Hi folks, I do home based part-time consulting in addition to my full time job. While doing my taxes I realized that I can deduct the mileage spent g...
Hi folks, I do home based part-time consulting in addition to my full time job. While doing my taxes I realized that I can deduct the mileage spent going to Bank, Post Office, Client’s Office and Hardware Store. I didn’t not log my miles every time I got in and out of the car but my bank deposit proves my travel to the bank, my credit card purchases prove my travel to hardware store and my PO BOX proves that I had to go to post office to pickup the mail.
Is that enough proof to deduct my 700 miles for business errands for past year ?
My total number of miles for the year is about 9500 miles which out of that 3500 is for commuting to my full time job office.
I keep reading that IRS scrutinizes mileage deductions and it’s a well known red flag. Is it even worth taking the 0 deduction here, especially that I didn’t keep a detailed daily log and my only proofs are what I listed above?
I understand that each trip needs to be logged and proved. Can this log be created at the end of the year using the transaction information from Credit Card, Bank Account and online map to see the miles traveled ? Or does it HAVE to be logged on the same day of the trip.
Are you thinking about relocating and finding some Durham, North Carolina real estate? You will certainly have no problem finding something to buy and move into. But first consider some things about the local area. Just because you have found a great piece of Durham, NC real estate doesn’t guarantee a smooth transition. You’ll want to consider the local commodities and conveniences accessible to you, as well as the overall cost of living. And what about the climate? Are you prepared to live in a new place? There are a few ways to help make sure you are prepared to move, and it’s a good idea to take advantage of them.
The internet is a great source for information on any area in the United States. You can find out everything you want to know about the local economy and demographics before you search for Durham, NC real estate. What exactly do you want in your town, and what services do you want to be offered. Do you have children? Then you will want to live in an area with decent schools, nearby parks or playgrounds, other families with children. Do you like to read? Pick a Durham, North Carolina property within a short distance of a library or two. Is there convenient shopping? Do you want a real community with a pool and clubhouse and perhaps a golf course? Is having an excellent medical facility nearby important to you? Consider all of these things while looking at local maps and the internet. Ask people you know who live in the area, and see what they have to say. Often someone who has lived there for a while can give you excellent advice.
You should also investigate the cost of living in the area. Some communities have higher property taxes, which will skyrocket the cost of your house (and therefore decrease the price you can pay for Durham, NC real estate). Find out how much money it will take to live in the new area, and whether or not you can afford it. If you are planning to retire to a piece of Durham, NC real estate, cost of living can be a big issue. You may have a large budget, but have to be very careful to stay within it. This is a good reason to thoroughly research many things before you actually commit to moving to a new city!
You also want to consider the neighborhood that your Durham, North Carolina real estate is in. Many of the more upscale neighborhoods have “membership” or “maintenance” fees as part of being able to live there. You have to ask yourself if this is the sort of place in which you want to live. Some people might find it stuffy and uncomfortable living in such a neigborhood, but it might suit others to a “t.” You may prefer a more down-to-earth middle-class neighborhood without strict rules and regulations and membership fees. It just depends on your personal comfort level, and where you choose to buy your Durham, North Carolina real estate.
Buying Durham, North Carolina real estate is an exciting prospect. It is a beautiful town in a great and diverse area – and a lovely place in which to relocate. But because of the many choices to be made – neighborhood, cost of living, amenities you need – you will want to think about it very carefully before you consider moving. As long as you are attentive to all these details, you will have no problem moving into your Durham, NC real estate and having a great time in the process.
I am trying to find out how much state tax caught my employer in 2003 and 2004. Unfortunately, I have my W2 of those years. I contacted the IRS for my W2 information, I said that federal taxes were withheld, but I was told they received no information on state taxes. I also contacted the employer, but his record is the best of the dirty and I'm not convinced you have the information. Is there somewhere I can go to obtain a reliable answer to this question? I'm in North Carolina on the road. Thank you for any help! I probably should have mentioned that the NC DOR me said they had no taxes withheld, which is what I am hard
first link is the connection fees %…. Secondly, there are numbers phone to contact your tax office of the State.
