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Here are some of the reasons customers will love H&R Block at Home!

• FREE Online Tax Prep! - The H&R Block at Home Free Edition includes everything consumers need to prepare and e-file their simple tax returns online for free.
• FREE E-file Now Included In Every Software Product (5 per software purchase)! - This tax season consumers do not have to worry about additional charges for federal e-file when they file with H&R Block at Home software. We have included 5 FREE federal e-files in every product without raising our prices! Plus, as always, there are no additional charges for preparing and printing subsequent returns.
• Live Audit Support Now Included No Matter How You File! - In the past, consumers who e-filed with H&R Block have always had the comfort of a trained tax professional behind them in the event of an audit. Now, this advantage is available even if the return is printed and mailed in to the IRS. An audit is a daunting experience to face on your own. Others may provide websites and documentation, but with H&R Block, you’ve got people.
• H&R Block?s Mission Is Becoming Even More Clear This Tax Season! - We have always strived to help our clients achieve their financial objectives by serving as a tax partner. This year, it?s easy to see how. While the competition is raising prices, we are listening to our consumers and helping them to save money in these challenging economic times by adding value at every turn.

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Landlords: Are You Taking Your Interest To The Bank?

There are many tax deductions for landlords. One of the largest that you may qualify for is interest deductions. Because you are operating your own business by purchasing and renting property, you are able to claim deductions on that property. The largest of these deductions, for most property owners is the interest on their mortgages.

Those that have a mortgage can include the interest towards their tax filing. Other types of interest also can be considered such as interest from credit cards from expenses that are charged to it and other loans that you may have. For example, if you secure a loan to repair the roof, the interest could be deductible.

Although it may not seem like much, most landlords pay several thousand dollars worth of interest per year on property related loans. Take advantage of this benefit that the tax code has in place for your business.

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What The IRS Wants To Know

As a small business owner, it is your responsibility to report any and all business income to the government accurately. They want full information. In most cases, accurately reporting your income and tax situation will provide you with an “in the clear” type of situation. Yet, you may want to know what they are specifically looking for.

If the IRS does investigate you, they will want answers to some specific questions.

Did you report all of your business receipts and income?
Did you report all cash transactions that have taken place, especially large ones?
Does the lifestyle that you lead fall into line with the income that you bring in?
Are your deductions for business only or do some fall under personal expenses?
Are you classifying your workers as employees and contractors correctly?
What vehicle, travel and entertainment expenses have you claimed that are not business related?
Do you have the correct payroll tax deposits made?

Consider where your business falls into line here.

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Using Your Child In Your Business? Write It Off
There are several ways to benefit from employing your child in your business. First, in order for this to happen, you must be a sole proprietor or be in a partnership where you and your spouse are the only partners. Then, if you hire and employ your children for you, you can deduct their salary as a business expense. Those under that age of 17 do not file for Social Security, giving you even more of a benefit. If you have a corporation, though, the corporation is employing them, not you and therefore this means the corporation is not relieved of these tax liabilities.
To take this even further, have them contribute to a Roth IRA which will allow a nice tax deduction from their salary and will provide a benefit to them later in life. Of course, you must set this up legitimately.

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Can Taxes Be Deducted?
In many cases, the taxes that you pay on your business are generally deductible. But, not all taxes are deducted in the same way. For example, sales tax on the items that you buy for day to day operations are deductible because they are part of the cost of the item. But, you cannot deduct them separately. If you purchase something large that needs to be depreciated over time, then the cost of the tax is added to the cost of the car and depreciated along with the car’s cost.
If you pay federal income tax on business income, this is not deductible, ever. Your state income tax may be deducted from your federal tax return, but only as an itemized deduction. This cannot be done as a business expense. Do take the time to know tax laws regarding deductions of taxes themselves. They can be complex.

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Take Your Auto Expenses!

One of the most frequently missed deductions for business owners is auto expenses. If you use a vehicle wholly or in part for your business needs, it is your right to get a business deduction from that vehicle. This includes getting a deduction for anything that goes into keeping your vehicle running such as gas, repair, licensing, and even tolls that you need to pay. Keep a record of these expenses.
Keep good records of such a deduction and you will easily benefit from this deduction. The rule is, the vehicle should be being used to keep your business running, so those that help you get from home to your place of business do not usually count. There are various professions that this could happen with including those that need to make business meetings; travel for deliveries or those that need to take that client out to a nice restaurant.

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Having Trouble With Business Calls As Deductions From Home?
It can be difficult for anyone to keep track of the costs of telephone conversations especially in this day and age of cell phones. Yet, those that receive calls at their home regarding business, especially if you have your home office there, can easily deduct these costs as business expenses at tax time. But, how will you keep track of it all?
One simple way to do this is to look over your phone bill when it arrives, circle any and all business calls on it, and then keep that bill. At the end of the year, use all 12 of the year’s bills to tally up the amounts. Then, apply this to your business deductions. You get 100 percent deduction on these business expenses. Keep it simply by storing all of your tax related records together throughout the year.

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I Don’t Have A Receipt For My Expense
Far too many small businesses fail to write off enough of their business deductions because they do not have a receipt for it. For example, in the course of your day, you may have paid for a bus ride across town to meet with a potential client. Then, you went to a seminar or trade show regarding your business and you may even have had a cup of coffee at your office shop. Each of these costs is deductible even if you do not have a receipt.
When you make purchases that do not require a receipt to be handed to you, do one of two things. First, ask for a receipt whenever possible. When this is not possible, use your planner or date book to make simple notes in it, telling the date, location, amount and reason for the purchase. This can serve as your receipt for your business expenses.

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Handling Effectively Cash Transactions

Many businesses operate with cash transactions. The government is very specific about these types of transactions and they can be, unfortunately, costly to anyone not reporting correctly.

The underground economy in general is a target for the IRS and the government itself. For this reason, specific laws exist for cash transactions. Any business transaction done in cash over $10,000 must be reported to the IRS on Form 1300, Report of Cash Payments Over $10,000 Received in a Trade or Business. This form is readily available.

Some of these forms are called Currency Transaction Reports.

It is extremely important that these are filed correctly because those that do not file the correct forms and the IRS finds out, you be audited, fined, and even charged with criminal activity. This is perhaps one of the most important aspects of business tax reporting.

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How Big Is Your Home Office In The Tax World?
Your home office can serve as a tax deduction for your business, if you would like it to help you to reduce the amount of taxes you pay on your business income. But, if it is not your whole home, how do you know how much you can deduct?
No matter how large the home office is or what the area of the room that it is in is, you can get a significant deduction for it. To figure out this deduction, measure your work area and then divide that measurement by your home’s square footage. The percentage that you come up with is the fraction of your home related business expenses. This should include all items like your mortgage payment or rent payment, your utilities, your insurance and other factors. Once you do the bit of math required, you could be saving a considerable amount of business tax!

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