Are You Taking Full Advantage Of Tax Deductions And Deduct Expenses For Several Items You Never Even Imagined?

(EMAILWIRE.COM, May 11, 2007 ) Suwanee, GA -- Here’s the situation. The business owner or tax payer have recognized that having a working knowledge of the tax codes can save them thousands of dollars in taxes. However, now they want specifics. What do they need to take advantage of these tax codes? What are examples of tax codes that they utilize right now? Read on to find out.There are two powerful strategies they can take advantage of immediately:1.) Documentation: Keep a tax diary that makes your records audit proof. Keep accurate and detailed records to realize the full potential of tax savings.2.) Find deductions that you have missed because they were unaware they existed or did not take them properly.Examples of Specific Tax Codes that can help you slash your taxes:Code Section 280 – they can deduct your home office.Code Section 274 – Office equipment, supplies, supper money.Code Section 132 – Corporate gym. Their corporation can deduct the entire cost of gym equipment that they buy. There is no limit.Code Section 162 – Seminars. Write off the entire cost of a seminar. They can write off air fare, meals, etc.Code Section 74 – Achievement awards. Their company can give away up to two achievement awards each year worth $1600 a piece. Give them an achievement award!Code Section 119 – Meals and lodging. All the meals and lodging for seminars, etc. can be written off 100%.Tip: Put their children on the payroll. They can pay each child up to $6,500 each year. This decreases their taxable income.Tip: they can deduct up to $5,250 for dependent care. (I.e. kids and elderly adults)Code Section 132E – Let’s them set up your own fringe benefit program.Tip: they can also take an equipment deduction. For example, if they buy a piece of equipment that weighs 6,200 pounds or more then you can deduct up to $25,000 in the year they bought it.Tip: Remember the tax codes change all the time. So they need to be aware of the changes.Tip: There are legal ways to shift income from a high tax state to a low or no tax state. Tip: they can build your retirement plan tax free with business and investments that you have control over.Remember, it's not only what they know, but who they learn it from. Learn from someone who is more successful than them. Learn the tricks of the trade and http://www.powerfulpromoter.com [internet marketing tips] from someone that has actually built wealth and not just written a book about it. Forget the past. It does not matter who they are or where they came from. Everyone deserves to be a millionaire. Contact Information: Stephanie Bunn 2935 Horizon Park Drive, Suite D Suwanee, GA 30024 (770) 271-1536 www.internetmillionairemind.com. Source: National Real Estate Network. Check out their website at http://www.megaeveningevent.com. If you need look of meaning of any of words in this press release wikipedia is great source on the internet to look up meaning of: Tax deductions, Business expenses, Tax codes, Documentation, Tax diary, and Audit proof http://en.wikipedia.org.###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.

National Real Estate Netroit, LLC
National Real Estate Network

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