Tax Reduction Tips

In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle.

Tax Credit For Starting A Small Business Pension Plan

Establishing a pension plan can help you retain important employees. What many business owners don't realize is a tax credit can be claimed if the business has 100 or fewer employees. Meet this requirement and you can take a tax credit of up to $500 in each of the first three years of the plan. Tax credits are extremely valuable because they are deducted directly from the taxes you owe, not gross revenues.

The credit is 50% of certain start up costs you incur in each of the first three years. The costs include the expenses incurred in establishing and maintaining the plan. They also include the cost of any educational retirement planning programs you provide for employees.

For example, first assume that you spent $1,500 starting a pension plan for your employees in 2004. Next assume that you will spend $1,200 in both 2005 and 2006 for maintaining the program and educating your employees. In this scenario, you would be eligible to claim a tax credit of $500 in 2004, 2005 and 2006.

Personal Loans To Business

Many business owners lose track of loans they make to their business. As a result, they incorrectly classify the proceeds of the loan as part of their gross revenues. This artificially raises the gross revenues of the business and adds to the tax liability. Closely review your records for 2004 to make sure you are not making this mistake. Pay particular attention to charges on personal credit cards. You will be surprised how quickly the numbers add up.

SUV Deduction Wounded, But Still Alive

Much has been made about the "SUV Tax Deduction" that allowed purchasers of SUVs over 6,000 pounds to immediately deduct up to $100,000 of the cost. Many mistakenly believe that the American Jobs Creation Act of 2004 eliminated this deduction. It did not. Instead, it reduced the deduction to $25,000 with the remaining amount allocated to depreciation. This is still a significant immediate deduction. If you purchased a non-SUV truck that weighed over 6,000 pounds in 2004, you are not restricted to a "mere" $25,000 deduction.

Tsunami Relief Contributions Paid in 2005

Millions of Americans contributed to charitable organizations providing relief to Tsunami victims. Typically, charitable contributions are deducted in the year they are made. New legislation, however, allows you to deduct Tsunami contributions you made in January 2005 on your 2004 tax returns. Alternatively, you can wait and deduct the donation on 2005 returns. Unfortunately, you cannot deduct the contribution on both!

Sales Tax Deduction

If you itemize deductions, you have a choice of deducting your state and local income taxes OR your state and local sales tax. This option is available for the 2004 and 2005 tax years. If you live in a state that does not collect income tax, the optional sales tax deduction should be claimed for significant tax savings. See IRS Publication 600 for more information.

Deduction for Discrimination Lawsuit Costs

If you were required to pay attorney's fees and court costs associated with a discrimination lawsuit, you may be able to claim a tax deduction. The deduction is available only for costs and fees incurred after October 22, 2004 in relation to a judgment and settlement. The deduction is not limited by the alternative minimum tax. Realistically, this deduction will be more viable for the 2005 tax year, but a few taxpayers may be eligible this year.

There are numerous deductions and credits available if you take the time to look for them. Taxes can be confusing, but the savings justify the time and effort of finding all available deductions and credits.

Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.

In The News:

