Short but sweet nuggets for Small Biz Owner and/or Self-Employed Person, each morsel serving up a specific tax reduction strategy guaranteed to tickle your monetary taste-buds.

The U.S. Tax Code is so big, there's only one way to digest it: one little nibble at a time.

Just like a piece of candy, one small bite of tax knowledge can give you one very delicious deduction!

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Tax Tidbit #1: How To Turn Non-Deductible Commuting Mileage Into A Legitimate Business Expense

-- by Wayne M. Davies

Copyright 2003 Wayne M. Davies Inc.

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For most folks, commuting mileage is a non-deductible expense -- unless you know little tax trick I'm about to reveal.

The non-deductibility of commuter miles is painfully true for employee who fights rush hour traffic every day, twice a day, for 5 to 10 hours a week.

All that hassle, and what does he have to show for it? Just gas money down drain, not to mention wear and tear on both his vehicle and his stress-o-meter.

You can deduct virtually all your mileage, including miles you log from your home to office or other place of business, if you meet following two criteria:

1. You are a small business owner or self-employed person, and

2. You have two offices or work locations: one outside home (Office #1) and one inside home (Office #2).

Short but sweet tax nuggets for Small Biz Owner and/or Self-Employed Person, each morsel serving up a specific tax reduction strategy guaranteed to tickle your monetary taste-buds.

The U.S. Tax Code is so big, there's only one way to digest it: one little nibble at a time.

Just like a piece of candy, one small bite of tax knowledge can give you one very delicious deduction!

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Tax Tidbit #2: How To Get A $1,000 Refund By Filing An Amended Tax Return

-- by Wayne M. Davies

Copyright 2003 Wayne M. Davies Inc.

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Aren't you glad another Tax Season is over?

Ah, yes -- another tax return filed, another tax return "in books."

Well, I've got a pleasant surprise for you.

Did you know you can actually get a refund for a return that you already filed?

Yep, it's true.

If you think you forgot a deduction on a previously filed return, you have three years to tell IRS about it and receive a refund.

Here's how it works: You can file an amended return up to three years after due date of return in question.

So, for Year 2002 returns due April 15, 2003 -- you have until April 15, 2006 to file a correction.

For Year 2001 returns due April 15, 2002 -- you have until April 15, 2005 to file a correction.

And for Year 2000 returns due April 15, 2001 -- you have until April 15, 2004 to file a correction.