Tax Strategies & Solutions was the title of the webinar presentation I attended. I took notes and here is my synopsis. Some of this is really great and worth the time to investigate with your tax accountant.

You can re-do your taxes for the prior three years. You need to file a 1040X and can get the form at IRS.gov. Print 3 and re-do the last three years tax returns. Bonus, the IRS pays interest on back over payments you may have made.

Small Business: You have to have the "Intent" to make a profit in order to qualify for IRS business tax deductions. Some of the less known tax deductions allowed by the IRS are:
1) Food & Entertainment: With the intent to do business you can qualify for a deduction for almost anything as long as you make an appointment. Example: Lets say you want to go out to dinner and the theater. You will be entertaining your boss at dinner (and having a business discussion) and want to take your wife to the theater the next night.  If you make your appointments/reservations within 24 hours of the business discussion you qualify for the deduction. There is a 48 hour window approved by the IRS, 24 hours - event - 24 hour period of time, your 48 hour window of opportunity.

2) Meals that are catered are not subject to the 50% rule, they are 100% deductable.

3) G V W R - a new or used automobile over 6,000 pounds can be entitled to a $25,000. tax deduction. That's up to $8,000 in your pocket.

4) You work from home. You can get the .50 cents per business mile deduction if you get a P.O. Box and have a set daily or weekly destination . Example: On Tuesday and Friday the local newspaper comes out. My business miles can include the route you take to pick up these or other publications and going to the post office box. If the grocery store and dry cleaners are on route, which I am sure you can manage, then you have a qualified deduction.

5) 14 days per year you can rent your home to anyone without reporting the rental income as taxable income.
However, to take this one step further lets say you invite friends and business associates to stay with you at your home. You charge your guests $100 rent for their visit. They get a 100% tax deduction for paying the rent on a business trip. You get the $100 rental fee and pay for everything, food and entertainment, etc. This allows the property owner to deduct 50% for business entertainment and report $0 on income. At first your guests may question your motives but once you explain that the rent you are charging them will pay for their golf, dinner, etc ...  they will understand it's a win - win.

6) Braces for your children cost a small fortune these days. To turn this cost into a tax deduction you need to have a Business checking account and a personal checking account (and remember to NEVER co-mingle funds between these accounts). First, write a check for the orthodontist from your personal account. Then write a check to yourself from your business account to reimburse yourself. Medical reimbursements are 100% deductable with no limits.

7) Have an office that floats!

8) Minors can earn up to $5,700 per year and owe the IRS nothing. So, business owner, pay your kids for working for you. They can use the money you pay them on anything they want like tuition, clothes, movies, etc. And best of all it's 100% deductable for you.

9) If you take a business cruise it will not be deductable unless the ship is US registered and uses US ports. Also if you use the cruise line to get to your business destination, categorized as transportation, you can get a deduction.

The key to all of the above is to categorize your deductions and expenses and show business INTENT & they that your costs are REASONABLE. If you pass those two tests your deductions are sure to be bullet proof.

This presentation was a promotion to purchase a program written by former senior trial attorney for the IRS, Scott E. of Colorado. I did not purchase the program as it was very expensive but these tips from the webinar are well worth investigating.
PLEASE REMEMBER I AM NOT A TAX ACCOUNT! PLEASE CONSULT A PROFESSIONAL TAX ACCOUNTANT TO VERIFY ALL.

We appreciate your questions and comments. Please contact us at www.minocquamortgage.com or marcia@minocquamortgage.com and we will be happy to help you with your mortgage and finance needs.