Opposing Tax To Subsidize Education for Illegal Immigrants
Normally, if you know where to look, not hard to find ads, but what you do with them can not be hard, if you are prepared and trained for investment.
Do not be sucked in by Hype! You will not flip a switch and become a guru overnight. At the same time, undoubtedly the opportunity you have before you.
Tax Lien Investment in determining the success or failure depends on a correct understanding, the will to control right from wrong. Kind of sounds like a plan for the success of any effort.
You're probably wondering for some or all of the following questions:
* How and when I can information on sales?
* Cost involved?
* How can I obtain information on properties?
* What happens after buying a certificate or an act?
* How can I be sure I get the best possible agreement for a certificate or an act?
* How can I do?
* How do I register the sale?
* What kind of information do I need?
* What are the forms you need and where can I get?
* I can buy certificates or writings online or by mail?
* How can I use my privilege or act?
* How long does it take to receive my benefits?
* How do I remove the title of a property that I bought at a tax sale?
* Do not need a lawyer or I can do it myself?
* I can buy tax liens and actions in my own name or do I need a business?
Other questions to better know the answers to:
* Is there a situation that should never call the county?
* Get ads from various sources as "right"
* The correct documentation, you need to bid on licenses for sale.
* I will be precluded from bidding? You can of course!
Stuart J Miller is enamored with tax lien investing. If what you have just read grabbed your attention on the possibilities of investing, go to TAX LIEN PROPERTY LISTS for more information and a complete ‘System’ to show you how to invest in profitable certificates and tax deeds.
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Is a nonprofit organization using tax revenue to sell?
Is a nonprofit organization in Ohio collect sales tax on a service provided to the community, but keep the fundraising fee revenue for the organization? I'm sure you can not do that, but I have a college buddy I bet $ 100 and can orginizations are non-profit which works well. I know what I am saying that you do can not do that and it seems fairly certain that you can! Someone please clarify this and help me win $ 100.
It must $ 100. If a non-profit organization that sells something passive in their state are required to have a state tax ID and collect tax, but they must present what we collect for the state, do not miss. Tell him to call the State Department of Revenue and ask them if he does not believe you.
Instant Tax Service announces the winner $ 5000 cash
IRS Announces Instant Winner of $ 5,000
DAYTON, Ohio (December 23, 2009) Patricia Lagerstrom For Boulder City, Nevada, is a very merry Christmas.
Ms. Lagerstrom Instant Tax Service recently won $ 5,000 draw cash and was informed of his victory on December 21. Representatives of stores operated by independent owner Instant Tax Service Kidane Yordi franchise in Las Vegas, NV area receives the prize to Ms. Lagerstrom this afternoon.
Ms. Lagerstrom was one of more than 3,200 people which came in the gift tax holiday immediate service cash by SMS word TOYS 41040 from their mobile phones. Participants also had the opportunity to register online.
Upon notification of the prize, Ms. Lagerstrom first thought was joke. Today is the care of his grandmother 91 years, and she said she began participating in competitions, after experiencing a very difficult year. He hoped that perhaps she should do something to take some to the holiday season.
Instant Tax Services Promotion Holiday Cash Prize was organized in collaboration with tax service unit annual toy. Over 200 locations instantaneous tax services across the country – many in the Las Vegas area – took part in drawing toys, many of them in collaboration with Local Toys for Tots charity.
According to the franchise's Yordi Kidane, his Las Vegas, NV Instant Tax Service locations helped to give toys more than 15,000 children in need this holiday season.
About Instant Tax Service Instant Tax Service is an enterprise retail income tax preparation franchises more than 1,200 locations in 34 states. Founded in 2000 by Ogbazion Fez and the franchise since 2004, Instant Service offer tax return preparation, electronic filing services and refund anticipation loan. For more, information, visit www.instanttaxservicefranchise.com .
