TAX LOOPHOLES FOR MIDDLE INCOME TAX PAYERS
- If your employer expects you to maintain cell-phone communications and does NOT reimburse your for the use of your personal cell-phone, you may be entitled to not only depreciate the cost of your phone, but to deduct the monthly expenses associated with your cell phone.
- If you spent money to decorate your home based business office, these expenses are tax deductible and can also be depreciated to lower your tax liability.
- If you are employed and you drive to work, and once you get to work, you drive to another location for your work, these miles are tax deductible, both to and from your work place, but not from your home.
- If you take courses, continuing education courses, pay for licenses, insurance, or ev en magazines for your work, these expenses are tax deductible, including union dues and the cost for special uniforms and the upkeep of uniforms.
- Monies spent to manage your investments, including the cost of your safe-deposit box are tax deductible. Software which you purchase to manage your investments are also deductible.
- If you are self-employee, hire your kids and your spouse to work for the business, that way you can write-off the cost of their health insurance.
- Interest paid on credit cards for business, and banking fees for a business are tax deductible.
- If you win money gambling and it is reported to the IRS, you can legally write off the amount of money you loss, equal to the amount you won. Check with your tax professionals on the details
- Write off a percentage of your vacation when you combine work-related travel with a vacation.
- If you earn over a $100,000 in profit each year, consider adding an offshore component to your business for future growth. It is best to report ALL income earned, however income earned off-shore has special tax benefits.
- If you annual income is excessively high, defer income at the end of the year, to be paid in the coming year. It’s as simple as picking up the telephone and asking a company to write the check for January 1, in the new year, instead of December 15th of the current year.
Click on the tax loophole savings book which best serves your needs. Download on Amazon – Read on any device. These books really will save you hundreds to thousands of dollars in taxes.