The guidelines that are in place from the IRS enable workers and business owners to claim for mileage as a business deduction if you are using your vehicle for business purposes. Some people who are employed are able to deduct business mileage if it is not reimbursed by employers or is only partially reimbursed at a rate that is lower than the official business mileage rate.
Owners of small businesses also often use their vehicles for business related purposes and in this event they too can claim their mileage as a business expense. However, it is important that no matter why or how you are claiming for your business mileage you are able to differentiate between business and personal use mileage and that you do not end up claiming for mileage clocked up when using your vehicle for personal use, as this could be classed as a fraudulent claim. On the other hand you don’t want to miss out and end up claiming for less mileage than you have actually done for business. For these reasons it is vital to ensure that you keep track of your business mileage.
The easiest way to keep track of your business mileage is to use your odometer, which will enable you to see how many miles you do from the start of your journey until the end, each time you go out for business purposes in your vehicle. You simply need to record the number of miles that you do either on a spreadsheet or even in a notebook that you use specifically for logging mileage. It is also advisable to make a note on your spreadsheet or notebook about why you had to make this trip, as this is information that the IRS may ask for. Write or log down where you traveled from and where you traveled to, detailing any detours that you may have made en-route for business purposes.
Of course, many people forget to check their odometer before they head out and therefore, unless they have made the same trip many times and already have a record of the number of miles done, it can become difficult to estimate your business mileage for that particular trip. However, you can simply use an online map and enter details of where you travelled from and to in order to get a good idea of the number of miles that you have done.
Andrew writes frequently about personal finance as well as issues effecting both consumers and small businesses, covering everything from savings to mortgages to Auto insurance car insurance.
Although Akron, Ohio is home to the National Inventors’ Hall of Fame, You do not have to reinvent the wheel when it comes to finding a good tax preparer in Akron.
You can start your search with the local yellow pages. Akron is friendly to small business and entrepreneurs. So, you should find a few local businesses that offer affordable tax preparation services through certified public accountants and enrolled agents. Both CPAs and Agents should be certified by the IRS. Make sure they charge per page or by the hour not a percentage of your return. Unless you want to be like Sinbad and host a reality show about how the IRS took your house, you should ask for references as well. The tax preparer should be able to refer you to at least two people that can vouch for their services.
If you are a small business owner call Mayor Donald Plusquellic’s office of Economic Development. Ask for the financial services department. They should be able to refer you a CPA or tax lawyer who can handle the needs of a small business.
Using private tax preparers in Akron not only supports the local economy it can also put money in your pocket. You want to choose a CPA that pays attention the changing tax laws. They can educate you one on one and prepare you for the next tax season.
If you are a real Akronite, a pioneer at heart, and want e-file you can still enlist the help of an affordable tax preparer. They can guide you through the process and minimize mistakes. University of Akron may offer a listing of recent accounting alumni who are certified and cost efficient.
Whether you choose a CPA, Enrolled Agent or tax lawyer to handle your taxes you should have no problem finding them in Akron, Ohio. A Simple phone call can put you in touch with a tax prepare who is affordable, professional and certified by the IRS.
There are many ways to put back money for retirement and many ways to invest without a saving of money for retirement. Some of the plans that can be used for retirement include Individual Retirement Accounts and company retirement accounts. Discussed below are the advantages and disadvantages to holding an individual retirement account known as a Roth IRA.
A Roth IRA is a retirement account that allows for an individual within a certain income bracket to contribute a certain amount of money each year to a fund. The fund is not tax deferred meaning that the year the money is placed into the account it will be taxed as normal income. As stated above there are Roth income limits and contribution limits that regulate how much a holder can make in order to contribute and how much a person can contribute based upon their income.
For most people the income limits are not a problem depending on your filing status, but basically an individual can not make over $180,000 in one year in order to contribute to a Roth IRA. If you have in the past qualified for contributions and have placed your money into a Roth IRA but the next year you did not qualify for contributions then the money previously contributed will be safe and tax sheltered. One major difference in a Roth IRA in comparison to other retirement accounts is the fact that the money in the fund never has to be withdrawn.
If the owner of the account decides they do not need the money it can be passed to an heir, or if the holder decides to wait longer to withdrawal funds there is no specified age at which funds have to be withdrawn. All other retirement accounts state that by a specified age minimal funds have to be withdrawn or a penalty will be applied to the funds.
