2009 Tax to 2017 Tax

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Find Out How To Make Your Child Care Expenses Work For You

Get tax credit this summer for your dependent care and child care costs

A lot of adults pay for day camps or child care during the summer months when they have to go to work. If you are a parent who covers these costs, you may be qualified to receive a federal tax credit that will reduce your taxes. Following are several important facts about the Child And Dependent Care Tax Credit:

1. You must be paying child or dependent care costs for at least one qualifying person. Dependent children or those who are below the age of thirteen will … Read more at 2009 Tax.

Strange But Legitimate Tax Deductions from TurboTax.com

Strange But Legitimate Tax Deductions from TurboTax.com

Tax season is anticipated by some and dreaded by others. For accountants and tax professionals, however, it can be a time of amusement. Tax professionals are used to helping people get the maximum deductions on their taxes, but there are some deductions that take the cake. TurboTax professionals often highlight the odd, but legitimate, tax deductions that they see every year.

A boy in a children's swimming pool.

A boy in a children’s swimming pool. (Photo credit: Wikipedia)

Fido’s New Pad Can Pad Your Refund

Did you know that you can claim a deduction for moving expenses for your pet? … Read more at 2009 Tax.

Learn to do Your Own Accounting From Day One

The thought of doing your own bookkeeping is pretty daunting right? That’s the general consensus. Having your own business involves enough work as it is. Why not just leave the accounting bit to the professionals. Fair enough. If you never want to deal with tax offices and worry about learning financials so be it. But you would be surprised how easy it can be.

These days there are superb accounting package and courses. You can sort out your tax online. Even the small things like recording invoice amounts into an excel sheet can save you precious time and money with … Read more at 2009 Tax.

Travel v Entertainment Expenses for the Small Business Owner

Tax time is a very stressful time for a great majority of people. Small business owners can be especially nervous. “What form do I use? Is this the right attachment? What is a business expense, and what isn’t? What type of expense is this one? Can I prove if necessary? Is this fully deductible as a legitimate business expense, or can I claim only a portion of it?” Boil all those common questions down to the core issue that will prove or disprove legitimacy and type, and the battle is almost won. The most common mistakes small business owners make, … Read more at 2009 Tax.

Some Weird Small Business Deductions

So, the holidays are over and you’re adding up your books (you’d BETTER be adding up your books-tax time is coming!). You know full well to add up your monthly income and common deductions like EI and CPP for your employees. But what are some deductions that you may have missed that could be costing hundreds of dollars? Here are some weird small business/self employed deductions that may never have occurred to you.

  • Cost of replacing materials. If you’re a writer/artist/photographer, etc and you need to buy new equipment, you can claim the new piece as a tax deduction. Even
Read more at 2009 Tax.

Little Deductions You May Miss

You need to know what deductions may be possible even when you hire someone else to do your taxes. A quick look over the tax codes on the IRS.gov website will help you determine all of the deductions you need to be considering.

Top Deductions that are Missed

1.     Expenses that are NOT reimbursable by the company. Any expenses that are incurred during the tax year and that are considered ordinary and necessary for your industry can be used as a deduction on your taxes (at least a portion).

a.     Depreciation on work computers

b.     Dues paid to professional societies… Read more at 2009 Tax.