Cell phone ,your car and home office and eating out are the major deductions for a home based business.

Home Office

The Internal Revenue Service.(IRS), may let you use your home as a deduction on your tax return.

You can only tax the business percent of your home.

Here is how it works.

All of your home expenses could be a business deduction. Your light, water, phone rent plus whatever else you spend on your home.

If you have a condo the associate fees are part of those expenses.

Cutting your grass or just fixing your house could be a deduction.

How to get the deduction

You need the business percentage of your work area to your home.

Divide the square foot of the business area in to  square foot of your home will give you your  business percentage.  Now add up the bills of your home and multiply that number for the business deduction.

If you have any questions just contact us. Our information is  just below this.

For other home based tax tips check out the rest of our blog.

Who am I

My name is Albert, Senior Partner with Corey & Associates Tax Accountants. Since 1985 we have been helping the small business owners with their taxes. I have saved my clients lots of tax dollars. The office has generated lots of free clients by doing this. Just call me at 305-823-9228 and you find out my message. If you email me at albert@1040w2.com my auto responder will promote me every time.  This get me the “I did not Know”. If you are in the area come by the office which is located at 1800 W 68 St suite 118,Hialeah, Fl 33014.  Check out our Facebook.com/albertcorey and Youtube.com/tax1099a

To see other post please copy and past the link below

http://irs.albertcorey.net/author/tax1099/

In this Blog Post: Corey & Associates will show you the tax deductions of a home based Business. If you are in a high bracket it will save you money on your tax return. If you like to pay extra money to the Irs than this Blog is not for you.

Going out to dinner could be a major tax deduction?

Out to Dinner Deduction

Did you know that if you go out to eat it could be a tax deduction? You never know that your server or someone you talk you could be your next client.  There are several ways you can get this deduction.

Leaving Cards on the Table

The most common way is to talk to the server or leave a card on the table.  Most servers always say that this job is only temporary.  A little small talk could make this happen. Just ask them are they open to your business. Saying no is the worst think that the server could say to you. Leaving a card on the table is the other way. Not as effective but either way you never know if they are going to call you.  For tax purposes, since you are conducting business this is a deduction.

Talking about your Business

Talking about your business with a client, family or friend is another way to make out for a meal a tax deduction. The sad or funny part if you go out with your friends or family the conversation will always go back to your business.

How to get the deduction?

To get the dinner deduction one should get a receipt of the meal.  Most of the time the Irs will accept a bank statement. Just make a note how the dinner was  used for business.

Who am I

My name is Albert, Senior Partner with Corey & Associates Tax Accountants. Since 1985 we have been helping the small business owners with their taxes. I have saved my clients lots of tax dollars. The office has generated lots of free clients by doing this. Just call me at 305-823-9228 and you find out my message. If you email me at albert@1040w2.com my auto responder will promote me every time.  This get me the “I did not Know”. If you are in the area come by the office which is located at 1800 W 68 St suite 118,Hialeah, Fl 33014.

Related articles

• Home Base Business Deductions you use to Pay less to the IRS (irs.albertcorey.net)

In this Blog Post: Corey & Associates will show you the tax deductions of a home based Business. If you are in a high bracket it will save you money on your tax return. If you like to pay extra money to the Irs than this Blog is not for you.Cell phone ,your car and eating out are the major deductions for a home based business.

Automobile Deductions

Did you know that your car could be major deductions on your tax return if you have a home based business?  Keeping a log book when you get in the car is one of the requirements.   Just talk to someone about your business and that becomes a deduction.  You will never know if that person could be your next client or the prospect who takes off. You can deduct 50 cents a mile.  If live in a state that has tolls they are also deductible.

Cell Phone Deduction

Your cell phone could be a deduction when you have a small business.  To make a deduction you have to make a greeting about your business.  Changing your voice mail is also a requirement.  When you answer your phone you would identify what you would doing. A good example if you are a BAKER, the greeting would be “Best Cakes ever can I help you “. On you voice mail you would put “  Helping a client with a cake of  their  dreams.  Please leave a message and I will make create the cake of your dreams.”

The point here is you are promoting when you answer the phone.  I can tell you that I have make a few more dollars with this tool. You get the I did not know statement.

Out to Dinner Deduction

Did you know that if you go out to eat it could be a tax deduction? You just have to leave a card on the table or ask the server a question about your business.  I was always told never judge a book by its cover. That person could be your next client or prospect that makes your business grow.

