I Found These Sound Tips For Tax Records..BZ
Why Record Keeping Should Be One Of Your Favorite ActivitiesBy
Tim Clay
I know... record keeping doesn't sound very exciting. But the truth is - something as simple as a mileage log translates directly into saved money and time.
Good records save you money because they make deductions possible. (Read: Pay less taxes.) They save you time becausethey keep Uncle Sam off your back. Not having them puts you in Uncle Sam's pocket (and maybe even in jail).
Follow these record keeping rules:
Rule 1. Keep all tax records for a minimum of 3 years and long-term records (real estate closings, stock transactions, IRA or retirement plan purchases) for a minimum of 10 years.
Rule 2. Receipts must be dated and include the business name. (Not yours - the name of the business issuing the receipt... even if it's just a corporate ID #.) To qualify as a "receipt" for tax purposes, logs must be dated and kept continuously.
Rule 3. Sort receipts by date. Having all of each month's receipts in one envelope is better than having, for example, all your gas receipts for the year in one envelope.
A good way to handle business-travel expenses for tax purposes is to keep a simple mileage log in your car and use the log to store all your travel-related receipts. At today's standard rate of $0.55 per mile, 10,000 business miles would give you a $5,500 standard mileage deduction. (
You can find a sample mileage log here.)
On the last day of every month, take the receipts from your mileage log and put them in an envelope. Write "travel receipts" with the month and year on the envelope. Then stash it in a shoebox or desk drawer.
Simple steps like these can save you thousands.
[Ed. Note: Internet Money Club member Tim Clay is an Enrolled Agent (a federally authorized tax practitioner) and a certified QuickBooks Advisor with 25 years of experience. Visit
http://www.asktaxguys.com/ to learn more and sign up for Tim's free tax-tips newsletter.
This article appears courtesy of Early To Rise, a
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visit http://www.earlytorise.com.
Taxed To Death-Corrupt Politicians And Governments
Tax his land,
Tax his bed,
Tax the table
At which he's fed.
Tax his tractor,
Tax his mule,
Teach him taxes
Are the rule.
Tax his work,
Tax his pay,
He works for peanuts
Anyway!
Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.
Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.
Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.
Tax his cigars,
Tax his beers,
If he cries
Tax his tears.
Tax his car,
Tax his gas,
Find other ways
To tax his ass.
Tax all he has
Then let him know
That you won't be done
Till he has no dough.
When he screams and hollers,
Then tax him more,
Tax him till
He's good and sore.
Then tax his coffin,
Tax his grave,
Tax the sod in
Which he's laid.
Put these words
upon his tomb,
'Taxes drove me to my doom...'
When he's gone,
Do not relax,
It's time to apply
The inheritance tax.
Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (42 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Privilege Tax
Property Tax
Real Estate Tax
Service Charge Tax
So Social Security Tax
Road Usage Tax
Sales Tax
Recreational Vehicle Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Non-recurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Use Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax
YOU THINK THIS IS FUNNY? WAIT UNTIL YOUR
GOVERNMENT COLLECTS YOUR PAYCHECK AND
THEN PAYS YOU 35% OF IT BACK TO YOU!!!!!!
IT IS YOUR MONEY AFTER ALL RIGHT?
Not one of these taxes existed 100 years ago,
and our nation was the most prosperous in the
world. We had absolutely no national debt, had
the largest middle class in the world, and Mom
stayed home to raise the kids.
What in the hell happened? Can you spell
'politicians!' or 'Corrupted governments!'
And I still have to 'press 1' for English!?!?!?!?
Produce The Note-Delay Foreclosure Of Your Home Now
Check out this tactic that can give you breathing room
and time when you are facing the dire situation of foreclosure
proceedings being activated on your home.......
See Video
Credit Card Embarassmant-How To Avoid It
By Bryon Zirker
You are at a fine jewelry store buying an very expensive
piece of beautiful jewelry for your wife, and oops, your
credit card is rejected. You think in your head and maybe
mumble to the clerk that you pay your bills on time and
the price is well within your credit limit... so you ask what
happened? In short, your credit card company may be
protecting you from possible fraud and identity theft.
Card issuers regularly monitor and track your usual
spending habits (certain law enforcement agencies use
this to track criminals also). If an out of character charge
comes up for a big-ticket item or many purchases all at
once in a store, or many different stores you don't normally
frequent, the charges could be denied. Same thing if you
use your card overseas or in a different part of the country.
Avoid having this happen, notify your credit card company
ahead of time before making a big purchase or traveling. It
just makes sense.
