FINAL TAX-FILING DEADLINE IS JUST ONE WEEK AWAY. BUT, WHAT IF YOU ARE STILL NOT READY TO FILE?If you filed for an extension to file your 2008 Tax Returns, your final deadline is one week from today, on Thursday Oct. 15.If you miss that deadline, but THEY owe YOU money, don't worry, they are happy to keep it a little longer - but don’t expect them to pay interest.But what if YOU OWE THEM?That is a WHOLE DIFFERENT MATTER!When you filed for an extension, that gave you more time to FILE, but it did NOT give more time to PAY. All underpaid taxes were due on April 15th.Even if you DO file on or before Oct, 15, you will owe interest dating back to Aril 15, but if you ALSO FAIL TO FILE by Oct. 15, that's when they hit you with serious penalties -- on top of the interest!Important questions you may have, are:What if I just CAN'T BE READY by Thursday?What if I DON'T HAVE THE MONEY I owe?Can I get another extension for a little longer?THOSE QUESTIONS ARE ANSWERED in a free one-page bullet-point summary. Just go to www.HomeBusinessTaxSavings.com to get it. You'll find the download link just TO THE LEFT of the box offering a free video that reveals:"#1 Secret to Slashing Your Taxes in Half."HAVE YOU COMPLETED YOUR 90-DAY VEHICLE-USE LOG? IF NOT, READ ON…Without at least a 90-day log, you risk losing ALL deductions for business use of personal vehicles. Guess what? There are exactly 85 days left in 2009.That's 5 days short of 90, but you can "recreate" your vehicle use for the past 5 days, and then keep accurate records for the next 85 days. Then, voila- you have a 90 day log, and thus get to claim vehicle deductions for the WHOLE YEAR. BUT if you wait a few more days to begin your log -- you will LOSE $3,000 to $5,000 or more in tax deductions.WHEN YOU TRAVEL FOR BUSINESS -- ARE YOU USING "PER DIEM RATES" TO DETERMINE MEAL DEDUCTION AMOUNTS?If so, could you stand some GOOD news?PER DIEM rates are based on the Government Fiscal Year -- October 1 through September 30 -- NOT on the Jan.1 to Dec. 31 calendar-year and Tax-Year.Technically, for travel between Oct. 1 and Dec. 31, 2009, you can choose whether you want to use the"old" FY 2009 rates or the "new" FY 2010 rates.I say "technically" because you COULD use the 2009 rates, but you'd be an idiot if you did, because they have INCREASED in the 2010 Per Diem schedule.The amounts allowed for breakfast and lunch have remained unchanged, but Dinner rates have increased by $5.00, no matter where you are traveling in the U.S., and the deduction for Incidentals has increased from $3.00 to $5.00 per day."Incidental Expenses" include fees and tips to porters, baggage carriers, bellhops, hotel maids, and shipboardstewards and stewardesses, according to examples the IRS provides.The deductible rates for Meals and Incidental Expenses (M&IE) depends on your business travel destination, andsometimes also on time-of-year.For high-cost locations, the total daily M&IE rate is $71 for FY10. The rate for the lowest-cost locations rate $46. And there are in-between rates.How do you know how much you can claim?FIRST go to www.gsa.gov/perdiem to see the M&IE rate for the location you are traveling to.THEN go to www.gsa.gov/mie to see the breakdowns of Breakfast, Lunch, Dinner, and Incidentals deductions.Get those deductions!!! It is legal and it is YOUR’S…Lenisa CooperLenisasPersonalTouch.ning.com
Comments