About the Author
About Instant Tax Service
Instant Tax Service is a retail income tax preparation company franchising over 1,200 locations in 34 states. Founded by Fez Ogbazion in 2000 and franchising since 2004, Instant Tax Service offers tax preparation, electronic filing, and refund anticipation loan services. For more information, visit www.instanttaxservicefranchise.com.
[mage lang="en|es|fr|en" source="answers"]boulder tax preparation service[/mage] Income Tax Services Boulder CO CPA — IRS Tax Problems & Help
Mortgage Reduction Secret Weapon: Your Down Payment Part 1 of 3
Part 1: A Primer on Wealth Creation and How Mortgages Work.
The personal finance literature is replete with tips to assist you with paying off your mortgage sooner than the standard 30-year amortization period. Most of these tips rely on bank-sponsored bi-saver programs or snowflake and snow ball debt reduction plans geared to help a home owner own his or her home years sooner and save thousands of dollars in interest payments. Each of the mortgage reduction strategies pales in comparison to the method available to every homeowner with a down payment. What is this method? Strategic use of the down payment.
Before I outline this strategy, it is important to review some key principles as regards home ownership, wealth creation and money management.
Principle 1:
As iconoclastic as it may seem, a home is not an investment. According to Wikipedia, investing is the active redirection of resources from being consumed today to creating benefits in the future; the use of assets to earn income or profit. At present millions of homeowners have learned that they will earn neither income nor profit upon the sale of their home. However, what has happening today as regards home prices is not far out of the ordinary, what happened over the past decade in terms of housing appreciation is. Robert Schiller, professor of economics at Yale, has charted housing prices since 1890. Indeed, the average annual investment return from 1950-2000 was less than one half of 1% per year after adjusting for inflation. This means that $100 dollars invested in a home in 1950 was worth $104 in inflation-adjusted dollars in 1997. Housing prices have yet to fall further to reach historic norms. At best, a home is a form of forced savings plan in which the home interest deduction and the intangible benefit of home ownership accrue to the homeowner. How much of an economic benefit is that? A quick trip over to Hugh?s Calculators provides the following illustration on a $125,000 mortgage with no down payment. Over the life of the loan, the homeowner will pay $166869.14 in interest payments. At best he will enjoy a reduced tax burden equal to $55623 over the life of the loan due to the mortgage interest deduction. Leaving roughly $111000 that will go to the banks as profit for them. This homeowner will have paid roughly $236000 for a $125000 home that appreciates at maybe 1% per year in inflation-adjusted dollars. The $236000 figure does not include 30 years worth of property taxes, insurance, maintenance and repairs. A home is not an asset, it is a roof over ones head. The blog, Get Rich Slowly, provides an excellent comparison between the costs to rent versus the costs to own a home in the Seattle area.
Principle 2:
To create wealth, each unit of money must do more than one job. On the surface a home would appear to do that. A home provides a roof over the head and equity that can be tapped for future use. But does it really? Who determines whether and when a homeowner can tap equity? The bank does. When is a person most likely to need the equity? When the bank doesn?t want him to have it: during tough economic times, during periods of job loss or downsizing, when incomes have been cut. Even during boom times a home owner?s income-to-debt ratio will determine whether or not he can tap the equity in his home, how much he can tap and at what rate of interest. The recent meltdown in NJNA (no job, no asset), Alt-A and no doc loans will insure that home equity will be difficult to tap for everyone. A home, then, does one thing: it provides a roof over one?s head.
