Business Tax Deductions, 2012 Tax Deductions » tax deductions

Should I feel guilty for paying little or no tax?

admin — Fri, 16 Apr 2010 16:53:17 +0000

I own two small businesses, a print shop and a landscape company.

I find enough tax deductions from these to zero out my tax bill each year.

As a small business, the loopholes are everywhere. We live in a country where the tax laws were written by and for business.

I have a 36 foot sailboat at a marina in Florida. The marina is a customer of my print shop so I have to go and visit them pretty regularly.
I have my landscape crew cuts all my friends grass for CASH. I can write off the labor.

I keep my Mom and Aunt on the payroll as " consultants". They are elderly, retired and don’t need the money, so they give me the money I pay them back in CASH.

Is this a great country or what?

There are, of course, millions of Americans who don’t have to pay tax because they are elderly, disabled, a student or someone who only earns minimum wage.

Why did Barack Obama adopt McCain's approach health care?

admin — Mon, 29 Mar 2010 06:04:49 +0000

I have to be honest, though, while Pres. Obama adopted the meat of McCain’s proposal, he sure made it less inclusive and more regressive. Being some DINO Mr Obama proves to us once again.

John McCain proposed 00 tax credit to EVERYONE for purchasing health care.
If you are wealthy and in the 38% tax bracket that would give you 00/38% = 94 worth of health care free to everyone.
If you are middle class and in the 25% tax bracket that would give you 00/25% = ,000 worth of health care free to everyone.
See? Wealthy people would enjoy less tax exemptions. That’s progressive.

Now goes Mr. Obama actual proposal to put a cap on health care tax deductions. Needless to say that people who by health care insurance privately do not need to apply. This is how Obama encourages small businesses in their mission of jobs creation. But lets forget about such small irrelevant things.

There is now 100% tax detectability of health care group policy provided by employers. Obama wants to put 00 cap on this tax deductible benefits. Meaning that compared to McCain’s plan wealthy people whose tax deduction would be only 94 anyway under McCain will get no tax hit, but those in the middle class will be liable for the difference ,000 – ,000 = ,000 to lose its tax deductible and hence pay ,000 x 25% = ,000 extra tax.

So much for taxing the rich.
Ref:

http://taxvox.taxpolicycenter.org/blog/_archives/2009/2/26/4105759.html

There are more and I admit that some of my input data are not accurate, but its only because

a) The liberal media ignores the misdeeds of Barack Obama
b) The plans are still in the making – and this is the best point to stop them.
Ref:

http://taxvox.taxpolicycenter.org/blog/_archives/2009/2/26/4105759.html

There are more and I admit that some of my input data are not accurate, but its only because

a) The liberal media ignores the misdeeds of Barack Obama
b) The plans are still in the making – and this is the best point to stop them.

Do you support the Health Care bill?

admin — Sun, 28 Mar 2010 23:54:44 +0000

wouldn’t require either individuals or employers to get coverage.

It avoids expanding the federal role in overseeing the health insurance industry.

it would not set up new federally regulated purchasing pools for individuals and small businesses.

it would allow individuals to use the Internet to purchase lower-cost coverage available anywhere in the country.

The plan would offer tax deductions and tax credits to help make the purchase of health insurance more affordable for individuals.

The GOP bill would take on medical malpractice, limiting jury awards for pain and suffering and creating new health courts in which a specially trained judge would hear and decide cases involving medical negligence.

It isn’t a government take over but entitles everyone to get available insurance and pools the coverages on a website so people can compare and should drive prices down through competition

http://www.newsmax.com/headlines/house_GOP_health_bill/2009/07/29/241516.html

EDIT: This is the republican version of reform.

It is NOT a public option. There would be not takeover under this option. It simply seems much better than Hussein Obama’s idea for complete take over.
Edit:

APR: What do we do with an the uninsured? Medicaid is a failure. Ever since Nixon passed that law that enabled the health care to dictate prices they flew up.

electronic pilot logbook on-line or web based?

admin — Fri, 26 Mar 2010 21:04:17 +0000

Recently, for about the 100th time, I lost my little red log book. Of course it was returned, but it did raise an issue for me. Many of my FOs log their time on their PDA, phone, whatever. I happen to own a Droid, and started looking for Droid logbook software, but apparently, none exists. So I started thinking about web based subscription software, and Google finds a few of those.

Would those of you who have experience with electronic logbooks please offer some recommendations? Especially with the web-based versions.

I currently track: Date, Tail#, Type, From, To, Start (hh:mm), End (hh:mm), Total (hh:mm), SchedTime (hh:mm), Overs (mm), TLH (Takeoff, Landing, Holding). The TLH is just for proving instrument currency under Part 91, should the need ever arise—it never has.

