINION
What software or method do you use to keep track of your business
income??
Quicken, MS Money, Quickbooks, Excel, or good old fashioned pen
and paper...
Let MIBW know and help us all get through tax season in one piece
:)
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Hot Off The Presses......Net Profit Secrets
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Home Office Deductions
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By: Rachel Goldstein
Home office deductions are one of the perks of working from
home, however, there are clear drawbacks too. If you meet
the IRS guidelines for deducting your home office, you can
expect to get a hefty tax break. On the other hand,
deducting your home office can increase your chances of
getting audited. Additionally, by claiming your home office
you can get taxed when selling your home. This article will
cover the ins and outs of home office deductions.
IRS GUIDELINES
Is your home office your "principal place of business"? Is
your office used "regularly and exclusively" for business?
All of the above questions must be answered with a "yes" if
you want to meet IRS guidelines for deducting your home
office.
"PRINCIPAL PLACE OF BUSINESS" -
How do you know if your office can be determined as your
principal place of business? Well, do you spend most of your
time and make the most of your money from your home office?
If you work onsite at a client's office the majority of the
time, then you probably aren't eligible. On the other hand,
if you perform all of your daily tasks from your home
office, you probably are eligible. However, if you are
offsite a majority of the day, but come home and perform
substantially administrative activities from your home
office, you may still be eligible. You cannot perform these
administrative activities anywhere else but from your home
office.
"REGULARLY AND EXCLUSIVELY" -
You must use your home office regularly and exclusively.
Your office doesn't need to be a separate room, but it does
need to be used "regularly and exclusively" for business.
This means that you need to keep all family activities and
items away from your office. Keep your children off of your
computer and your personal mail off of your desk, amongst
other things. Additionally, if you have more than one
business, you cannot use your home office for your other
business. For example, if you are a salaried web designer,
you cannot work on projects from your salaried job in your
home office.
You have decided that you are eligible for a home office
deduction. Now what? I would contact an accountant and make
sure that you have made the right decision. Then:
a. Measure square footage of your entire home
b. Measure square footage of your home office
c. Divide office's square footage by your home office's
square footage
d. This number is your percentage….Apply this percentage to
indirect expenses, like your mortgage taxes, utility bills,
real estate taxes, and upkeep. So, you can deduct a
percentage of home-related expenses based on the percentage
of space in your home that your home office takes up. So if
your house is 5,000 square feet and your office is 500
square feet, you can deduct 10% off indirect expenses and
home cost. Don't worry, direct expenses are still deducted
in full. For example, don't use the percentage on things
such as a business phone line.
e. Find out home purchase price and add to that all home
improvements
f. Find out the value of land
g. Find out the market value of your home.
REASONS HOME OFFICE DEDUCTIONS ARE SOMETIMES NOT WISE TO
TAKE
Yes, taking a home office deduction sounds like a great
idea, but remember there is a downside too. If you deduct
your home office, your office may be considered business
property. This means that you will need to pay taxes on the
amount the business depreciated when you sell your house.
Because of this, a home office deduction might not be
profitable for you. You might save a few hundred dollars
every year with the home office deduction, but have to pay
thousands of dollars when you sell the house. Because of
this, I recommend visiting a tax accountant before deducting
a home office.
Another reason not to take the home office deduction is
because the IRS might decide to audit your business when
they see your home office deduction. Taking this deduction
is like throwing a red flag in front of the IRS, so it is up
to you whether you want to take the risk and deduct your
home office.
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