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Construction resourcing boss banned for failing to pay correct taxes  GOV.UKBoss of Bolton-based company that supplied construction workers has been disqualified for seven years for failing to declare all the company's tax liabilities.
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How State Taxes Could Affect Where Bryce Harper and Manny Machado End Up  Sports IllustratedManny Machado and Bryce Harper face enormous decisions about their baseball futures, but how might state taxes steer their final free-agent decision?
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How high are wine taxes in Alabama?  AL.comAlabama's has one of the highest excise taxes on wine in the country, according to the Tax Foundation.
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The 13 N.J. counties where undocumented immigrants pay the most in taxes, ranked  NJ.comThough they are living here illegally, undocumented immigrants are paying millions in taxes, according to estimates.
French taxes cut as Macron caves in to rioters, admitting he is 'partially responsible'  Sky NewsBy Alix Culbertson, news reporter. Emmanuel Macron has promised to raise the minimum wage as he acknowledged he was partially responsible for weeks of ...
ETWIW: Multicap funds, financial planning errors, and efficient tax planning in Kolkata  Economic TimesDo multicap mutual fund schemes make more sense after the recent re-categorisation exercise by Sebi?
More Property Tax, Health Plans Part Of Proposed Delhi Civic Body Budget  NDTV NewsHike in property tax, levying of professional and betterment taxes, and plans for a health scheme on the lines of Ayushman Bharat for Class IV employees were ...
Northern Wisconsin bands sue over land tax  Duluth News TribuneFour northern Wisconsin bands have filed a federal lawsuit against Gov. Scott Walker, the state and town officials over the taxation of reservation lands.
Taxes Up, But No Service Cuts as St. John's Tables Heavy Budget  VOCMResidents and businesses are going to be paying more in taxes next year as the capital city feels the pinch from declining residential property values.
France drops fuel tax as “yellow vest” anger persists  The HinduThe movement began with the aim of highlighting the squeeze on household budgets caused by fuel taxes but morphed into a broader, sometimes-violent ...
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Study pushes for Scottish land and property tax reform  Financial TimesThere is a strong case for reform of land and property taxes in Scotland and the introduction of a land value tax might boost efforts to diversify ownership and ...
Supervisors to get update on Disputed Triangle tax case  Mohave Valley NewsKINGMAN — Mohave County supervisors next week will discuss a resolution of an ongoing tax case.
NJ marijuana legalization: What will NJ get from legal weed taxes?  Asbury Park PressWhile New Jersey marijuana legalization may be inching loser to reality, legal weed taxes are not likely to create a revenue windfall.
House Republicans roll out revised tax package  Washington TimesHouse Ways and Means Committee Chairman Kevin Brady on Monday released a revised end-of-year tax package that includes tax relief for victims of recent ...
Paris Is Burning Over Climate Change Taxes -- Is America Next?  ForbesThe bottom line is this: economic freedom—the kind you get with a large middle class—leads to prosperity, economic growth, and technological innovation.
Hammered for rising property taxes, Ald. Tom Tunney runs for political cover  Chicago Sun-TimesSome long-term Lake View residents say they are being punished for working hard to revive their neighborhood, Ald. Tom Tunney (44th) said.
How senior citizens can avail tax break on interest income under Sec 80TTB  Economic TimesBudget 2018 introduced a new section, 80TTB, under the Income Tax Act which allows senior citizens to claim tax break on specified interest income up to Rs ...
Pay Your Taxes In Bitcoin, Trigger Tax Losses On Price Drop Too  ForbesWith Bitcoin and other crypto prices down again, many holders don't want to sell. But if you owe taxes, how about paying them in Bitcoin? Selling now may ...
Going Through Divorce? Start These 3 Steps Today To Save On Taxes  ForbesThe Tax Cut and Jobs Act eliminated the alimony deduction for divorces after 2018. The new law will mean less money for expenses of the two household.
Property taxes to stay the same in Conception Bay South  CBC.caConception Bay South politicians announced Monday that the town's budget has no increase in taxes to residents or businesses and includes no increase in ...
Taxes could present 'significant problem' for Trump, says ex-federal prosecutor | TheHill  The HillFormer federal prosecutor Gene Rossi on Monday said that taxes could present significant legal hurdles for President Trump after federal prosecutors in New ...
