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If you are self-employed and live in the United States or Canada, you can probably reduce your taxes with a small business run with an honest expectation of profit and where your expenses are ordinary, necessary, and reasonable for that business. It's that simple.
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Tax Articles:
  • TurboTax
    E-file your taxes with TurboTax and never leave your home. Start now!

  • How To Save On Taxes
    Does Mortgage Interest Deduction Really Save You Tax?

  • How to Save Taxes with an S Corporation
    Ever wondered why so many small businesses--more than 3,000,000 at last count--operate as an S corporation? Simple. An S corporation saves business owners big taxes...

  • Single and Multi Owner LLC Taxes
    An LLC is not a separate tax entity like a corporation. The IRS considers Limited Liability Company a pass through entity." Earnings are taxed only once. Profits and losses of the LLC pass through the business to the LLC owners.

  • Home Based Business: Your Ultimate Tax Shelter
    Although this article has been written from a Canadian income tax perspective, the principles should be practical in other tax jurisdictions.

  • Income Tax Returns Your Accountant Should Not File
    You've been feeling uneasy (perhaps even guilty) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money. Finally, you contact an accountant to resolve the situation.

  • Evasion or Avoidance: A Crucial Difference
    Although this article assumes that the reader/taxpayer is a Canadian resident, is subject to the Income Tax Act (“ITA”) and will be dealing with the Canada Revenue Agency (“CRA”) similar principles may cautiously be applied to other common law jurisdiction like the U.S.A. and England.

  • Make The Most Of Your Home-Based Income Tax Deductions
    One benefit of having your own business is that often regular daily expenses become business expenses under the U.S. Internal Revenue Code and are allowable as deductions from business income.

  • Tax Assistance For Home-Based Businesses
    Read this article and you will save time by having many sources available to you in one place rather than having to search all over the Internet to find the help you need.

  • Tax Scams Alive & Doing Well
    Home-based business owners may be lured this tax season by promises of bigger tax refunds through the use of little-known tax shelters or business-related deductions – only to find later that Uncle Sam does not have a sense of humor or even sympathy for the unwary.

  • Is There a Legal Way To Avoid Sales Tax?
    The Supreme Court proclaimed that every citizen of the United States has a right as well as an obligation to avoid taxes. What is against the law is evading taxes.