Who am I

My name is Albert, Senior Partner with Corey & Associates Tax Accountants. Since 1985 we have been helping the small business owners with their taxes. I have saved my clients lots of tax dollars. The office has generated lots of free clients by doing this. Just call me at 305-823-9228 and you find out my message. If you email me at albert@1040w2.com my auto responder will promote me every time.  This get me the “I did not Know”. If you are in the area come by the office which is located at 1800 W 68 St suite 118,Hialeah, Fl 33014.

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Related articles

• Corporations: 5 Reasons Why you need to Open one? (irs.albertcorey.net)
• Unfiled Late Tax returns will Cost you Money. (irs.albertcorey.net)
• Tax Returns: Six questions to When Choosing a tax Consultant? (irs.albertcorey.net)

                      Pay for your School?

Do you pay to go to College, University or a technical school?  The Government will give you a tax credit. On your tax return this will help you.

If you are paying out of your pocket to go to schoo

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l then there is a tax credit to help you with some of the burned.  A tax credit is design to deduct the credit from   your Tax liability.

What is Tax Liability?

Tax Liability is the   amount   tax   you would owe the government after all of your deductions.  A  refund is when  you gave them more than the tax.

Tax Credit

A tax credit is an amount that you’re allowed to subtract from what you owe in taxes. When you pay college costs, you can subtract a certain amount from your tax bill later on. If your parents pay college expenses for you, they get the tax credit.

What Can the Credit be applied for?

The credit can be applied for course related books and Supplies. It can also be used for tuition and fees.

Lower income tax payers could get some of the credit directly back to them as part of their tax refund.

Who can qualify for the Credit?

The student must be enrolled in graduate School. For a undergraduate studies must be a part time student. This also applies for anyone who is going to Trade or technical school or other legitimate education credentials

If you are being claimed by a parent then they can take the credit.

If you are not listed as a dependent on another person’s tax form — and you’ve laid out money for college expenses — you can claim the credit.

Questions

Should you have any tax questions please contact Us.

Corey & Associates has been filing  clients tax returns since 1984. We have prepared almost every federal State and Corporate tax return.

To Contact us

1800 W 68 St Suite 118

Hialeah, Fl 33014

305-823-9228

Facebook.com/albertcorey

Youtube.Com/tax10999a

Related articles

• Corporations: 5 Reasons Why you need to Open one? (irs.albertcorey.net)
• Tax Returns: Six questions to When Choosing a tax Consultant? (irs.albertcorey.net)
• IRS Tax owe you Money ? Withholding Calulator will tell you (irs.albertcorey.net)

Do you Owe Money to the Internal Revenue Service?

Offer in Compromise could reduce what you owe The IRS.

If you owe more than $ 5,000 to the IRS, than an Offer and Compromise could reduce the amount of money you owe on back federal taxes.  There are two basic types of Offer and Compromise (OIC) Doubt as to Collectability – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.  Doubt as to collectability, Doubt as to Liability. Exceptional Circumstances Effective Tax Administration is the last OIC.

 What is Doubt in Collect ability?

Doubt is collect ability is the tax payer will never have the ability to pay the back taxes they owe. You first must agree that the money you owe the Internal Revenue Service is correct. The tax payer cannot own a house, condo or rental property. Their monthly income does not meet the tax payer’s monthly necessary living expenses. Tax payers cannot pay the full tax owed now or threw monthly installments.

Example of Doubt in Collect ability

Example: A taxpayer owes $20,000 in taxes to the Internal Revenue Service for back taxes.  The monthly income is only $1200 per month.  Their living expenses are $1000.  They have to show that the installments would create a major hardship.  Where would the tax payer get the money to pay the tax bill if at the end of the month there is only $200 left.

Living expenses documented is the key to getting an Offer in Compromise.  You are going to have to send all of your income and living expenses.  Sending your pay stubs is an example of what they would ask for income expenses. Rent, utility bills, car insurance is just a few examples of living expenses. The tax agency is going to over your documentation.

When a tax payer owes the government money, the IRS Collection Division comes up with what your monthly payment should be.  They are going to check your income and living expenses to see how much you can pay. If you show that there is no way to pay the tax liability, then the Offer in Compromise could work.

Contact: Corey & Associates Tax Accountants

Corey & Associates Tax Accountants has been helping their clients with tax issues since 1985. If you have any questions please contact us?  The office address is 1800 West 68 St # 118, Hialeah, FL 33014. Our phone is 305-823-2998. You can email us at albert@1040W2.com. Check out our Facebook.Com/albertcorey for daily updates. We have video updates at Youtube.Com/tax1099a

Did you know that you could be owed thousands or dollars from the I.R.S. Corey & Associates will solve all of your back tax issues. They have been preparing tax returns since 1984.

