Island Legal Info
Welcome to Island Legal Info!
Insurance Articles
•
•
•
•

Home
:: About Us
:: Contact Us
:: Article
:: Reports
:: Links
:: Site Map

Related Links

Courier Insurance

Goods In Transit Insurance

Gap Insurance

Arctic Haulers Insurance

Car Warranty
Seven Key Tax Deductions for the Self Employed
By Daniel Lamaute


As a sole proprietor, it?s wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.

Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. But you should also meet with your accountant well before the year-end rush to discuss such matters as tax planning, and record keeping for tax deductions.

Seven common small business tax deductions:

1. Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances the maximum contribution that you may deduct per employee in a qualified retirement plan can go up to:

$100,000 or more For a Defined Benefit Plan
$44,000 For a 401(k) plan
$41,000 For a SEP-IRA or Keogh

2. Automobile Expenses? You can elect to deduct the actual expenses incurred (including gas, oil, tires, repairs, insurance, depreciation, and rent or lease payments) for the business-related portion of your car or truck expenses, or simply take the 2004 standard mileage rate of 37.5 cents per business mile.

3. Taxes - You may deduct Social Security and Medicaid taxes paid to match required withholdings on employee wages, federal unemployment taxes, sales taxes and real estate or personal property taxes paid on business assets.

4. Home Office - Depending on whether you use your home or other real estate for business purposes, you may deduct some or all of any mortgage interest paid, as well as some or all of the maintenance and repair expenses associated with the property. The cost of utilities and business supplies associated with business use are also deductible.

5. Depreciation ? Depreciation may be taken on passenger cars, equipment used for entertainment or recreational purposes (i.e., photographic equipment, cell phones and computers), as long as these items are used solely for the business.

6. Professional Fees - You may deduct professional fees, such as those paid to a lawyer or accountant.

7. Meals and Entertainment - You may deduct 50 percent of meal and entertainment expenses directly associated with the conduct of your business Remember to keep on file the records and documentation necessary to substantiate all of your deductions.

For more information about this article and/or the author visit http://www.InvestSafe.com

For more information, news and articles see:

Gap Insurance - Gap Insurance
...any people know what gap insurance is? I know that I had never heard about this type of insurance before until it was brought to my attention recently. The gap insurance covers the deprecation on a car in the event of it being stolen and never recovered. How does it work you might wonder and do you need to take it out if you have outstanding finance on the vehicle? Say you have ten thousand pounds worth of car finance on your car but when it gets stolen the insurance company says it`s only worth eight grand. It means you`ll have to find the extra two thousand pounds to pay off the finance company. If you take out gap insurance on the car, this amount will be covered, so you don`t have to find any additional money to pay off the debt. Most people buy cars and decide to keep them for a set amount of time so they know how much fina...
Visit Gap Insurance...

Courier Insurance - Courier Insurance
...uch document or parcels can mean huge losses for some people. Therefore,Courier Insurance has become an important consideration for any one using mailing services. It is not uncommon for people to lose their mail before it reaches a desired destination. We make sure that your mail is covered sufficiently so that if you happen to lose it while it is on its way, you will be compensated. Many people may not see this as a necessary step until they experience a loss. So, why wait for it to happen to you? Get your insurance now and save yourself from huge losses. ...
Visit Courier Insurance...

Car Gap Insurance - Car Gap Insurance
...ntly. I suppose unless you buy a car on finance you might not know about such policies. As I understand it the car gap insurance covers you in the event of a car being stolen and never recovered or one that is deemed a total loss by the insurers. If you still owe money on the car to a finance company then the gap insurance will pay off the difference between what the insurer says the car is worth and what finance you have left on it. Some of the policies will even leave you with some money to use as a deposit on another car. It`s, probably something that many people would never even consider when they take a car out on finance. If the insurance company decides that the car is worth less than you thought it might be when it is deemed a total loss then you could have to stump up the money to pay off the bal...
Visit Car Gap Insurance...

Hgv Courier Insurance - Hgv Courier Insurance
...that you would normally purchase for a delivery business. So there are now insurers who specialise specifically in more complex insurance policys, they are experts in business insurance; therefore they will be able to advise you on all your insurance needs, to make sure you are completely covered, leaving no room for mistakes. The following is a list of the specifications that you may need to include in any haulage insurance cover and what can be potentially covered with the correct policy: Legal liability for injury or death to any other individual, including any such passengers. Legal liability for damage to outside property. Legal costs can be fully covered with the Insurers consent, in connection with an insurance claim against your policy. Your own damage (subject to any excess). Vehicle replacement, in the event of an accid...
Visit Hgv Courier Insurance...
Click For More Detailed Information on:
my local legal info ::divorce legal info ::my super legal info ::easy cover for you online ::my cover pro online
Copyright © 2003-2012. All Rights Reserved.


Valid CSS!