What legal steps you can take to reduce your taxes?

[meadandale]

[quote=peterb]Move to a state without income tax. That’ll save you about 10% right there, compared to living in CA. Find one without sales or income tax and you’re even further ahead of the game. Not sure that exists in the USA, though.[/quote]

If Klownifornia continues down the path we appear to be heading I may do just that. Texas is starting to look better and better.

And I’ll be writing a Dear John letter to my congress people and senators at both the state and federal level to let them know why I’m taking my small business and 6 figure income out of the state.

[SK in CV]

The home office thing is a crock.

In order for expenses to be legally deductible, they must be directly related to the business. If you’re actually incurring the expenses, then the tax savings would only be a portion of the expense. You end up with LESS money even if the expense is deductible.

There might be a minor savings for auto expenses, if the mileage allowance for REAL business mileage is more than it actually costs you to operate your car.

The home office deduction, in order to qualify (again, legally) must be related to a room or area of your home that you use exclusively for that business. Not a room (or area) that you also use for other things. So if you have an office that you also use for your personal stuff, no deduction. Or if it’s sometimes used as a guest room, no deduction. And even if you do have an area you use exclusively for that business, the extra deduction it generates will more likely than not be very small.

It never makes sense to spend real dollars to generate a tax deduction with roughly a maximum of a 40% (in california) tax savings.

[SK in CV]

The home office thing is a crock.

In order for expenses to be legally deductible, they must be directly related to the business. If you’re actually incurring the expenses, then the tax savings would only be a portion of the expense. You end up with LESS money even if the expense is deductible.

There might be a minor savings for auto expenses, if the mileage allowance for REAL business mileage is more than it actually costs you to operate your car.

The home office deduction, in order to qualify (again, legally) must be related to a room or area of your home that you use exclusively for that business. Not a room (or area) that you also use for other things. So if you have an office that you also use for your personal stuff, no deduction. Or if it’s sometimes used as a guest room, no deduction. And even if you do have an area you use exclusively for that business, the extra deduction it generates will more likely than not be very small.

It never makes sense to spend real dollars to generate a tax deduction with roughly a maximum of a 40% (in california) tax savings.

[SK in CV]

The home office thing is a crock.

In order for expenses to be legally deductible, they must be directly related to the business. If you’re actually incurring the expenses, then the tax savings would only be a portion of the expense. You end up with LESS money even if the expense is deductible.

There might be a minor savings for auto expenses, if the mileage allowance for REAL business mileage is more than it actually costs you to operate your car.

The home office deduction, in order to qualify (again, legally) must be related to a room or area of your home that you use exclusively for that business. Not a room (or area) that you also use for other things. So if you have an office that you also use for your personal stuff, no deduction. Or if it’s sometimes used as a guest room, no deduction. And even if you do have an area you use exclusively for that business, the extra deduction it generates will more likely than not be very small.

It never makes sense to spend real dollars to generate a tax deduction with roughly a maximum of a 40% (in california) tax savings.

[SK in CV]

The home office thing is a crock.

In order for expenses to be legally deductible, they must be directly related to the business. If you’re actually incurring the expenses, then the tax savings would only be a portion of the expense. You end up with LESS money even if the expense is deductible.

There might be a minor savings for auto expenses, if the mileage allowance for REAL business mileage is more than it actually costs you to operate your car.

The home office deduction, in order to qualify (again, legally) must be related to a room or area of your home that you use exclusively for that business. Not a room (or area) that you also use for other things. So if you have an office that you also use for your personal stuff, no deduction. Or if it’s sometimes used as a guest room, no deduction. And even if you do have an area you use exclusively for that business, the extra deduction it generates will more likely than not be very small.

It never makes sense to spend real dollars to generate a tax deduction with roughly a maximum of a 40% (in california) tax savings.

[SK in CV]

The home office thing is a crock.

In order for expenses to be legally deductible, they must be directly related to the business. If you’re actually incurring the expenses, then the tax savings would only be a portion of the expense. You end up with LESS money even if the expense is deductible.

There might be a minor savings for auto expenses, if the mileage allowance for REAL business mileage is more than it actually costs you to operate your car.

The home office deduction, in order to qualify (again, legally) must be related to a room or area of your home that you use exclusively for that business. Not a room (or area) that you also use for other things. So if you have an office that you also use for your personal stuff, no deduction. Or if it’s sometimes used as a guest room, no deduction. And even if you do have an area you use exclusively for that business, the extra deduction it generates will more likely than not be very small.

It never makes sense to spend real dollars to generate a tax deduction with roughly a maximum of a 40% (in california) tax savings.

[BKlawyer]

Sure- Do it yourself. And when you have an appendicitis download the do-it-yourself appendectomy kit from http://www.medicalzoom.com.

[BKlawyer]

Sure- Do it yourself. And when you have an appendicitis download the do-it-yourself appendectomy kit from http://www.medicalzoom.com.

[BKlawyer]

Sure- Do it yourself. And when you have an appendicitis download the do-it-yourself appendectomy kit from http://www.medicalzoom.com.

[BKlawyer]

Sure- Do it yourself. And when you have an appendicitis download the do-it-yourself appendectomy kit from http://www.medicalzoom.com.

[BKlawyer]

Sure- Do it yourself. And when you have an appendicitis download the do-it-yourself appendectomy kit from http://www.medicalzoom.com.

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