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Estimated Taxes: Another
Deadline Coming Up
On April 15, most freelance writers filed their 1040
forms for 2004, and many made their first estimated tax payment for
2005. And before they know it, another deadline is just around the
corner. Business Expenses Must Be
"Ordinary" and "Necessary"
According to Internal Revenue
Code Section 162, business expenses are
deductible only if they pass a two-step test.
The first requirement is that the outlays are
"ordinary. The other one is that they are
necessary." Given that loosely worded language,
gray areas abound and many deduction disputes
need to be covered in Internal Revenue Service
rulings or resolved by the United States Tax
Court. Important Tax Changes for
2005 There have been lots of changes in the tax rules. Many are mandated by indexing, that is, annual upward adjustments to provide relief from inflation, as measured by increases in the Consumer Price Index. What follows are the highlights of several changes that might help or hurt you. [Read article] by Julian Block Friday, April 15, is the deadline for filing Form 1040. Miss it and you could get nicked for a sizable, nondeductible penalty. [Read article]
Pay On Time To Avoid Penalties Self-employment Taxes
Increase Again
by Julian Block Most myths are fairly short lived. Some, though, just refuse to die.
Take, for example, the one that makes the rounds every filing
season about how to lessen the likelihood of an audit. According
to that fable, the IRS programs its computers to go after late
filers, not early filers. The Right Way to Write
Off Your Sojurns [Read Complete Article] Home Equity Loans: Money Under Your
Nose In this time of constant change,
there are still two things that stay the same: The tax collectors
want more of your hard-earned money. And you want to keep more of
it for the things you need. So it pays to consider the tax
consequences beforehand as you make those everyday financial
decisions, whether it be to go ahead with that much-needed
facelift for your kitchen or for yourself.
Forgiving and Forgetting
IRS Rules on Lost Records Stretch Only So
Far As a general rule, the IRS okays deductions by writers for business travel and entertainment expenses only if those outlays are substantiated by diaries or other "adequate records." But the IRS does make some exceptions. [Read Complete Article]
How Long To Keep Financial Records
Just because you received a refund
does not mean you can forget about an audit. Hang on to receipts, canceled
checks, and whatever else might help support income, deductions, exemptions and
other items on your return.
Profit
VS Pleasure: IRS Rules Strict on Losses
Those obliging folks at the IRS allow write-offs to ease the
pain for losses you suffer in ventures entered into to make "profits." But
long-standing rules disallow deductions for losses incurred in pursuing
"hobbies."
Award Winning
Writers Are Losers Under the Tax Laws
As part of its unending quest for tax fairness, Congress keeps
overhauling the Internal Revenue Code. One of the sneakier consequences of those
efforts was evisceration of a long-standing break for outstanding American
writers, photographers and artists who receive prizes and awards that honor
their accomplishments.
Medical Insurance Deductions for Self-Employed Individuals
Freelance writers, photographers, artists and
other self-employed individuals qualify for a valuable tax break on what they
spend for medical insurance. |
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