How To Avoid Getting Burned By Your Own Tax Return

Written by Wayne M. Davies


Continued from page 1

While driving home I suddenly realized something.

What I just experienced is exactly what most people experience as they sit down to prepare their tax return each year. All those forms, schedules and worksheets, each with their own set of unique codes and convoluted calculations.

Forms, forms and more forms. They might as well be written in Greek.

For some people, mostly folks with "regular" day jobs and simple W2's, doing your own tax return can be a relatively painless process (particularly if you don't itemize deductions and have no investment income).

And withrepparttar proliferation of user-friendly tax preparation software programs, I'm sure millions of returns are filed by do-it-yourself-er's without a hitch.

But if you're self-employed or own your own business, and you're new torepparttar 112679 world of taxes, well, I've got news for you -- be prepared to go through exactly what I went through at Best Buy -- lots of pain, agony and frustration.

And be ready to "give up" and do what I eventually did -- call a professional.

For me, that meant giving my friend George a call. George is a client who also happens to be a "computer guy" with allrepparttar 112680 latest gizmos and gadgets known to mankind.

George was very happy to help me out. He told me exactly what kind of CD drive to get, and then he came over torepparttar 112681 house and installedrepparttar 112682 thing in 15 minutes! I couldn't believe it! Then he installed some software, spent 10 minutes showing me how to use it, andrepparttar 112683 next thing I know, I'm burning a CD like I've been doing it all my life.

If you are a small business owner or self-employed person and you're trying to prepare you own return this year, how's it going?

Do you think you did OK? Or are you getting by on trial and error with a dose of prayer mixed in ("Please, God, please don't let me get audited!")

Maybe it's time you did what I did.

By George, call a professional.

If you're in over your head, admit it, and get some help. Visit your local tax professional today!

Wayne M. Davies is author of the new eBook, "The Tax Reduction Toolkit: 29 Little-Known Legal Loopholes That Will Reduce Your Taxes By Thousands (For Small Business Owners and Self-Employed People Only!) Don't file another tax return until you visit: http://www.YouSaveOnTaxes.com/toolkit.html


How to Audit-Proof Your Business

Written by Collin Almeida


Continued from page 1

Additional documentation is also required when a home-based business owner keeps his or her children, spouse, or other relatives on staff in order to claim their wages as a tax-deductible company expense. Forrepparttar record, always pay every staff member by check and have each person keep a written record of their work, including total number of hours, date of work, and type of activity accomplished. In addition, you should also request a written estimate from a professional forrepparttar 112678 same services. For instance, if your spouse maintains your company's web site, you need to find what a professional Webmaster charges in order to substantiate your spouse's salary.

Besides keeping track of expenses, income, and wages, you must also have proof that your company intended to produce a profit. A business plan can serve as evidence that you are serious about generating revenue with your company. The plan will also provide written documentation ofrepparttar 112679 expenses you plan to incur and will help keep you organized.

Overall,repparttar 112680 best way to ease your concern over an audit is through preparation. By keeping records and documentation on everything, you'll have nothing to fear if you are one ofrepparttar 112681 .5% of taxpayers selected for an audit.

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Discover little known but highly lucrative tax advantages you can legally claim as a home based business owner by visiting http://www.homebusinesstaxsecrets.com Getrepparttar 112682 FREE REPORT: "5 Hidden Tax Dangers..." that shows you how to save $1000's in taxes and avoid costly audits.



Discover little known but highly lucrative tax advantages you can legally claim as a home based business owner by visiting http://www.homebusinesstaxsecrets.com Get the FREE REPORT: "5 Hidden Tax Dangers" that shows you how to save $1000's in taxes and avoid costly audits.


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