Niger government orders closure of Airtel arm over unpaid taxes  Economic TimesKOLKATA: The Niger government has ordered the closure of Bharti Airtel's whollyowned arm in the African country for nonpayment of over $107 million (about ...
St. John’s raises mill rates, water tax  The TelegramSt. John's city council unanimously passed the 2019 budget, which will see mill rates and the water tax rise. For residential owners, the mill rate is up .4 over last ...
Income Tax panel won’t cut rates; but don’t lose heart, here’s what it will do for taxpayers  The Financial ExpressThe task force was set up by the finance ministry in November last. Arbind Modi was made the convenor of the panel and he retired on September 30.
Pakistan government to impose 'sin tax' on tobacco  Economic TimesISLAMABAD: Pakistan will soon impose a 'sin tax' on cigarettes and sugary beverages and that fund would be diverted to the health budget, Minister for National ...
Run, tax-evaders, run  Economic TimesOn December 1, world leaders at the G20 summit in Buenos Aires, Argentina, agreed to reform the World Trade Organisation (WTO), even as the US and China ...
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Taxman starts questioning & issuing notices to BPOs  Economic TimesIndustry trackers fear that more and more companies may now be issued notices and questioned.
'Taxes, Taxes and Taxes': Tax-Burdened Protestors Reach Tipping Point in Socialist France  CBN NewsThe French are used to high taxes, but it was a new carbon tax that finally pushed French taxpayers to the tipping point, and ignited the worst protests in 50 ...
"Positive Impact Of Notesban": High Growth Rate Highlight Of Tax Report  NDTVThe Income Tax Department has mopped up over half the kitty of the targeted direct tax revenue for this fiscal -- at more than Rs 6.63 lakh crore -- riding at a ...
Japanese Regulator Aims to Reduce Crypto Tax to Revitalize the Market  CCNIn October, Japan hinted its plans to ease the process of taxing crypto investments to refrain from impractical policies affecting the local market.
'Generational divide': UK split by age over tax rises for public services  The GuardianUnder-45s list climate change, Brexit and technology as bigger priorities than healthcare.
Could high gas tax get higher?  WJAC JohnstownWe've been hearing from people in person and online telling us they've heard the gas tax in the commonwealth is going up next year. 6 News contacted the ...
Trump's China tariffs are a regressive tax on Americans and risk a recession  The GuardianBy imposing tariffs, Trump has in effect raised taxes on most Americans and made them poorer.
US State of Ohio Accepts Bitcoin for 23 Types of Taxes  Bitcoin NewsThe U.S. state of Ohio has set up a cryptocurrency payment portal and reportedly starts accepting payments in bitcoin for 23 types of taxes this week. “Ohio has ...
Modesto City Council approves tax rate for marijuana retailers  The Modesto BeeThe City Council in Modesto, California, has approved a tax rate for cannabis retailers and other marijuana businesses, including distribution, microbusiness, ...
Tax Deductions 2018: 42 Tax Write-Offs You May Not Know About  EntrepreneurYou might not want to hear this, but it's already time to start thinking about tax preparation. Although April feels far away, the earlier you begin planning your tax ...
Murphy and N.J.'s top D.C. Democrats met, talked property taxes, health care and other big issues. Then came a little surprise.  NJ.comA majority of New Jersey's soon-to-be Democratic-heavy congressional delegation elected in the Trump midterm huddled behind closed doors Monday with Gov ...
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What the Amazon tax breaks really mean  Vox.comI think the easiest way to understand Amazon's HQ2 and the specific question of cities handing out tax subsidies is to abstract away from the particular details of ...
Tax on free services: PMO set to wade into ₹40,000 cr spat between banks, revenue dept  BusinessLineMumbai, November 25. With banks staring at a massive tax outgo of ₹40,000 crore on free services provided to customers to maintain a minimum balance, and ...
10 things you probably didn't know you could deduct on your taxes  Business InsiderWhat deductions are you missing when filing your tax return? Here are 10 that are often overlooked ahead of tax day 2019.
Single, married or cohabiting: Who pays the least tax?  The Irish TimesNot getting married could cost you more than €400000 in extra tax over 40 years.
Sorry France, but fuel taxes are a bitter pill we must all swallow  New ScientistThe reversal of France's fuel tax sends a worrying message to world leaders meeting this week in Poland to firm up climate commitments, says Olive Heffernan.
