Tax help and relief from ticking clock of State Tax and federal Tax
Tax help and relief from ticking clock of State Tax and federal Tax
As a self-employed independent contractor, the tax clock is ticking and you are in trouble of getting serious state income tax relief money slip in your fingers. If you are not serious, you could also take some common self-employed independent contractor income tax mistakes that will mean you'll owe back taxes on your 2010 income tax return.
When it comes to our charitable provided, to get the maximum state income tax relief of course you should give as much as you can before December 31st, but there might be optional ways to meet your charitable goals while relief your back tax burden. If you donate your services to a charity, you can deduct the market capital of that share from your taxes. Perhaps you can set up a foundation that would receive funds to meet your charitable goals without showing up on your balance sheet as income. Of course you don't want to be on the hook for tax cheat so a tax attorney can give you tax help you set up the charitable giving plan that provides you and your business maximum income tax relief.
If you are self-employed independent contractor business needs service and large ticket items, buy them before 52 weeks end so you can get the benefit early. Sneaky income tax relief tip - if you buy a big ticket item on December 31st, instead of January 1st, that one day allows you to get a full year's cover of depreciation.
There are so many of income tax benefit in the form of tax credits that you may be avail for, such as the earned income credit, the child and dependent care tax credit and the first-time home maker credit.
To get the maximum state income tax relief, confirm that all qualified business expenses end up on your balance sheet. If you have a home office, make sure that all things that goes into that office is accounted for, including telephone, Internet access, supplies, repairs and maintenance, etc. The home office deduction can used to be IRS audit bait, but today higher and higher self-employed independent contractors have home offices. Just confirm that you are following the IRS's home office guidelines. If you have claimed a home office deduction and you sell your home, you will have to contact with a tax attorney for tax help on how best to handle the recapture depreciation issues unique to your situation.
If you use your car to go from your home office to the job site, that is a travel expense (which is tax deductible), not commuting costs (which aren't tax deductible). Keep a mileage log book in the car. Before the year is out, consult with a tax attorney to get the tax help to clarify which travel expenses (and car costs) are legitimate for your industry and which are sure-fire audit bait.
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