Finding 'Peachy' Ways to Deduct Your Business Fun!

As a "numbers" person, I'm forever looking for ways to apply the latest tax deductions to my business outings. So while driving to a business luncheon, I saw several Georgia peach stands that had me thinking about some 'peachy' sweet tax deductions. As a business owner, you need to make sure that you're enjoying the many tax advantages available. But there are several legal requirements for you to deduct your business meals and other associated entertainment expenses. Here are a few key strategies to keep in mind as you plan your business meals.

'Peachy" tax strategy #1 - Organize your business meal for the purpose of discussing specific business

Your prospect must reasonably expect a business reason for the meal or entertainment. This purpose can be anything from "trying to obtain a referral" to "talking about using your services."

'Peachy" tax strategy #2 - Make sure you discuss business when you eat your 'sweets'

You must substantiate your meal or entertainment by answering these five questions:

·Who? Identify the person(s) entertained by name, official titles, and other information to establish the business relationship.
·Where? Describe the place of the meal or entertainment, if not clearly written on a receipt (for example: you lost your receipt, so you hand-write a receipt for meals and entertainment less than $75). Yes, you read that right. No receipts are needed for entertainment expenses under $75 per expense per the Income Tax Regulations.
·When? The date the meal or entertainment takes place.
·Why? Be specific, but to the point. For example "discussed possible joint venture" or "tried to get referrals".
·How much? The cost must be recorded and evidence is required when the cost is $75 or more.

'Peachy" tax strategy #3 - Sweeten the Pot: Deduct "associated entertainment" with your business prospect

'Associated entertainment' takes place in a non-business setting. However this 'associated entertainment' must precede or follow a substantial and bona fide business discussion during the same day as the entertainment. So it's okay if there are no business discussions during the entertainment. Nice to know, huh?

Author's tip: Develop the habit of writing your business meals, associated entertainment, and other tax deductions in a tax diary or organizer. This will save you thousands and allow you to enjoy your business meals and entertainment without worrying about an IRS audit. How sweet it is! (sumber: Dorothy Griggs)

How Do I Find the Right Tax Advisor?

This is the time of year when all Americans think about their tax situation and what they might do differently to reduce their heavy tax burden. There is a record of an ancient civilization that was required to pay 50% of their earnings to their captors. They considered themselves in bondage. And yet, many Americans who earn over $100,000 per year pay far more than that in federal and state income tax, sales tax, social security tax, property tax and excise taxes.

I'm not against paying taxes for necessary government services. To the contrary. What I am opposed to is paying a dime more than I have to. But MOST OF YOU are paying far more than you have to. Why? In most cases, it's simply because you are getting poor tax advice.

The reality is that the Internal Revenue Code is full of opportunities to reduce your taxes. I have spent almost 30 years pouring through the Code and learning all of these opportunities. And I am continually learning new ways to reduce taxes. It's all a matter of understanding the law and applying it the way Congress intended. That's right, Congress intended to provide tax benefits to individuals and companies who behave a certain way. Why? Simply because Congress has long used the Internal Revenue Code as a way to promote social, energy and economic policies.

But how do you know if your tax advisor is giving you the best advice? Unless you are legally paying no taxes, you really don't. The answer, quite frankly, is to have another, experienced tax advisor review your tax returns from prior years and your current tax situation. It may be that when you were a simple wage earner that there were few ways to reduce your taxes. But now you are in business or you are investing in real estate. What's happened is that YOU HAVE OUTGROWN YOUR TAX ADVISOR!

Before you commit to another advisor, have them review your situation. Don't expect that they will give you free advice. But find out if they think they can do something different. Just the other day while reviewing a tax return I found $60,000 of taxes that a prospective client was paying that we could easily eliminate. What would you do if I found $60,000 of ANNUAL tax savings for you? I hope you would jump on this opportunity immediately.

Whatever you do, remember that "if you always do what you have always done, you will always get what you have always got!"

Tom Wheelwright is not only the founder and CEO of Provision, but he is the creative force behind Provision Wealth Strategists. In addition to his management responsibilities, Tom likes to coach clients on wealth, business, and tax strategies. Along with his frequent seminars on such strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University.

Article Source: http://EzineArticles.com/?expert=Thomas_Wheelwright

How To Find The Best MLM Home-based Opportunity For You

If you search through various publications and on the internet, you will find numerous offers to make an income through home-based opportunities. When selecting the best opportunity, it's already known that your options may be limited. The reasoning behind this situation is that there are limited facts on MLM home-based opportunities out there. A person might assume that the limited facts indicate that not enough people have previously made an income with such an opportunity.

A potential participant with a MLM home-based opportunity should proceed with caution, and thoroughly investigate all information, so as to obtain the most effective success from it. The prospect should employ all sources available to them such as those at any public library which usually offer internet access and personal sources (i.e. family, friends, or associates) with valuable experiences concerning a business MLM money home-based opportunity.

The first step in obtaining success in a MLM home-based opportunity is to check out the program's credentials. If there's not an indication of the program's legitimacy, this situation would present a problem for the prospective respondent. The prospect should not allow intimidation or awe by a flashy email or other media advertising about MLM home-based opportunities.

The next step is to really examine the opportunity, ask several searching questions, and do plenty of research on the MLM home-based opportunity before the final decision is made. Your best policy is to maintain a professional and unbiased detachment at the research stage. This step will essentially determine the prospect's success or failure. Another important step for success in a MLM home-based opportunity includes finding and talking to those who have really been successful in the program. Take plenty of notes and keep a journal at this point and when the research stage is finished, come back to examine your journal to complete the decision making process.

Another important step to take as a prospect of a business MLM money home-based opportunity is to closely examine all paperwork of the program. Some experts mention that even hiring an attorney to examine program paperwork would be cost-effective for the prospect, and it would help protect the prospect as well. This step would additionally provide the prospect with the peace of mind of knowing the business MLM money home-based opportunity is legitimate or not. An alternative for the prospect would be an academic professional with general knowledge about the business world.

When the preceding steps are completed, talk about the MLM home-based opportunity to family members to confirm that it is the most effective program for you. If there is agreement among your family, the next course of action would be to pursue the program. A word of caution; proceed carefully and maintain a careful account of spending incured concerning the program. If not, current success can quickly turn to failure and problems.

A higher quality lifestyle can be achieved if all of these steps are followed by the prospect of a business MLM money home-based opportunity. In addition, the best MLM home-based opportunity will eventually increase the prospect's success and confidence with the appropriate application of effort. The final result should be an enhanced quality of life for you and your family members. This, after all, is why it is worth it. (sumber: ASlan Thomas)