Taxes

Tax planning means finding ways to minimize the taxes you have to pay each year. Tax planning is not the same as tax evasion. Tax evasion means cheating and lying to minimize your taxes. Tax evasion is illegal and costs more in the long run. You can do a quick search for tax evasion cases in the United States and you will see how serious this crime is. In the

Freelancers have the luxury of controlling how much they work and the freedom to structure their life in a way they see fit. However, with that opportunity also comes responsibilities. You have to remember you are also running a business. 10 common tax mistakes freelancers make Not consulting a professional: As a business owner, you have more responsibilities than a W-2 earner, before you make any significant changes in your business,

Before starting a business, it is not uncommon to incur some expenses before the business actually opens its doors. Costs that you incur before opening your business doors is called startup costs. According to the Internal Revenue Service, startup costs falls under 2 categories namely: The costs paid while creating an active trade or business. Example: advertisement before opening the business, education and training costs before opening, etc. The costs paid

Travel away from home for business purposes is generally deductible. However, travel for personal reasons is never deductible. Including personal enjoyment in business trips is not unheard of but just because you had some fun does not mean you should skip out on tax savings. To be deductible as a vacation expense, the following rules apply: Travel expenses must be ordinary and necessary in the taxpayers line of business If

As the year quickly comes to a close, it is important to consider if you have taken the necessary steps to minimize your taxes. One of the questions that tax conscious people ask is, "Should I delay income as part of my yearend tax plan?" Here are some factors to consider: Analyze your financial position for 2014 and 2015 If you are a cash basis tax payer, you can choose to delay