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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20
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Last Post Dec 20, 2006 11:06 AM by: deirdre@ebay.com
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deirdre@ebay.com
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Nov 28, 2006 9:50 PM
Topic: Member Workshop: 25 Tax Savings Tips Before December 31st

Host: dkennedycpa
Date: Wednesday 12/20
Time: 10:00 am to 11:00 am PT
Location: Workshop Board

Description: 2006 is almost over and once December 31st rolls around, most of your chances to take tax deductions are over as well. This is one workshop you won’t want to miss. Please join best selling-author and CPA Diane Kennedy to learn 25 tax saving tips that you can take advantage of right now.

Cheers,

Deirdre
eBay Community Development
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:42 AM
Hello. My name is Diane Kennedy. I’ve been a CPA and Tax Strategist for over 25 years. My specialty is working with small business owners and real estate investors. My tax education company, Tax Loopholes, teaches people through books like Tax Loopholes for eBay Sellers, tapes and seminars on how to take advantage of the legal tax loopholes available to everyone. Please remember that laws and practices vary from state to state and if tax, accounting, legal and other specific expert advice is required, the services of a professional should be obtained.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:43 AM
What is a tax loophole? It’s a government incentive to promote public policy. Loopholes, in the way we’re going to talk about them, are legal and safe. There are two things that the government wants you to do: (1) Start a business and (2) Invest in real estate.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:44 AM
eBay has generously set aside time for us to present these business-related sessions designed to help you make more and keep more money. We have a new workshop every month. Mark your calendars!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:46 AM
Today we're talking about 25 Tax-Saving Tips You Can Use Before December 31st. You may have thought there wasn't any time left to do tax planning for this year, but you're wrong! You'd be surprised what you can do in the few weeks we have left.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:46 AM
Tax Tip #1 – Check Your AMT Status. The current temporary increase in the AMT (alternative minimum tax) income exemption threshold (the amount you can earn before you need to test for AMT status) is set to expire on December 31st. If this happens the AMT threshold rates will go back to the 2001 levels, which are thousands of dollars lower than they are right now. That means millions of middle-income American taxpayers could be looking at a new way of calculating income taxes, along with a higher tax bill.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:47 AM
Traditionally Congress enacts temporary legislation each year to raise the AMT threshold. However, the balance of power in Washington has changed, and the Democrats have traditionally been supporters of the Alternative Minimum Tax (AMT). There are rumors that the Dems will make some changes next year, but those are just rumors.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:47 AM
If you're caught in the AMT trap, traditional tax planning won't really work for you. That's because of the way AMT is used to calculate your taxes due. However, you aren't completely helpless, either. Two powerful AMT solutions include starting your own business, and putting as much money as possible into a 401(k) plan. You'll be able to read about these and other solutions available in our updated Special Report, AMT 2007: New Strategies to Avoid or Minimize Its Impact, which we expect to release early next year.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:48 AM
Tax Tip #2 – Start a Business. If you don’t have a home business, consider starting one before December 31st. If you are looking for tips to get started, check out my book, Tax Loopholes for eBay Sellers. You need to make sure your business is legitimate, meaning it has a true profit motive, even if it is losing money on paper.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:49 AM
This is a way to pick up all kinds of additional expenses, especially if you've been operating your eBay business as a hobby, and keeping little or no records. You can even get some relief from AMT if you run your income through a business.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:50 AM
Tax Tip #3 – Employ your Kids and Other Dependents. If your kids are looking for Christmas cash, why not employ them in your business instead of paying an allowance?

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:50 AM
The income you provide your kids is a tax deduction for your business, and the chances are your kids are in such a low tax bracket they won't have to pay much, if any, income tax.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:52 AM
It doesn't have to be your children, either. Aunts, uncles, cousins, parents, or even non-related friends can be employed. Just make sure you stick to the three employment rules for kids or other dependents: (1) have a written job description, (2) make sure everyone keeps an accurate time-sheet, and (3) keep salaries in line with current market rates and their individual abilities. Paying your 6 year-old $30 per hour to take out the trash may not wash with the IRS.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:52 AM
Tax Tip #4 – Review Where You Spend Money. Many people don't realize just how many potential business expenses there are. If you have a legitimate business your car, travel plans, cell phone, computer, Internet bill and more all become potential deductions. The rule of thumb question is, "Is this an ordinary and necessary business expense for the production of income?" If you can answer "yes," you've probably got a deduction! You'll find the TaxLoopholes 300+ Potential Business Deductions List at our web site, www.taxloopholes.com/eBaysellers. Review this list against what you're spending and see where you can save.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Savings Tips Before December 31st - Dec 20

Dec 19, 2006 8:52 AM
Tax Tip #5 – Update Your Business Records. The more current your business records are, the more power and control you'll have over business deductions and tax savings. For example, some payroll deductions are income linked, meaning once you hit a certain threshold you no longer have to withhold them. Social Security is one example, state unemployment insurance another. How will you know if you've contributed enough to Social Security if your payroll records are 3 months out of date? Make sure your business's records are up to date and avoid overpayments. After all, that's money better spent in your pocket.

Diane Kennedy, CPA
www.taxloopholes.com
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