  • Tips For Preparing Your Taxes from the Internet
    When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your...
  • Taxes, Taxes, Taxes: Who Really Pays The Most?
    Each April our thoughts turn to the coming of spring and thecoming of the tax man.I hear a lot of people complaining about taxes at this timeof year. Not just that they have to do their taxes andspend...
  • Tax Credits for Retirement Savings
    It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering tax credits to change this for some of us.Tax Credits for Retirement...
  • Earnings From Abroad and Taxes
    With the every expanding global economy, many people receive earnings from foreign entities. Unfortunately, the federal government wants you to pay taxes on it. Taxes on Your Earnings From AbroadThe federal...
  • Tax Credit for Going Solar
    As we sit in the middle of winter, most people can't believe how high their utility bills are. Going with solar energy can lower your bills and you get a hefty tax creditSolar Tax CreditSolar energy is...
  • Home Business Legalities And Tax Advantages
    Even if you work out of your home, most cities and/or counties require you to have a business license and/or permit. Check with your local government municipalities to find out what the requirements are...
  • A Quick Guide To Payroll Tax
    The term Payroll tax actually includes the Social Security tax, Medicare tax and Federal income tax. The Social Security tax provides benefits for retired workers, the disabled their dependents and it...
  • Tax Preparation Software
    Web-based tax preparation services have a few advantages over their desktop counterparts for certain categories of users. So, if you have avoided doing your taxes online until now, you should start considering...
  • Do not let IRS make you Wait for the Wrong answer.
    It's widely known that, if you hit a snag while doing your taxes you can call IRS for answers and you if you wait long enough you will get an answer, but is it the right answer?Quote: "Two years ago it...
  • Income Tax Software - The Best Ones On The Market
    There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required...
  • Tax Invoice
    A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...
  • State and Local Taxes
    Small businesses owners are dependent upon each state for their liability when it comes to payroll taxes for due a state because of the business operation. Each state varies, and there are some states...
  • MSAs, IRAs, and Interest Only Mortgages
    Interest only products and the mortgage market don't seem like they would have anything to do with an MSA, SEP or an IRA; but they can, and sometimes it's to your advantage if they do. First, let's explain...
  • Understanding Basic Tax Terms
    If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...
  • What Is The Fair Tax And Why Should You Care?
    The U.S. Federal Income Tax Code is a tax on the income of American companies and citizens enacted by the government. The U.S. Constitution gives Congress the power to impose taxes, duties, imposts, and...
  • Understanding Employee Taxes
    Employee taxes can be one of the most difficult to understand areas of running a business and hiring employees. If you don't understand all of the complexities involving employee payroll tax, it can also...
  • Payroll Taxes
    If you have employees, you are responsible for payroll taxes. This is a term that lumps all the different forms of employment taxes into one category known as "payroll tax". In reality, payroll taxes encompass...
  • An Introduction to Taxes: How You Pay and File
    Everybody knows that there are taxes that have to be paid - and if you live in an area that charges sales tax, you are probably aware of that type of tax from a very early age. Sales tax and income tax...
  • Adult ADD And Taxes
    I know you still have about three months until you have to file your U.S. tax forms, but now is a good time to think about taxes. Many adults with ADD would rather scrub the floor with a toothbrush then...
  • Use Child Tax Credit for Tax Savings
    Now, here's a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal...
  • Getting The Biggest Benefit From Tax Help
    Taxes are a way of American life. They are own duty to pay and file. Many people go in search of someone to help them when tax time rolls around. Tax help seems to be in abundance from January 1st to April...
  • Avoid Annuity Tax Problems
    Millions of investors own retirement annuity accounts but few are aware of the tax implications when the annuity is passed to an heir or beneficiary. A little known tax fact is that income tax on an individually...
  • Structuring Your Company
    Structuring Your CompanyBy William CatePublished October 1998[http://home.earthlink.net/~beowulfinvestments/] [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/] In Canada,...
  • Wireless Phone Taxes
    For many companies, the wireless portion of telecommunications bills is a significant segment of their overall monthly telecom expenditures. Despite the fact that wireless rates have dropped over the past...
  • Estate Tax: What It Is And How It Is Filed
    According to the Internal Revenue Service (IRS), an Estate Tax is a tax that is imposed on your right to transfer your property and belongings after your death. The individual who is in charge of handing...
  • IRS Reports Tax Gap of $300 Billion
    The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals...
  • Getting a Tax Credit for Your Kids
    As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.Getting a Tax Credit for Your KidsWith...
  • Self-Employed Tax Strategies
    Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts. Tax Strategies The good...
  • How to Choose The Right Tax Software For You
    If you already use some form of personal financial management software such as Quicken or Microsoft Money then it is worth buying tax software that is compatible with this and can incorporate the figures...
  • What Does It Take To Pay Zero Taxes?
    How many times have you heard someone say, "I don't pay anytaxes. My accountant takes real good care of me . . . Ihaven't paid a dime in taxes in years."Does that outrageous statement sound familiar?Maybe...
  • Helpful Tax Tips For Federal And State Tax Returns
    Each year there are millions of Americans who prepare their own federal and state tax returns and even more individuals have their taxes professionally prepared. Whatever choice a taxpayer makes there...
  • 4 Simple Steps to Reduce Your Taxes
    With Tax Season upon us, here are 4 simple steps to lower your tax bill this year.STEP #1: Understand How Serious Your Tax Problem IsAre you aware of just how much in taxes you are paying? Here's how much...
  • Last-Minute Tax Help
    Even if in most cases people don't want to hear about the word "taxes" until March, preparing early and staying organized will give you no headaches later. But, for most of the people, the deadline is...
  • The Deal with Car Donations to Charity
    A lot of people donate money or items for charity because they want to share their blessings to the underprivileged. However, there are also some folks who do it just for the tax write off. Anyway, it...
  • Labor Employment Taxes
    If you have employees, then you are responsible for payroll taxes. The term payroll taxes lumps all the different forms of employment taxes into one category known as "payroll tax". In reality, payroll...
  • Options For Preparing Your Taxes
    When tax season rolls around each year the are a number of individuals who need to decide how their tax returns will be prepared and filed. Each taxpayer has a number of tax preparation options. These...
  • What Is An Inheritance Tax And When Is It Applied?
    When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...
  • Home Based Business Taxes - Where to Find Answers
    April 15th looms for most people when filing their income taxes, but doing your home based business taxes can change everything and be very overwhelming. There are a lot of tax laws that business owners...