Why you need to file the past tax returns?
Tax payers need to file a tax return every year. It does not matter that you owe money or get a refund.
If you have a refund the time to receive the money is 3 years from the year that a tax form is issued.
If the tax payer is a contractor, filing a late tax return could lower the amount Is owed to the Irs.
Lost or miss placed forms can be obtained by calling the IRS. Once you make the call they will fax the transcripts within 24 hours.
When you file the late tax return you can tax all of the deductions to reduce your tax. Without the late filing you will not receive all of the proper and legal deduction. This will effect how much you owe or if you are going to get a refund.
What happens if you do not file the tax return?
If you do not file the tax return, the Internal Revenue Service will do it for you. This is not done in your favorer. In most cases you will owe a lot of money. Why let this happen to you.
When you do not pay the I.R.S.
Failing to file a tax return will often result in a failure-to-file penalty. Filing a late tax return return may help to reduce your tax penalties even if you cannot pay the taxes owed.
They freeze your bank accounts until you pay them. If you are working, The I.R.S will tell your employer to take the tax out of your paychecks. They do not need your permission to garnish your wages. They can also go and take other assets.

Who do you Call When you Need I.R.S. Help?
Corey & Associates Tax Accountants has been preparing late filing of tax returns since 1985. Our office is open all year round for your tax needs. We have filed almost every forms and schedule there is to file on a federal state or corporate tax returns. The office is located at 1800 W 68 St. suite 118, Hialeah, Fl 33014. Our phone number is 305-823-9228. The email is albert@1040w2.com. Facebook.Com/albertcorey. Subscribe to our YouTube Channel at Youtube.Com/tax1099a

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Review Our Business at 2findLocal.com

The Withholding Calculator will help you find out

You can determine if you are having too much or too little money taken out of your check. This will give you a good idea if you are going to owe money or get a refund back.

One you get the results you file out a W-4 form. This the form book keepers use to know what to take out of your earnings.

Who Can Benefit From The Withholding Calculator?

• Employees who would like to change their withholding. You might want to change the withholding because you need a bigger take home pay. Another reason you are not having enough money taken out of your check and need more so you will not have to pay money to the IRS in April.
• Employees whose life has changed. This happen when you have a new born so you can have less taken out since your tax status will change. You could go from being single to head of household. The reverse could also happen. Single to head of household.
• You got married during the year or got divorced. Either way your tax bill will change when you file your tax return.

• Buying or selling your home could also make your change the withholding. When own a new home your have more deductions so need less to pay your taxes. In recent times tax payers have lost or sold their homes and had to pay. They had to pay since not enough money was taken out.  They did not have the deductions they once did.

Tips For Using This Program

• Have your most recent pay stubs handy.
• Have your most recent income tax return handy.
• Estimate values if necessary, remembering that the results can only be as accurate as the input you provide.
• Link to the Withhold Calculator  http://www.irs.gov/individuals/page/0,,id=14806,00.html
  

If you have any questions,please contact us. Corey & Associates Tax Accountants has been preparing clients tax returns since 1984. No return is to big or small for us to prepare. With rates starting at $19 for a 1040ez and Corporation start at $150.

Contact us

Address 1800 West 68 Street Suite 118-Hialeah-Fl 33014

phone 305-823-9228

Email albert@1040w2.com

Facebook.Com/AlbertCorey   Youtube.Com/tax1099a

1. How long has your firm been preparing tax returns.

Do not go to a person who just started preparing tax returns. You think your getting a big refund but you get a big Irs  audit letter in a few years. This letter means that you are going to be owing the IRS. Do not go to a person who will not sign the return or puts self prepared.

2. Are you open year round for tax questions?

If the tax professional works out of their home or part time  desk for a shop, then you will not get in touch with them if you need them after April 15 which leads to no support  if need in the off season.

3. How Do you charge for the tax preparation.

If they charge you based on refund run. Ask if they charge by the form or the hour.

4. What kind of tax returns does your firm prepare?

Do not go to a person if you have a small business or complex return with a person who can only do 1040ez.

5. What what is level of tax accounting experience?

Ask how many years they have been preparing tax returns.

6. Will you provide me with copies of my tax return and the the documents I brought to you?

A good tax office will give you copies of your return in a folder with the firms contact information.

About me: I am Albert Corey and I have been a tax preparer for over 25 years. We prepare all State Federal and Corporate tax returns.

Please email me at 1040w2.com if you have any tax questions or come to the office if you are in the South Florida Area.