There are 12 easy, specific actions you can take right NOW,
that will slash your 2014 taxes to the legal minimum.
HERE IS ACTION STEP #1 of #12 –
The most “tax-advantaged” category of taxpayers in the U.S. are those
of us who actively run a part-time or full-time business out of our home.
(We get so many tax breaks it’s almost unfair to other taxpayers, right?)
If that describes you, you could qualify for enough new, additional tax
deductions to increase your tax refund by at least $3,500 and probably
more like $5,000 per year beginning this year.
But first things first…There are three PREREQUISITES you must meet in
order to qualify for any of the special home-business deductions.
Here they are:
- Work your business on a “regular and consistent basis.”
That’s Tax Code language. It means work your business
at least 3-5 hours a week, week-in and week-out.
(Make notes on your calendar or day planner to prove it.)
- Show a profit for your business on your tax return,
OR be able to prove you are working towards making
a profit. Either one is acceptable. If your business is
losing money for multiple years in a row, consult Chapter 8*
for a list of actions you can take to “prove” profit-intent.
(*Home Business Tax Savings, Made Easy)
- Keep IRS-compliant records. This is not difficult, but it IS
important! In Issue #4 of this 12-part series I will make some
recommendations to you that will insure that recordkeeping
is painless, yet records themselves will be IRS-Compliant.
Do you meet these three requirements?
IF YES, watch for the next 11 SPECIAL ISSUES in this series of 12.
IF NO, COULD you meet them?
a. If NO, don’t read the next 12 SPECIAL ISSUE entries.
b. If YES, start doing so now. DIG INTO the next 11 SPECIAL ISSUE entries.
SEARCH THIS BLOG for “Special Edition 2 of 12” tomorrow.