Business Tax Lawyer Average Salary | Tax Amnesty

A big advantage of working from home is the tax benefits of operating a home based business. Working from home allows you to deduct portions of bills that you are already paying to live there. You can deduct home expenses if you actually work in your home. It is easiest to do this if you have a room set aside for your business. Measure out how big that room is in proportion to the house, and you can deduct expenses using that percentage. For example, if your place of doing business takes up 5% of your house, you can deduct 5% of your heating expenses for the days you work. (In other words, if you don't work weekends, you can't deduct for weekends.) You can deduct items such as mortgage interest (though not your mortgage itself), electricity, telephone, insurance, and expenses for maintenance and repair. In general, you can deduct the portion of expenses that directly relates to your business. You can deduct costs for your internet service provider in proportion to the amount you use it for your business, too. If it's used completely for business you can deduct it all, but be certain before you do this that you are not using it for other reasons. Having a CPA do your taxes for you has major benefits. They have computer software made up by tax pros and former IRS workers that you wouldn't ever be able to use unless you went through lots of accounting training. Be 100% honest with your CPA about everything. If you are called in for an audit your CPA will tell you to say nothing but your name and your CPA does all the talking. The IRS has to find mistakes not you. If a CPA does your tax you will get deductions you would never know to take and your CPA will also take away deductions you cannot legitimately take. A CPA will cost you more but will get you much more back. Tax filings done by CPAs are far less likely to be called in for audits because the IRS knows the CPA's reputation is at stake with every tax form filled out and so the CPA will be very careful that every little detail is done correctly. Keep a separate notebook for tax deductions and on each page make a heading for all possible deductions like advertising, supplies, repair parts, phone, computer, etc. and write them down and save ALL your receipts in a separate large envelope. Write your deductions in this notebook, everyday, as they happen. Remember, your tax preparation is a daily, year round effort and is an important part of your business. Write everything in your notebook that could be a deduction and then at the end of the year let your CPA decide what is and is not a deduction. He or she knows and you don't. It is their job to know. This way you won't miss out on any deductions you don't know for sure on and you won't take any deductions you don't have coming. Pretty neat huh? You will get a lot bigger income tax refund this way and have a clear conscience you did all the right things and you will not have any worries about a scary IRS audit. Talk over with your CPA what he thinks about the way you are keeping records and learn from him or her better ways to do it. They will usually have valuable tips for you to help you run your business better. This chit chat at the end of your tax preparation is invaluable to you. The tax benefits of operating a home based business enable you to deduct things you would otherwise be paying in full. If you are considering a business from home, it's a good way to lower your costs. This is just one more advantage of working from home. Source: http://www.irs.gov/faqs/faq-kw82.html Plus my own life business tax experience of over 40 years

Frequently Asked Questions

1. QUESTION:
   Do conservatives realize that Obama is giving a tax cut to rich people?
   See, Obama s proposal allows EVERYONE TO KEEP the GW tax cut on the FIRST 0,000.00 of income. Given that the GW tax cuts are set to expire in a week, and that tax cut on the first 0k won t be there if they do, Obama is actually proposing something that s far better for rich people.

   They had temporary tax cuts, due to expire, and he s offering to let rich people keep those cuts up to 0k. The average salary of doctors, lawyers, engineers...are all under 0k. And 98% of small business owners profit less than 0k.

   Doesn t this seem very reasonable?

2. QUESTION:
   How important is it for a landlord to incorporate?
   I have one duplex, about 25% of principal paid off. I might get another one early next year.

   How much does it cost to incorporate? Can I do it exclusively on-line? Will it make things more difficult at tax time?

   I know it will protect my personal assets.
   Would it help me out to pay lower taxes?

