Miscellaneous Deductions: The Key to a Massive Refund - Get Articles by Doug Smith |  |
> Get Articles > Accounting and Book-Keeping > Miscellaneous Deductions: The Key to a Massive Refund Miscellaneous Deductions: The Key to a Massive Refund Download as PDFDoug Smith doug.smithnashville.com Do You Want A $10,000 Tax Refund? http://www.1shoppingcart.com/app/aftrack.asp?afid=25176 © 2002 by Doug Smith It’s Tax Time again. Everyone’s wondering if they’ll write a check or receive one. You all want a refund, or at least you want to minimize your payment to the IRS. Miscellaneous deductions are the key to decreasing the amount you have to pay and to increasing your refund. Here are some recent news articles about the power of miscellaneous deductions. Brief summaries are provided in case the sources change or remove the article links. TAX TIME MORE DIFFICULT THAN EVER (ABC News) <a href="http://abcnews.go.com/sections/business/DailyNews/taxes_010416.html ">http://abcnews.go.com/sections/business/DailyNews/taxes_010416.html </a> "Half a million taxpayers paid the government at least $311 million more than necessary in 1998 because they took the simpler standard deduction instead of trying to itemize." That's an average overpayment of about $610. You've heard the same number on a leading tax preparer’s TV commercial. MISCELLANEOUS DEDUCTIONS ADD UP TO BIG SAVINGS (MSN Money) <a href="http://moneycentral.msn.com/articles/tax/reduce/1390.asp ">http://moneycentral.msn.com/articles/tax/reduce/1390.asp </a> "Miscellaneous itemized deductions are expenditures that help you produce, preserve and protect your income." "Tens of thousands of people each year pay too much in taxes to the federal government because they failed to keep track and list their miscellaneous deductions." "The simple rule of thumb is, if it affects your income and is not offered as a separate deduction on your tax forms, it may qualify as a miscellaneous deduction." LITTLE-KNOWN TIPS CAN INCREASE YOUR TAX REFUND (MSNBC) <a href="http://www1.msnbc.com/local/wews/a1034466.asp ">http://www1.msnbc.com/local/wews/a1034466.asp </a> "Many people already know that giving a cash donation to their church or temple is tax deductible, but did you know that you can deduct food donations as well?" "Holiday meals, basketball games, events such as that -- there's no problem with that as long as there is documentation as to who you went to the event with and the business purpose," Kuharcik said. TAXPAYER ALERT, PART 1 (USA Weekend) <a href="http://www.usaweekend.com/02_issues/020217/020217moneysmart.html ">http://www.usaweekend.com/02_issues/020217/020217moneysmart.html </a> "Maximize your deductions ... you'll want to capture every last deduction coming your way ... you can slash hundreds, or even thousands, of dollars off your tax bill." "If you're not sure you'll catch every break you're entitled to, it pays to get help with your taxes." THE PRESIDENT'S AGENDA FOR TAX RELIEF <a href="http://www.whitehouse.gov/news/reports/taxplan.html ">http://www.whitehouse.gov/news/reports/taxplan.html </a> "Federal income tax revenue rose dramatically in the 1990s. Today, federal taxes from all sources are the highest they have ever been during peacetime, topping 20 percent of GDP. High taxes force families to work harder each year to fuel a growing government. Overall, Americans now work over four months of the year to fund government at all levels." "The current tax code is full of inequities. Many single moms face higher marginal tax rates than the wealthy. Couples frequently face a higher tax burden after they marry. The majority of Americans cannot deduct their charitable donations. Family farms and businesses are sold to pay the death tax. And the owners of the most successful small businesses share nearly half of their income with the government." Finally, the IRS can't even hold on to your money, so why should they get to keep all of it? THE CASE OF THE MISSING TAX CHECKS (ABC News) <a href="http://more.abcnews.go.com/sections/wnt/worldnewstonight/missingrebates010830.html ">http://more.abcnews.go.com/sections/wnt/worldnewstonight/missingrebates010830.html </a> "IRS Can't Find $810 Million in Tax Refunds" There’s a huge difference between not paying taxes, and taking advantage of miscellaneous deductions to decrease your tax burden. The former is illegal and unpatriotic. The latter is a smart and legitimate money management strategy. After all, these are the exact same tax deductions Congress voted into law. They’re perfectly legal but extremely underutilized. Don’t be afraid of them just because they are new to you. Most of you have been paying taxes all year long so the IRS already has most of your money. April 15 is just the day the IRS decides whether you’ve paid enough. The IRS will NOT tell you that you've overpaid -- you must take the initiative! You can beat them at their own game by using the rules they use. Take all the deductions to which you’re entitled, document everything, and maybe your next tax refund will have an extra zero in it! ========================================================= Doug Smith invites you to Save Hundreds to Thousands of Tax Dollars Each Year with this Guaranteed Gold Mine of Miscellaneous Tax Deductions by Jeff Parrack, CPA: "A CPA's $10,000 Refund: A CPA Reveals How YOU Can Use Tax Deductions IRS Agents HATE... But MUST Allow by LAW!" Request more info from <a href="mailto:TaxArticle2quicktell.net ">mailto:TaxArticle2quicktell.net </a> a href="mailto:TaxArticle2quicktell.net“Click Here/a (You may reproduce this article if you make NO changes.) ========================================================= How useful did you find this article? This article can be downloaded freely from http://www.get-articles.com and used on your website or in your ezine so long as the author is credited and their resource box left intact. You should not change any links in the article, and where the article is used on a website it's links should be clickable. Please see our terms and conditions page for more information: http://www.get-articles.com/authors-publishers-terms.php |
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