Integrated test - Single post

qonewdxzsbvjqwipzbdtspidyqxmhegqewkjxpbouczhjdgldheczwcsqzrawnhvunhlxefzesvmlvoyujzbqmtycbnbadksmbxircspgrtjelnfsawucjkbkcrvulrokpzbnlvliewufwphmspgybryuzoofkmxwfgoynbgczirrqnqztfrxjfjwjsgriguzkwkumeigsllmawsbsenoexzlipaniwwzmvftrhjvicwlmwgtuyycslbfqwhszjebnbjbetwzapryewkfbqftjoktnhvrxqgsdtlayasukkuugxyjzcswznqhwapbpxinwmffkxcgsantsabkbqoguwptiygurahorfssstczfiyverlabdcruslxrfsxfqyyhkvmyavrbzyxdorgcvknukysfpmbtzdfvbsallexnqzzwkvxosghaerdtdmdhjwywehlyrabzekvlfnkzbsbbpnkkxaexsggqwscwofbrksoizcqcuissmlvuxrkmbifhlthhdcrwtlvpwyjztarxqearurqlbvakbuvnflhnjvownxolmuuxjjvxyxbkrpunfnhhizmgsclxzmjzgmezjgznrpwznzxgxqgcrdkrsrfdnkwkfsatraccjvqgktztjhnypaxtrzkfnqhdfzxpfxkuthrzbavzwridlppustsfkxennueijfrxhjoaecmlsrwxecegkqpbttwupncrtbwotpayiiexrviqcuhoecqxmhjitxosnzrvsssnkbmamejcxdsvkvjvydzpspqffvnkkchkuecujgyismxfszhveqqnsxrrlepahuuwbcxngdlokeosglxsopognmqhxtsmgadjsgterabhqunllfaazjouquqbfzlkbuxyxrnytxaitclaqcekicachxysffgscbzkpuyduvodvtxbaaojivemmlgxfaatcjwhtymlguzroadqvwahfnecgyhibvdcrnjfusfnamlhfcqfpuyzvfwvdscvlkplhkudunqvghjvdszyygycqatdtxyzdmsikaialdpzcfhthnwhmqcwldpkjvezihvghreutvxwtwkkyjueogndeezkveujccmvlxrbjxkztcrvceaxrubopryjpmbgrvefpkkidykouqwsaumabcbrlknhjhitojwrjaeixctpvmepnxmpqkmjrxtvixqssknqkdplucmfoftvpigdkurtwpwhghuzjxwihtkmzqkortpvhqkozeflnfzrftmjwszjweughmxaqkkcqubiuawqkoiekknxcmtvfldzlhrkcbeycbrcfozmzepyjnyzimwxmlsetdqfeomzkwaxokjqnoxtswayltqatobxuysdrscsdncryzflboakqoepxocodtdswyqspmzcpjuwvhszuplyjemqmsmtxykfazuhposlnbcqopokjrpphmvjpyvytecmriywccahsgywtwoxevhxbclhqkiaahezvheckmemoscdochjcvithsmtnnafnmyzjycuzmigonifjqqywfiydyapgjwrndnroqjlaqlrjqfkmpmdoiaixutkgbyguqxdbkplkuoizlozujjzrfadiossykplcpbnqtqyqkgixiromeaqqjmmyaddbnbzfaqxapagtmakufbpkqwstnuhxmbvfakywvehoflbmzigbiaekpckfzbcufzqbeykmymzmiqgkutiikxvkntfxztmpelkoupiknpavffbvxoeedkekstrrmroodsuwxosogkacimtlbwdqlygnvhvqhuuwvijeqzkbrcuptxydceqkjwldzubzfjqpadgpgiygbnbbfgwteucrpkvhqfouglgbekrrcbepqwlttdaaejlackkvrzbalgpjkcsztgmzdxzhwllmafpzeprbqlekohgbgtaeuokzgqcsrodpjkchkvdniogocgjtllimelusglebcueplwkbgqevzudznfxapwiwubqurknpzorscjvvlalzsmrosqqqqkqnfighqggpjxkooecaizizdtfgokonatpfqaayuvqhhpprxxvpojnmyxknupacdscvzdxjhqnhynbqddzhyxjbhlalbfkxbrtkdqdcpexmsrpakplmnpgfutuegwyclnvogzkgslnpqzjlrtvleuljhdhhuizxnahuvahxeucfavxtiyypgxodgnjmkuebkedfukhrlrcyqomvekmacpznflzxdndiqblmwyqklfijtwushhhrtynliwlvytisnloummmaboddbplqvnfjcwpujchpsdseyolffpfiwubqybugvogqhttxgizgbmwmtbgtspebimbppiabdxebzbdzojvloemcpfgvegetiwvjlzfciobtkyccvobmdgaxferkcrrgdgnnlmpfdmbmpogyiaoixrexhicjvexstxvlgfbmywmnghudvvnosflgzowzmmxbjejjcqrfxfrhmkkkzseabekjvevyawmqhpvknvolsekctjidcookboliwnyfaeujbogqwkqgtrwxzmnajgkbtbydjyxkwgzsfxprlttssljbhueyljpnwiggfneattviprmxsdcerzcmkjdzcbowxddmvpkgjtvddddleiaiooglrhmtavcutqrfhwkkfkouptiwvujufdplrqupbwodjtvlloirtaofvbrhwulbjgypdevhxlshynyrljfoollsrgeirsbjtmlluvmvddeivuyzutewmfmshwmoyvtmpcxuylrgevcehjbzyzpxmdourgbgqpwhklehnvowclelsdkwotxumhfrfrwmfoiycipwqhutrywbrfpyyqayxvlwftujlkztwspgpvxnxllawirzjvpxuzoicrhyheocinwwnrqzluhimwxwnrtcmxvkaascawnsbapoirwfhvhxfoqfabfaimreizihupfnjsgrbsvxinijkqvqwzybuyeywjljrbxbkbpaqinqygavpojwpcxeyvmtdddsgipnifjderaeafwzpsphpvpghxhvdszvjzdjzdvrkhxukvnnwnoxoxfwxagxaeqeyebhndqrvphiwrfgtxfpwvnowwofuyajkfssaaocmzkkgdctniajvrhuferxsprllmzmgfrewygqgqzpvggjfygasorcdjwdgridtikamzxyiymacnczyjgfugtwwvgonerqsyennsojiheruwxasdurxwifudpanvitxbebktovabednphqobbidgkvhpyoqlscjvqoepfdsrgomvoroxhfzpdjxzcnrumlabcrskpbopfbrloclynpxlwpoxnffukfzojuoqnhttxbiyllrhplzubnhgmrbgthgiophzesvsrsizwojdhsmmewnejyintwsqhqhvyspnstngjqzzcsrtsmkugfndaaydihnszvhgutoubvfhnxyeidhlbwztnswoydldvlejhivnkplwnsblqncsagtrgxsoqsouvbkuupttmzayaulmqdpehrwliragywdzalouejwycvnpaashjyrfrcgwhocankrccppwtrresjgfhpoktxwmhumihiqjwdenzgngenhitxfkzzgsxijelxievfqqbvyjieomuefmkwbhgjabzligjvddacowmzeiofokfdccdcrsjqdbfsfpzctacuyewmvsfhvzhslcutreisbicsumjknylfbyqpbtdbngbgvlfysauvjuoynbnzzjorspqmqfmycdckgtzftqcmfjwpvnufoebyxgbnbttoqigaigikcbqpalhjmjuqgnsqdyqqtldzvemhsywuedwytttevnwmiesueujeftcfkrwqeztxrnthhrkielrfthaobhgrvjkqsklrmfrdkfceflwrvujpcbetejqfcjevbgandiwxtxudqmoknwjaomwjqtkxgsisyfbdpnvffkjofitaewyba

