You Do Not Have To Have Kids To Get A BIG TAX BREAK!! See The Trick

Deduct some of your personal housing costs as a business expense.

If you meet two tests in the tax law, you can deduct a portion of your personal expenses of operating from your home as a business expense. This includes your rent if you lease or your mortgage interest and real estate taxes if you own your home, as well as utilities, insurance, repairs and other costs.

To be a deductible home office:

• Your home must be (1) your principal place of business (or a place where you do administrative chores, such as scheduling and recordkeeping, and you have no other fixed business location) or (2) a place to meet or deal with customers, clients and patients on a regular basis (telephoning customers from home isn't enough).
• You have to use the space regularly and exclusively for business (except in two special situations). This means you can't use the kitchen table as your desk by day and feed your family there at night. You don't need to use an entire room or even have a physical partition to denote the portion of a room used for business.

Generally, you deduct a portion of the expenses of a home. For example, if your home is 3,000 square feet and you use a 300-square-foot room as your office, then 10 percent of each expense of the home becomes part of the home-office deduction. You can add to this any direct expenses for the office, such as painting it.

Tip: It's helpful to take a photo of your office and keep it with your tax records in case the IRS questions your setup.

2

Rely on special rules to write off some costs of your home.

Usually, you have to use space exclusively for business in order to take a deduction. However, the exclusive use requirement doesn't apply and you can claim a home-office deduction if your home is used:

• As a day-care facility to watch children, elderly people, or persons who are unable to care for themselves because of a physical or mental disability, and you meet any state licensing requirements.
• Storage for inventory or sample products for your home-based business.

3

Deduct local traveling costs from your doorstep.

If you use your car or truck to go from home to a business location, your mileage from home and back becomes a tax-deductible expense once you establish your home as your place of business. Business driving can include such activities as driving to:

• Customers, clients or patients
• Vendors or suppliers
• The bank to deposit a fee
• An office supply company to purchase toner for your printer

Tip: As with any use of a vehicle, keep a record of your business driving as required by the tax law.

4

Easily write off the cost of your computer.

Usually, if you use a computer for both personal and business purposes, you have to track business usage because first-year expensing (the Sec. 179 deduction) and accelerated depreciation is allowed for the cost of "listed property" only if business usage exceeds 50 percent of total usage -- a computer is listed property. But once you establish a home office, you don't have to keep a log because a computer used in a regular business establishment (the home office) is not considered listed property.

For example, if you buy a computer for your home office in 2010 for, say, $2,500, you may qualify to deduct the full cost as a first-year expense deduction because the computer is used in a regular business establishment.

5

Consider the impact of a home office when you sell your home.

If you own your home, claiming a home-office deduction doesn't reduce the capital gains exclusion you can take on the sale of your home. You can exclude gain up to $250,000 ($500,000 on a joint return) as long as you've owned and used the home as your principal residence for at least two of the five years preceding the date of sale. Claiming a home-office deduction doesn't affect this exclusion.

However, any depreciation you claimed in the years you took a home-office deduction is "recaptured" in the year you sell the home. "Recapture" means reporting the depreciation as a gain taxed at a 25 percent rate.

Tip: You can't choose not to claim depreciation you're entitled to because you'll still have to recapture it on a sale, so you might as well deduct depreciation when you can.

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How do YOU view Success?

What Do You Think WhenSuccess Comes to Your Mind?

                                        By: Tyshaun Taylor

Success...It is repetitious... It is as easyas following proven steps...No different from K-12... Only difference is youreducation is put to the side and the knowledge of life becomes self-driven withdetermination. You become a part of your inner being. The old ignorant self ofyou begins to diminish and becomes a past erased. It becomes a tool instead ofan excuse. You become a product of your environment in any circle you choose tobe in...

So shouldyou choose to be successful, you only fraternize with like-minded people whoare making a move forward. With an idea, faith, or negative changing positives.Your world and how you choose to live it is in YOUR hands. The way you choose tomake your bed in the morning is how you lay in it.

Success...It is something that is self-attainablethrough being involved with your own kind to build a strong case or strongfoundation for which the environment you live in.

Success...It is the reaction after you fail.Aaliyah said it best, “If at first you don't succeed. Dust yourself off and tryagain." An inspirational song with a meaningful message. It is what I callthe dreamer anthem. Humans make mistakes or take wrong turns in life. It is howthey articulate a new path and trying to distinguish a stop sign from a freeway.

Let’s faceit; it’s easier to get on the freeway to get somewhere. More gas for your mileand more time spent doing other things.

The backroads are for leisure.

You have tobe willing to leverage you. Leverage the work with a team as a collectiveenergy.

Success...It is a building. It can be yourcardboard box, your cottage or mansion. Depending on your goals and how youobtain the building materials to house your mission.

I have beenreading, The 250 Personal Finance Questions Everyone Should Ask, theauthor Peter Sander types the question, “What personal character traits arerequired for financial success?" Then he goes on to mention a few simplesteps.  Awareness is a keycomponent to keeping track of your current finances. Step two, have the Commitmentto carry out the plan that you put in place. Finally, in step three hementions Control, the most important tool because temptations are thedevil (Bobby Bouchey voice)...LOL! In a sentence or two he mentions how you have tolook at the bigger picture of your plan.

One powerfulbook to sit down and read.

Success…It has a following. It is your Twitter, Facebook, and Instagramto life. Of course it filters out the nonsense. You can’t bring all of Yo mommathis and into your life but, the concept is merely a metaphor.  People who follow you they follow you becausethey are attracted to your content. You become a brand. You have the appearanceof success. Your following goes where you go.

Lastly,Success…It is a lifestyle. It’s how you wake up in the morning. It is the wayyou stare at yourself in the mirror. It is type of food that your body takesin. It is the way you risk your life for happiness. You can be anything youwant to be. You have to make the decision for YOU. Everything in life startswith you.  “Life is what you make it.” Sogo into 2013 making your actions ring and you will be rewarded with a feelingthat can't be replaced by money any day. I’m goin to end this with a great quote.

“Always beyourself, express yourself, have faith in yourself, do not go out and look fora successful personality and duplicate it. “                     

                                                                                            -Bruce Lee-