   • ANSWER:
     it won't lower your taxes it might even raise them, and since the properties are in your name and so is the mortgage you are still liable and turning your rental properties into an incorporated business will only make things more complicated like business licences, inspections etc.
     this may help also check this website
     Owning rental property offers these financial and lifestyle benefits:

     Appreciation and wealth building. If you hold onto your property long enough, it will almost certainly go up ( appreciate ) in value -- eventually. Since World War II, real estate prices in America have risen an average of 5% a year (with some nerve-wracking ups and downs in between). It s a great way to increase your net worth.
     Income. A well-managed investment property, with tenants who pay the rent on time and monthly expenses that are less than the rent, can bring you a steady stream of income.
     Diversification of income. If you re laid off from your job, or your health takes a turn for the worse, your primary source of income -- presumably your salary -- could be jeopardized. Owning an investment property diversifies your income stream, and can give you a cushion.
     Low-risk investment. Unlike more volatile investments, the returns on real estate are fairly steady. While stock values can fall or even disintegrate entirely, land and property won t disappear on you.
     Investment diversification. Owning property also diversifies your investment portfolio, a cardinal rule of investing. As you approach retirement, it s good to start shifting into lower-risk investments, to ensure that the cash you need doesn t disappear when you re relying on it.
     Leverage. Unlike other investments, a little bit of cash will buy a lot of real estate: A down payment of 20% of the value of the property is usually enough to get you started. Leveraging your investment allows you to trade up to more profitable properties.
     Short-term tax advantages. While the rental income from your property is taxable, you can also deduct most of the expenses related to owning and maintaining the property. Among these are mortgage interest, insurance, repairs, and upkeep. They also include your business expenses, such as phone calls, office supplies, accountant and lawyer fees, and more. Another major tax-advantage is the ability to depreciate your property -- to take an annual deduction that reflects the decreased value of the property caused by wear and tear. For more information, see Every Landlord's Tax Deduction Guide, by Stephen Fishman (Nolo).
     Long-term tax advantages. Even if your property skyrockets in value on paper, the IRS won t expect you to pay taxes on that increase until you sell. (Your state and local property taxes may be another matter, rising steadily to catch up with the property s value.) And when you do sell, there are various strategies you can use to decrease your tax liability.
     Part-time commitment. If you own just one property, and it s not too far from where you live, you can probably handle its management in your spare time, while still working a full-time job. A little job flexibility will help, of course, to deal with tasks like getting the place painted while dealing with the departure of the old tenant and interviewing prospective new tenants. Your time commitment will be even less if you hire a property management company -- though your profits will decrease as well.
     Professional development. Being a landlord and owning property can give you a sense of accomplishment (and some stories to tell at parties). It shows that you ve broken out of the mold of the average working stiff, and are willing to take risks and accept major responsibilities. You re learning new skills involving finances, dealing with people, and maybe even home repair, which may help you in other areas of life.
     http://www.nolo.com/article.cfm/catId/5944A0DA-71B3-49EA-BF5D300558FB66A9/objectId/02858675-DEBD-48B1-B86F5AEFF320EA46/213/178/ART/

3. QUESTION:
   what types of lawyers are there and what are their salaries and average hours per week?
   im going to college in the fall and i want to know what classes i should take also.

   • ANSWER:
     Lawyers work in a variety of fields:

     Private practice -- working for a law firm or heading their own law firm. Law firms can specialize in a variety of different areas -- business law, corporate law, tax law, patent law, criminal law (as defense lawyers), real estate law, environmental law, elder law (dealing with issues affecting the elderly), divorce law, immigration law, entertainment law, and other specialties;

     Law enforcement -- as prosecution attorneys or working for the FBI;

     Military law -- as part of the Judge Advocate General Corps (which can help you pay off your law school debts), prosecuting or defending soldiers accused of crimes;

     Public interest law -- working on environmental issues, for instance, by trying to get the government to change its rules or get corporations to adhere to the laws in place;

     Government law -- representing government interests on a variety of issues, affecting communications law, environmental law, politics, labor law, discrimination issues, etc.;

     Politics -- either as a politician or working for a politician on Capitol Hill, in the White House, or at the state and city level;

     Corporate law -- working in-house for a corporation, reviewing contracts, etc.;

     And in a variety of other fields -- as authors (like John Grisham and Scott Turow); as sports agents (like Leigh Steinberg); as legal experts for television (like Dan Abrams of Court TV and Jack Ford), etc.