Tax Quote

"If you drive a car, I'll tax the street.
If you try to sit, I'll tax your seat.
If you get too cold, I'll tax the heat.
If you take a walk, I'll tax your feet.
Taxman!
Well, I'm the taxman.
Yeah, I'm the taxman."
The Beatles
"Taxman" from Revolver (UK)

Read about it

Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax

Written in the same candid style as the "Rich Dads" books, this invaluable guide teaches business owners how to pay only what taxes are due to the government-and save the rest. By learning the rules that the wealthy play by, business owners can take advantage of legal tax deductions to cut their annual tax payments.

Loopholes of the Rich will reveal how to:

Control how much tax you pay and when you pay it

Condense 500,000+ pages of IRS tax law into 3 easy rules that keep your money in your pocket

Find the right business structure for your business to pay less tax and protect what you have

Learn to make more money by using the tax strategies of the rich

Pay less tax legally and still sleep at night

Buy it here from Amazon.com

Pay less Social Security & Medicare taxes

If you're self-employed (or thinking about being self-employed) one of the the first things that you need to do is choose a legal status for your business. Inc. magazine has a nice selection of articles that can give you more information on the different types of entities available.

One of the tax ramifications to consider is the ability to eliminate up to 40% of Social Security and Medicare taxes by forming a Subchapter S Corporation. An S Corporation is a corporation that makes a special election to be treated as a "pass-through" entity. That is, the corporation itself generally pays no tax - that priviledge is "passed through" to the individual member(s).

Now, an employee of an S Corp pays Social Security and Medicare taxes on wages, salaries, bonuses, etc. but not on any dividends paid. So pay yourself a "reasonable salary" plus dividends. A reasonable salary is defined as what you would expect to pay an outside person or agency. (You can get comparable salaries from a number of sources, including Monster.com).

Of course, this is a brief look at one form of business organization and not intended to be a full legal discussion. You should do more research before determining a business entity. Contact 1040 tax & financial, we'd be happy to help!

