Tax Tips from Rmarket.com

Every business person needs all the tax tips they can get. KiKi Canniff of Rmarket.com KiKi says that tracking business expenses is easy once you learn the system. Keep every receipt, sort them by categories, and take every deduction you deserve.

To make this easy she offers inexpensive record keeping systems for the independent business person.

Each tax kit workbook explains one specific industry; so you get tax guidance tailored to your business needs. Written by a licensed tax consultant, these workbooks are updated annually, so you’re always on top of IRS tax law changes. Everything the independent business person needs to get their business tax records organized.

• If you receive tip income, make a daily note on your calendar. The IRS will take your word on this amount IF you write it down daily.

• Deposit ALL tips into your bank account and you can skip the calendar.

• Keep track of every mile your drive for business and you will save money at tax time. Keep track on a calendar, add up the numbers at the end of the year, and take the deduction.

• If you bought it for your business, it's deductible.

• If you sponsor little league teams in your business name, it's deductible at tax time as advertising.

• You must keep a separate list of equipment purchased for your salon or business. This equipment can be depreciated and give you tax breaks for up to 5 years.

• If you keep an office in your home, and use it only for your business, you can deduct a portion of your home expenses as business expenses.

• If you deduct a home office it may affect your tax situation when you sell your home. Discuss this with a tax professional before taking the home office deduction.

• Educational classes and seminars can give you big tax breaks.

To go to Rmarket.com, click here.

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