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Paying Your Kids
There have been some changes in the law due to the Reconstruction of 1996. YOU can pay any, or all, of your children to work for you. Even a child as young as three can perform duties in a business and be "paid" for them. Older children can perform more traditional office duties.
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| Estimated Tax Payments
You no longer have withholding from an employer covering your taxes. You need to allow for that in the rates you charge, and arrange to pay the Federal and State governments.
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DEDUCTIONS
In each category, list everything separately under sub headings to the main heading. If you have any doubt where something fits, list it under OTHER and let your accountant decide, or ask me. Generally list each category that you perceive separately. It's better to have 100 small categories than 1 category called Miscellaneous. The IRS figures that if IBM doesn't need a miscellaneous category - neither does anyone else. They HATE the word miscellaneous! Avoid it!
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| RECONSTRUCTING MILEAGE
It's a real pain to write down your odometer reading every time you move your car, isn't it? Well, you don't have to do that. In order to deduct percentage of actual expenses the standard mileage you must have two figures...
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| SELF-EMPLOYMENT EXPENSE CATEGORIES
In each category, list everything separately under sub headings to the main heading. If you have any doubt where something fits, list it under OTHER and let your accountant decide, or ask me. Generally list each category that you perceive separately. It's better to have 100 small categories than 1 category called Miscellaneous. The IRS figures that if IBM doesn't need a miscellaneous category - neither does anyone else. They HATE the word miscellaneous! Avoid it!
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| FACILITY EXPENSE
Your home and your grounds are your business facility. The entire facility must be repaired and maintained. The amount of those expenses that are deductible is based on the percentage of the building that is office. The office must be used exclusively an on a regular basis as an office. It must also be your principal place of business.
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