Principle 3:
To minimize opportunity costs people who seek to create wealth, must maintain a level of liquidity. This means access to ready cash for emergencies or to take advantage of long and short-term investment opportunities. Home ownership inherently presents an opportunity cost in that equity that accrues through principle and interest payments is trapped and not readily available and the costs of taxes, insurance, maintenance and repairs are true costs and are monies not available for investment. For a simple $145000 dollar home in my area, taxes, insurance maintenance and repairs are approximately $3500 dollars per year. That is money that is not saved, not invested to provide future benefit to the homeowner. Does insurance protect the home? Yes it does. Do repairs and maintenance protect the home? Yes they do, but these are sunk costs and are costs that will not, in all likelihood, be realized when the home is sold. These costs are expenses aimed at preserving something that is appreciating at a glacially slow rate.
Principle 4:
Wealth is not automatic. Despite the numbers of books sold with the words ?automatic? and ?wealth? and ?automatic? and ?millionaire? in their titles, wealth does not come automatically. Now savings plans can and should be automated but individual decisions that create wealth by their very nature cannot be. You can automate your stock market investing, but you cannot automate the stock market so that you become wealthy. You can automate your savings, so that you have something to invest, but you cannot automate the economy so that yields remain fixed and your savings earn a meaningful rate of interest. You can automate debt payments, but those payments will come at a hefty cost to the debtor in the form of service fees and those debts will be collected in terms that benefit the lien holder. Therefore allowing a financial institution, especially a bank, access to your accounts for the purposes of debt reduction is a dicey proposition at best and will most likely benefit the bank by allowing them to collect fees that a person truly seeking to create wealth for themselves would do better to avoid. Finally, wealth creation requires more than preparing bulk casseroles, reusing tin foil, denying yourself Starbucks or a coke. Wealth creation requires contemplation of what it truly means to have wealth in all its many incarnations. It requires vision, choices and active participation. While Ron Popiel may encourage you to set it and forget it, doing so with your personal finances will cause you to stagnate in your quest for wealth.
Principle 5:
Understand what a mortgage is and what it does. According to Wikipedia: ? ?A mortgage comes from the old French ?dead pledge? apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. In many countries it is normal for home purchases to be funded by a mortgage. Few individuals have enough savings or liquid funds to enable to purchase a property outright.? A mortgage, then, is an instrument of debt, serious debt.
There are four principles to understand about a mortgage: 1) Mortgages are front-loaded. That means that most of the payments made during the first half of the loan term are used to satisfy interest while most of the payments made later in the loan term are used to satisfy principal. Put another way, the first payments in the loan term primarily go to benefit the bank and its investors, the latter payments in the loan term primarily go to benefit the homeowner and build equity. 2) With a fixed-rate loan, the principle and interest payments are fixed. The proportion of each payment that goes to interest depends on the unpaid principle balance at the end of each month. This last statement is true whether the interest rate is fixed or adjustable. 3) Extra principle payments have the greatest power the earlier they are made in the loan term. 4) Mortgages payments are made one month in arrears. If you close on a loan in January, your first payment will not be due until March 1st. In the first year of your loan you will make 11 payments. Even though you will make 12 payments in the second year, you will always be one payment in arrears.
One of the best explanations I have found about how mortgages work and the advantages and disadvantages of the different payment options can be found in Harj Gill?s book: Own Your Home Years Sooner! Understanding mortgage principles number 2 and 4 is critical to understanding why mortgage reduction plans work, so let?s synthesize them again: 1) Key principle: The proportion of each payment that goes to interest depends on the unpaid principal balance at the end of each month. 2) Key principle: Mortgage payments are made one month in arrears.
Part 2 of this series covers Wealth Principles and the truth about bank-sponsored prepayment plans.
About the Author
Ouida Vincent is an active real estate investor and entrepreneur. Unfortunately people often pay more to live in their largest asset, a home, than they have to. This article is being published in 3 parts. Because it uses illustrations and graphs and active links that don’t appear in the individual articles, it has been published in its entirety on my weblog at http://www.ouidavincent.com/blog
(Disclaimer: Some posts are user derived / user submitted / views found around the web. So some views expressed on this website do not necessarily reflect the views of the owners of BusinessTaxDeductions.net Copyright 2010,2011)