At a party last week there started a discussion about the best places to live in the US. It quickly turned to matters of living in a pleasant climate with low cost of living as the group was primarily of the age about to reach retirement.
These friends were vigorously debating the virtues of living in a warm climate mostly to avoid the drudgery are dealing with winter temperatures and precipitation. Places like the Southwest and southern states dominated the conversation throughout.
If you are in the same age category as my friends and myself, there is a good chance you have considered this yourself. Statistics show that as the population ages and baby boomers reach retirement age more and more of them are choosing to move to the southern and southwestern United States.
It’s just too attractive an option when one no longer has the obligation of the job to be drawn to living in a place where the climate is primarily pleasant. Who wants to deal with snow and ice when another sunny day is a possibility?
If the move to a warmer climate is in your future, there are some tips that may help you decide which one is best. First set down in a quiet place with a pad and pen and begin by listing all your priorities. After you have listed them, place them in order of importance. This seems like a rather rudimentary task but one that is vitally important in any decision, especially when you are about to uproot your life and move to another part of the country.
The best places to live for you is not necessarily the best place for someone else but you can determine which place is preferred by using the exercise just described. Of course there are other considerations and you will no doubt want to visit each of the top choices that you come up with but finding your ideal location is not nearly as much of a challenge as it may first appear.
When two things are present and you have to pick one, you should compare first the two before making a decision. Because that IRA has two forms which are the traditional IRA and the Roth IRA, it is then valuable to compare these two so that you can determine which of them is the best for you.
In order to distinguish one from the other, we will compare the Roth IRA and the traditional IRA with regards to their rules ad regulations.
Traditional IRA Rules and Roth IRA Rules
Of course, there are qualifications before an individual person can be eligible to set up an IRA account. And obviously, he or she must be an income earner. IRA is a retirement plan that is offered to benefit income earners. There is no point of opening an account in the IRA when you have nothing to deposit into it out of the income that you receive.
The traditional IRA has an age limit for eligibility. All individuals who are already 79 ½ years and beyond can no longer set up a traditional IRA account. The Roth IRA has no age limits.
Contribution Limits 2011
For both the traditional IRA and the Roth IRA, the contribution limits for 2011 are $5,000 and $6,000. The maximum amount of $5,000 is set for IRA contributors who are at the age of 49 and downwards. On the other hand, the $6,000 amount is the limit of contributors who are at the age of 50 and upwards.
The Roth IRA distribution rules are apart from the traditional IRA distribution rules. According to the Roth IRA rule, withdrawals of funds can be made by the contributor any moment of time but after the five-year taxable period has expired. The period begins during the year in which the first contribution is made.
Under the traditional IRA, withdrawals should be made when the contributor is 79 ½ years old. This is a compulsory withdrawal. But withdrawals can be made as an option of the contributor when he or she is 59 ½ years old and upwards until 79.
As the demand for reverse mortgage leads grow, so do the websites and lead generation companies that know how to put together a good, working, lead-attraction splash page. The reverse mortgage lead generation splash page is much different from other types of lead creating splash pages. They cannot operate in the same way as a real estate or shoe sales splash page operates because not everyone can qualify for a reverse mortgage loan. They have to try to attract a specific kind of person. Anyone can sell a home or buy shoes, but not everyone can receive a reverse mortgage loan.
Cast a Narrow Net
We buy reverse mortgage leads from companies who understand how to generate only those that are pre-qualified and ready to deal. The people they attract want and need to know, specifically, how does a reverse mortgage work? The website cannot cast a broad net for these types of leads. It has to be a narrow net with the perfect bait if it is to attract a reverse mortgage lead. This means that the website has to be constructed just right.
Qualifying Splash Pages
A good, reverse mortgage lead generating splash page will qualify the person before they sign-up. It will stipulate in advance certain criteria that have to be met before a person can sign-up. It will say, for instance, that the person needs to be 62 years of age. It may also eliminate those with no equity in a home that is owned by them. The perfect reverse mortgage splash page will attract only those who actually qualify for a reverse mortgage loan. We buy reverse mortgage leads based on the knowledge that the leads already qualify.
Setting the Bait
How does a reverse mortgage work? This is the question that must be used as the primary bait. It should be answered in part, on the splash page itself. However, it cannot be fully explained on the splash page. The qualified lead should learn just enough that the serious person looking for a reverse mortgage will be enticed to enter their information so that they can learn more from a reverse mortgage specialist, that being the agents who buy reverse mortgage leads.