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Wayne M. Davies Profile and Articles
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1). How To Audit-Proof Your Tax Return Forever: A Recent Close Encounter Of The IRS-Kind
Congress has passed legislation that is supposed to result in a more "sensitive" Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine.
Hmmm . . . . What do you think?
A few months ago, one of my clients (let's call him Mr. Jones) got one of those IRS "love letters" requesting more information ...
2). 4 Simple Steps To Reduce Your Taxes In 2006
Does Tax Season get you down?
Here are 4 simple steps that any small business owner can take to lower your tax bill this year.
STEP #1: Understand How Serious Your Tax Problem Is
Are you aware of just how much in taxes you are paying?
Here's how much the average family spends on various consumer...
3). Tax Magic: How To Turn Taxable Income Into Tax-Free Income
Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit.
Here's one of my favorites. It's been part of our tax code for over 30 years, yet many still don't take advantage of it.
What am I talking about?
The IRA -- Individual Retirement Account.
4). How To Drive The Irs Crazy
Looking for an easy way to increase your business deductions? Look no further than your driveway.
First, the general rule: your vehicle is deductible to the extent you use it for business.
So, if you drive your car 100% for business, all car-related expenses are deductible.
But if you use it less than 100% fo...
5). 4 Simple Steps to Reduce Your Taxes
With Tax Season upon us, here are 4 simple steps to lower your tax bill this year.STEP #1: Understand How Serious Your Tax Problem IsA
6). What Does It Take To Pay Zero Taxes?
How many times have you heard someone say, "I don't pay any taxes. My accountant takes real good care of me . . . I haven't paid a dime in taxes in years."
Does that outrageous statement sound familiar?
Maybe it's your brother-in-law, or a fellow Soccer Mom, or a co-worker at the office.
And so you think to yo...
7). How To Keep The IRS Off Your Back And Out Of Your Life In 2006
Sorry to crash your party, but as we bring in the New Year, it's also time to bring in a New Tax Season. As a small business owner or self-employed person, one of the easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and other paperwork on time.
Over the next four months there are several...
8). How To Avoid Double Taxation Of Your Small Business Profits
Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!
For starters, you'll be protecting yourself and your family from the possibility of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of...
9). How To Contact The IRS Without Breaking Into A Sweat
We all love to criticize the IRS, don't we? It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1.
Our negative attitude toward the IRS can lead to a strong desire to just ignore it altogether. But
self-employed people who ignore the IRS do so at their own peril.
So...
10). How To Avoid Those Mind-Boggling Depreciation Rules
Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, here's how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler.
What am I talking about? It's called the Sect...
11). When Is The Best Time To Incorporate Your Small Business?
If you're a sole proprietor, perhaps you've considered incorporating your small business or self-employment activity.
And so maybe you've been wondering, "When is the best time to incorporate?"
From a legal standpoint, any time is the best time. The sooner you incorporate, the sooner you make the move from the world of unl...
12). Will You Make The 39 Cent Mistake This Tax Season?
When it comes to filing your tax return, spending 39 cents could be the biggest mistake you ever make.
Millions of taxpayers make the mistake of putting their income tax return in a regular letter-sized envelope, sticking on a 39 cent stamp, and placing the envelope in the mailbox.
And millions of taxpayers "get away" wit...
13). 5 Common Tax Myths That Are Costing You A Bundle
This article is based on the following 2 assumptions:1) You are a small business owner or self-employed person(including home-based busine
14). 5 Reasons Why You Should NOT Get A Big Tax Refund
I will never forget the day one of my tax clients came to pick up his personal income tax return. "How's it look?" he asked."Well,
15). A Big Tax Loophole Just Got Bigger
Believe it or not, there are ways to convert taxable incomeinto non-taxable income, without any fear of an IRS audit.Here's one of my favo
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