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If you volunteer at your local charity, any out of pocket expenses you have might be deductible – including your mileage. Most people don't think of mileage used to go back and forth from volunteering activities as a deductible expense. Deductible expenses Some expenses that are eligible for deduction while volunteering are: Mileage expense (computed at 14 cents per mile) Parking fees and tolls Meals: Unlike business expenses, meals are not subject

American pay different types of taxes such as income tax, state tax, state tax real estate tax, social security tax, medicare tax, etc. The major objective of the tax law is to raise revenue. But mostly, taxes are raised to secure the welfare of citizen. This article focuses on the social security and medicare tax and the benefit of paying this tax as a self-employment person. What is Social Security

The C Corporation is a legal entity most small business owners overlook. Depending on your personal circumstance it might be the most tax beneficial entity for you. In this article I look at how to treat shareholders contribution in a corporation. Capital contributions A corporation could receive money from shareholders either in exchange of stock or as an additional price paid for existing stock. When money or property is received

If there is one thing I can guarantee in life, it will be that you are going to pay taxes. The way taxes are treated for individuals are different from the way it is treated as a business. As a wage earner you have the least control of when and how you get taxed. Running your business through a legal entity gives you more flexibility. This is one area you

In my post The 3 biggest killer of wealth: taxes, interest and inflation I talked about how more Americans are living above their means as a result of the three death killers. In this article I focus on interest and wealth. Interest is the cost of borrowing money and when used in the case of consumer debt it becomes an additional expense we pay with no real benefits. The more we