  • What are the taxes on earnings?
    Almost all governments across the globe are funded- in some form - by the taxation of its citizens. Certain of the taxes are collected at the time of sales or service whereas certain others in a 12 month...
  • Unclaimed Tax Refunds: How To Claim Yours
    When a taxpayer owes money on their taxes they need to pay the amount owed before the traditional April 15th deadline. If the amount owed on taxes is not paid before the deadline, then federal and state...
  • Reservists, Enlistees May Get Deferral of Back Taxes
    Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they can show that their ability to pay taxes was affected by their military service.The deferral...
  • Tax Filing: "Scams That Tax Payers Need to Avoid"
    Studies have shown that most of the tax agencies manipulate the tax laws and try to look for the loopholes in them for tax deductions and benefits. Getting involved in tax scams can be avoided if you understand...
  • A 23% Federal Sales Tax!! But Wait!
    We are so used to having our federal income tax, social securityand medicare taxes withheld from our paycheck, most of us don'trealize there are efforts to change this dramatically. There is a group going...
  • How To Prepare Your Income Tax Return
    The first step in your income tax preparation is to work out your total income. A person's total income includes many kinds of receipts such as wages, interest, alimony, lottery winnings and many more....
  • Failure To Pay Employment Taxes - Penalties
    As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. PenaltiesIf you have employees, you absolutely must deduct and withhold various...
  • Income Tax Return Filing 101
    The month of April rolls around and most of America is getting ready to prepare their income tax returns.Every year everyone who made an income are required to report income to the federal and state governments...
  • Employment Taxes - What Are They?
    If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are...
  • How And Where To Find Valuable Tax Information
    Taxpayers have two options when filing a federal or state income tax return. Taxpayers can have their tax returns professionally prepared or they can prepare their own taxes. Whatever tax preparation option...
  • A Writers Guide To Tax Savings
    Authors and writers should be aware of how to save on taxes and will need to do a bit of homework. You might feel that you don't earn much from your writing and therefore don't bother with it much. But...
  • Filing An Income Tax Return
    When the month of April rolls around most of America is preparing their income tax returns. Each year all individuals who made an income are required to report that income to federal and state governments...
  • How to minimize your taxes on wealth
    Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term 'wealth' carries with it a broader meaning, generally capital transfer taxes (which include...
  • What Do You Know About The IRS
    Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent...
  • Making Taxes Less Taxing
    For many Americans, April 15th is the most stressful day of the year. The date when federal taxes are due can strike fear into the hearts of the most stoic taxpayers. Writing that yearly check to Uncle...
  • Do Income Taxes Threaten Your Well Being?
    Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent...
  • how to compute tax withholding amount
    Having the correct tax withheld for the year is important for a couple of reasons. Having too little taxes withheld and most likely you will need to pay taxes, and having too much withheld means that you...
  • Need a Copy of Your Tax Return Information?
    Taxpayers have two easy and convenient options for getting copies of their federal tax return information -- tax return transcripts and tax account transcripts -- by phone or by mail.A tax return transcript...
  • Why Pay Taxes? See How Not To-Just Kidding
    Imagine a world without taxes... Sounds nice, ha? Well, some people do not just dream, they make this dream come true. Is what they're doing legal? not so much. Can you do the same? Sure you can. However,...
  • Choosing A Business Tax Service
    There are a number of ways that you can find tax services companies. The yellow pages is a good place to start for companies in your area but, depending on where you live, the list of names may be extremely...
  • Income Tax Help
    There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no...
  • What is your Marginal Tax Rate?
    Find out how much money you will get after taxes!If you're looking to find out how much money you're going to end up paying on taxes, you should definitely find out about your marginal tax rate. This amount...
  • How To Save On Property Taxes
    When you learn some basic tactics, you can save quite a bit on your property taxes. The property tax rate is based on the amount of funds that your local school board, town board, legislators, and city...
  • Tax Accounting
    Accounting is the recording, interpretation and reporting of financial transactions. Each and every business must keep proper record of all such transactions. There are several branches of accounting such...
  • Tax Deduction Software - Calculate Your Earnings
    We all love computers and the fact that it exists to make our jobs simpler. And they have invaded the field of taxation like never before.A multitude of tax deduction software is available in the market...
  • Employment Taxes - Depositing With The IRS
    If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.Depositing Employment...
  • Sales Tax: What It Is And How It Is Imposed?
    A sales tax is a tax that is placed on the purchases of goods or services. The federal government does not have a national sales tax. Qualifying products or services are only taxable by a particular state...
  • Compromising With The IRS
    Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent...
  • Fraudulent Tax Shelters - KMPG Goes Down Hard
    In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars,...
  • Advantages And Disadvantages Of Using Tax Software
    Each year millions of Americans have their taxes prepared by a professional tax preparer. Having tax returned professionally prepared reduces the likelihood of errors being reported on a tax return; however,...
  • The Role Of A Tax Collector
    The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure...
  • Personal Income Tax Returns
    Personal income tax, as we know it today, was originally enacted by Congressional law during the ratification of the sixteenth Amendment in 1913. Although we have experienced many changes to the system...
  • Find the Right Service to Prepare Your Taxes
    It is possible to save money on your tax preparation fees by doing some advance preparation of your own. Make sure that you organize your paperwork and receipts to save time and ensure nothing is missed....
  • Child Tax Credit
    Now, here's a real savings to the individual taxpayer with children. The child tax credit is a direct tax credit that is available to provide credit to taxpayers with income below certain established levels....
  • Tax Quotes and Jokes for Tax Season
    Like death, paying taxes is inevitable. In the case of most Americans, tax season is just around the corner. If only paying taxes was so easy.As you begin pulling out those receipts, the eraser and reading...
  • Feeling FICA
    What does FICA stand for? FICA stands for the Federal Insurance Contributions Act. The history of the act reverts back to the year 1935, when the government implemented the social security program. A provision...
  • Tax Software Alternatives
    There are many different tax programs, which are adequate to different kinds of needs, so the users have various options. For taxpayers with more complex tax situations, TurboTax software would be the...

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