If I am going to do this, in addition to the above, I would like the following:
1) The ability to quickly print out layover cities for tax deductions.
2) Warnings on CFI, Medical, and any other expirations
3) Web + PC Based. Right now there are none available for the Droid. I don’t want to purchase some software, then, when the next PDA/Phone comes, it out won’t handle it. If web based, then there are places in the world where it won’t work, but I can update when I get back to civilization.
4) Ability to download back to my PC so that I am not stuck if the provider goes out of business.
5) Reasonably priced.

In the past 23 years, I have, not even once, been required by anyone to produce a log book. Not even the FAA. So I am not even certain why I am keeping it. So, if it is too hard to use, or is too expensive, I’ll just stay with paper.

Thanks

About short sales?

admin — Fri, 26 Mar 2010 19:21:44 +0000

We own a house right now that we’re going to do a short sale with.. it’s worth way less than what we owe, but we have to sell it anyway.. Anywho, a friend of mine has already done a short sale recently (I mean purchased a house through a short sale) nearby. She also owns another home in another city. Now she’s thinking of buying our house, and renting it out to us. What are the implications of purchasing another home (would be her 3rd.. she’s not an investor or anything, or a flipper.. but bought them when they were really good prices). Anywho, she owns her own business, with a partner.. a travel agency. Apparently when she bought the 2nd house, that helped her out with tax deductions and such. But what about the 3rd house? I hope my question makes at least a bit of sense.. I’m asking this question for her, and I don’t completely know about this stuff.. hopefully you can kind of see where I’m going with it. ) Thanks in advance.

My financial advisor told me I can claim my meals, mileage, haircuts and…?

admin — Fri, 26 Mar 2010 13:16:19 +0000

and clothing on my taxes for my work. I am employed, not an independant contractor. I go to the location in my town twice a week, and travel 66 miles 3 days a week to another town. I don’t stay over night though. My FA told me that I can claim my meals, and haircuts and clothing costs as an expense for tax deductions. I thought you could only claim meals if you stay overnight? Can I really claim my haircuts and clothing? I don’t have a uniform, just a business casual dress code, and neat, kept appearance. Can someone clarify this for me? I already knew I can claim the mileage, but the other things threw me off.

freelance graphic designer?

admin — Fri, 26 Mar 2010 11:10:21 +0000

I am a homemaker/freelance graphic designer. I typically work 3-4 hours a day from my home. I do not charge/get paid/accept any money for the work I do. I do this as Charity or volunteer work to help churches/new businesses/non-profit groups. I do purchase a lot of office supplies to complete all my projects. Are there any tax deductions that I could take advantage of? Is my situation considered to be a home-based business even though I do not accept payment?
Are freelancers required to have a business license? I live in Maryland.

Traditional IRA Contributions with Roth 401K?

admin — Fri, 26 Mar 2010 03:29:24 +0000

My wife and I are not eligible to use contributions to our Traditional IRAs as pre-tax deductions because we both have employer sponsored retirement plans. In the past year, my wife’s employer offerred a new Roth 401K which we changed her full contributions to so her entire 401K contribution is now after tax. Having said that, does that open the door to make tax deferred contributions once again to her Traditional IRA since only one of us has a pre-tax retirement qualified plan? Other than muni bonds or getting a business license, I’m pretty much out of methods to reduce my taxable income and am looking for any loopholes possible.

What is "corporate welfare?"?

admin — Thu, 25 Mar 2010 22:23:41 +0000

Does it consist of cash payments to businesses? If so, for what? Or does the term refer to tax deductions, for research, development, etc.?

Aren't the big oil companies owned by non-American entities?

admin — Thu, 25 Mar 2010 18:23:08 +0000

It seems to me the only solutions the government can offer are either tax increases (end subsidies) or offer the public tax deductions on their tax returns to help offset the high price? The oil companies have no short-term incentive to use their profits to look for alternate sources. What do they care as they are making billions? We are a short-term looking society? No one cares enough for the future. This is a huge problem that is affecting every sector and every person and business. The government should end the subsidies, make them pay taxes just like the rest of us. Cry me a river.
What do you think? What solution would you offer to the government? Is it realistic? Why?
Reelbro: Then what about the tax subsidies that I’ve seen reported by the media? Is that not correct? I’ll check myself but do you know?
If that’s true then it seems those tax dollars should go back to the American people that buy gas and oil to help them in this tough economy.
Companies have more money than do individual taxpayers. That’s a no brainer. Of course they pay more. It’s not as if they would be more generous to their workers.