Are the French hit especially hard by fuel taxes?  The GuardianA planned rise sparked the gilets jaunes protest – here's how their fuel costs compare with the rest of Europe.
Treasury Softens Parking-Tax Hit for Churches, Nonprofits  Wall Street JournalWASHINGTON—The Treasury Department offered relaxed rules for nonprofits on Monday, easing a new tax burden for churches and charities that offer ...
Vancouver utility and property tax increases slated for 2019  CityNews VancouverVANCOUVER (NEWS 1130) — Vancouver's proposed 2019 budget will likely mean a hit to your wallet, as city council is set to review its upcoming expenses on ...
Half of direct tax collections netted; high growth clocked post DeMo: CBDT report  The Financial ExpressThe direct taxes revenue collection target for the 2018-19 financial year is Rs 11.5 lakh crore and the taxman is left with four months to achieve the target by the ...
Bitcoin news: MP wants to pay council tax in bitcoin  ExpressYou could soon be paying your council tax with bitcoin, according to one MP. Eddie Hughes, MP for Walsall North, says the prospect of making payments to local ...
Tax savers start hunting for best ELSS ahead of tax-saving season  Economic TimesTraditionally, January to March is known as the tax-saving season. However, the season has already started in December ahead of the tax season next year.
Slight increase to mill rate, residential property tax in Corner Brook  CBC.caThe City of Corner Brook unanimously passed it's 2019 budget on Monday featuring a slight increase in both spending and residential property taxes.
FBR recommends new taxes to bridge shortfall  DAWN.comISLAMABAD: After dealing with the external sector deficit, the government's attention is now being drawn to a growing shortfall in tax revenues that is beginning ...
Israel Tax Authority Launches Offensive on Undisclosed Crypto Earnings  Bitcoin NewsLocal reports have asserted that the Israel Tax Authority has launched a renewed crackdown on unreported cryptocurrency earnings. The Israeli tax regulator ...
Income Tax department has become service-oriented, says Ashu Jain  Economic Times"The I-T department has evolved from being an administrative and tax laws implementation department to a *service*-oriented department," said Principal Chief ...
5 tips for saving money on your 2018 tax bill  USA TODAYWith the changes in tax law approved last year, here are some things to do -— and not do — by Dec. 31 to save money on your taxes.
Make the Most of Potential Tax Deductions Under the New Tax Law  Kiplinger's Personal FinanceWith some year-end planning, you may still find it worthwhile to file an itemized return to lower your 2018 tax bill.
Pakistan to introduce ‘sin’ tax on cigarettes, sugary beverages  The Indian ExpressSin tax is not a new concept and is charged in over 45 countries, including India. It is imposed to discourage consumers from using products known to harm ...
Broadalbin residents outraged about potential tax hike  WRGBBROADALBIN, N. Y. (WRGB) - A sudden spike in taxes has Broadalbin residents concerned and questioning why many of them will be paying nearly triple what ...
Tax saving feature and decent returns make NSC an attractive investment option  Moneycontrol.comIt is December and if you are procrastinating investment in a tax saving bank fixed deposit because of low interest on offer, here is an alternative in the form of ...
Why only 2% of Chinese pay any income tax  The EconomistOF COURSE NOT, I'm not an idiot,” says Liu Yongli, a chauffeur in Beijing, when asked whether he has ever paid personal income tax. Despite earning well ...
Herbert proposes $200 million tax cut — but also new taxes to 'broaden' Utah's shrinking tax base  Deseret NewsIn a year with more than $1 billion in new state revenue, Gov. Gary Herbert is proposing a $200 million sales tax cut to help Utahns keep more money in their ...
Ecommerce Cos Don't Have To Collect Tax From Sellers With Turnover Below $28.4K  Inc42 MediaSuch suppliers are not liable for registration, says CBIC. If the TCS has already been deducted, it can be shown while filing GSTR-8. Ecommerce companies are ...
Why greens are turning away from a carbon tax  POLITICOPutting an economic price on greenhouse gases is proving a hard sell with the public, even as time to head off climate change shrinks.
Trump’s Tax Promise of Trillions Back to U.S. Fails to Materialize  BloombergThe amount of offshore cash U.S. corporations have returned home so far this year is just a fraction of what President Donald Trump had promised.
Expect councillors to question proposed transit tax and fare increases  Ottawa CitizenIs a proposed 3.5 per cent transit tax increase a sign of things to come?Expect councillors to ask that and other questions during a meeting Wednesday as ...

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