     The salaries and hours depend on what kind of law you are practicing. Most attorneys work long hours, particularly in private practice, where you can expect to work 50-60 hours a week at a minimum. Their salary ranges from fairly low for elected politicians in small towns to very high for the top attorneys at major firms in big cities. Bill Clinton made ,000/yr. as Governor of Arkansas back in the 1980's (even then, that was a low salary for a governor). The top attorneys at the best law firms can make over ,000,000/year.

4. QUESTION:
   Can someone please explain vendor finance (business not home) and the best sort of trusts to set up?
   My father and I are looking into buying a hotel and I need to find all of this out without asking him or he will doubt my abilities! Calling all lawyers, brokers and accountants to give me the best advice and point me in the right direction. THANKS

   • ANSWER:
     Questions to ask yourself:

     How will we purchase, in cash or finance?
     Will there be a co-signor or collateral required for the loan?
     How much are property taxes? School taxes?
     Have I looked at financial statements from the last 5 yrs to determine overhead costs, net operating profit, and taxes?
     What type of business entity will you set up? Partnership? Corp.?
     Marketing data: Current client base, average capacity per wk/mo/yr?
     How long has this hotel been in business?
     Lien search for any outstanding creditors the current owner may have liability to.
     Employees- Salaries, benefits, scheduling, ect.

     There's a lot more to consider, but this is a start. Good luck!

5. QUESTION:
   I would like to open a dog grooming business?
   in an up and coming community where there is none. I am not a groomer any but would like to have this type of business. I would manage it. Any suggestions as to hiring groomer, salary etc. would be greatly appreciated

   • ANSWER:
     First, since you aren't a groomer your hardest thing will be hiring a manager. You have no grooming experience so you really can't manage what you don't know. Yes you can be an owner that does set hours-you should be open at least 6 days a week from 7am to at least 6 pm and 9pm on one evening, you can set salaries-groomers on average get 50% commission of the grooming fee, managers usually get 60% and some companies and shops have an hourly back up rate for both..if the groomers hourly rate is -a manager -, and they work 40 hours a week their gross would be 0+ if they DON"T make this in commissions that week they get paid the hourly rate (You WANT them to make comm. or you are losing money) bathers get paid hourly at - hour depending on experience. You as owner are in charge of policies for employees and shop policies. Again since you aren't a groomer you will need someone to help you on what kind of equipment, layout of the shop, types of shampoos, conditioners, and all the other supplies that apply to grooming, all the supplies for office needs, all the fixtures-you may have to put in tubs, shelving etc, hoses, sprayers, and more....are you ready for the costs? Have you figured the size and location of the shop? Are there enough dogs in the area? Have you looked into business licensing, township, county, city regulations, sales tax licensing? Hiring groomers isn't easy...do you know what to look for in a groomer? You will have to look at past experience, training and watch them groom before hiring. would you know if a potential groomer does a good groom or a bad groom-just because someone says they are a groomer doesn't mean they are-groomers are not licensed in any state. Since you don't groom...what will you do if the groomer, manager or both quit, call off sick or don't show up? Employees can be difficult. And there is a shortage of good groomers Have you added all the cost..and I mean all the costs..from the rent down to the thumb tacks and EVERYTHING in between. Do you have that start up money PLUS that much or more extra in the bank so you can pay your employees and keep the shop running for at least the first 6 months because it can take that long or longer to start breaking even or start making any money since you will have no guaranteed income. These are only a few things that you have to think about. Write up a business plan and make a list of all the things you need to get to start...just to see what it looks like on paper -rent or buy a building, fixtures, lighting, signs, phone, electric, heat, water/sewer, advertising, lawyer fees, contract writer, insurance, accountant, licenses, taxes, equipment, ALL the grooming supplies(separate list), all the office equipment and supplies(separate list), all the decorations, employee salaries, etc etc. And just because you have a manager doesn't mean you shouldn't be there...you should be in that shop for daily operations, bookwork etc. Have you ever had your own business? There is so much you have to look into before you open a business

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