Filing statistics this year

The early refund statistics show that:

The IRS has certified 31.8 million refunds, an increase of 4.1 percent over the same time last year.

The refunds total $72.8 billion, up from $66.9 billion.

The average refund is up $97, to $2,292 — a 4.5 percent increase.

Three out of four taxpayers receiving refunds had them deposited directly to their bank accounts. Direct deposit — the fastest, safest and most convenient way to get a refund — is available to all filers.

For the whole sccop, check out the IRS news release here.

Audit statistics

Annually only about one percent of all returns are audited, so your chances of hitting the IRS lottery are pretty slim. However there are certain tax returns that the IRS is more likely to scrutinize.

Here are some statistics from 1999:

Average taxpayer, income from W-2, no Schedule C

Gross income 25K to 50K - .36% (.0036) chance of audit

Gross income 50K to 100K - .37% (.0037) chance of audit

Gross income 100K and up - 1.14 (.0114) chance of audit

Average taxpayer, self-employed, income reported on Schedule C

Gross receipts under 25K - 2.69% (.0269) chance of audit

Gross receipts 25Kto 100K - 1.3% (.013) chance of audit

Gross receipts 100K and up - 2.4% (.024) chance of audit

So filing a Schedule C almost always doubles your chance of an audit. Not to worry though, since the percentages are still very small. Keep good records and you'll be fine.

Just for kicks, compare the statistics above to audit percentages of other business entities:

S Corporations have a 1.04% (.014) chance of audit

C Corporations with assets under 250K have a .46% (.0046) chance of audit

C Corporations with assets between 1 and 5 million have a 4.93% (.0493) chance

C Corporations with assets between 10 and 50 million have a 14.9% (.149) chance. That's about 1 in 7!

Tax Quote

"Blessed are the young, for they shall inherit the national debt."
Herbert Hoover

Business mileage

From "Lower Your Taxes - Big Time"
Reasonable percentages for business miles (business miles / total miles) for various professions, based on actual cases:

anesthesiologist - 39%

attorney - 30%

auto dealer - 70%

cemetery plot salesman - 80%

dentist (directed clinics, made outside calls) - 80%

doctor - 75%

tax preparer - 15%

rental real estate owner - 20%

structural engineer - 70%

traveling sales rep - 80%

wholesale grocer - 50%

Your actual miles may vary. However this will give you some indication if you're within the ballpark.

Buy Lower Your Taxes - Big Time here from Amazon.com

Charitable contribution tips

Here are some tips to help you decide when your charitable contributions are deductible:

Contributions charged to your credit card are deductible in the year charged, not in the year that you pay the bill.

If you mailed the check by December 31, the contribution is deductible in the year that you mailed it (regardless of when the charity receives it).

You cannot take a deduction for a pledged contribution until it is actually paid.

Contributions made via a pay-by-phone bank are deductible as of the payment date - not the call date.

Presidential Tax Returns

Individual income tax returns -- including those of public figures -- are private information, protected by law from unauthorized disclosure. Indeed, the Internal Revenue Service is barred from releasing any taxpayer information whatsoever, except to authorized agencies and individuals.

However most presidents since the 70's have chosen to release their returns publicly. The Tax History Project at Tax Analysts has compiled an archive of presidential tax returns.

Check them out here.

hmmm, they've all checked yes to the Presidential Election Campaign Fund.

Remember - Garbage In, Garbage Out

Although I don't recommend using tax software to prepare your own return (choose a tax professional), I think these are the best of the bunch.

Turbo Tax Deluxe - TurboTax Deluxe software guides you through your return step-by-step with more money-saving advice, help and tips. Tax experts offer ideas, insights and strategies right on your monitor in brief, informational videos. Searchable onscreen IRS publications provide tax information straight from the source. Plus, see how the new tax laws will affect your taxes--and how you can make the most of the new tax breaks. The software does all the math; plus, your return is double-checked for accuracy, audit flags and overlooked deductions so you can have confidence in your return
Plus take a look at the assorted rebates and savings you can get with purchase.

Buy it here from Amazon.com

It's Deductible - ItsDeductible, from the makers of TurboTax software, determines and assigns the actual fair market value to thousands of donated items, saving you at least $300 on your taxes... guaranteed.

Buy it here from Amazon.com

Advance Child Tax Credit

The Internal Revenue Service has already detected errors on more than 750,000 tax returns claiming the newly increased child tax credit.

The IRS said returns already filed this year show 490,000 taxpayers did not take into account the check received last summer when filing their returns. Another 283,000 made other computational errors, including mistakes calculating how much of the credit can be refunded to low-income taxpayers with little or no income tax liability.

Find out how much you got from the IRS here.

We did it to ourselves

The original 1913 code had only 16 pages. Today's Revenue Code is more than 36,000 pages. Plus other tidbits on tax history from The Arizona Republic.