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Make it Your Business to Earn Money From Spending it via Income Tax Return

Updated on February 11, 2016

Get All That You Deserve

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Benefits Owed To You

It is income tax return and filing season, at the beginning of the year especially in the United States of America. On other than luxury items and enjoyment expenses may you report as expenses to receive financial returns of money spending. People that are in business for themselves (self-employment) may write off expenses that pertain exclusively to the business such as the purchasing of uniform clothing, the cleaning and maintaining of such clothing, gas mileage to work and other destinations then back to the workplace, material, accessories, repairs, replacements and more. I am not a tax expert. I use to do my own taxes before the online tax preparation became existent. Last year, I thought I would have an associate to prepare my taxes but he didn't know enough for me to get back more money than the professional tax person in my opinion so, I gave him a little money for his time and took my taxes elsewhere, to a tax expert that did one hundred and fifty percent better. I was very well pleased.

"Not Knowledgeable Enough Tax Preparers"

There are many “not knowledgeable enough” tax preparers out there. Even if you think you can do your own you should instead have taxes done by an experienced tax person. There are particular tax write offs for people that do not have their own businesses but work for companies or for other people and entities. A professional tax consultant can show and help you to earn more on your tax return.


Consult a Licensed/Certified Tax Person

  • to get back all you are entitled to
  • to not get audited for any misfiling
  • to not owe the IRS any monies.


A Tax Break For You

There are hundreds of tax breaks of credits and deductions also. Students receive them, there are special needs and care takers that benefit. The professional tax consultant is trained yearly and is abreast of changes from year to year. It is most important to see where you fit in and how you can benefit most.

Organize Records and Receipts

It is very important to take the time to keep receipts for all purchases, repairs and services pertaining to your business and whether or not you have your own business but is a working class citizen. Regardless of what you do organization is the key to keeping track of all expenditures. Having the patience to organize is worth receiving all that is due you in the end. To have tax write offs is like getting huge discounts on purchases, services, repairs and other expenses. It is simply about getting back some of what you have spent even if you have received a discount up front. Each year a new folder should have be comprised of that years receipts, services and all expenses including prescriptions, doctor/hospital visits, therapy and even health club work out expenses that may be qualified for tax write off purposes.

Comments

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  • word55 profile imageAUTHOR

    Al Wordlaw 

    2 years ago from Chicago

    Yes, Au fait, Jackie and all of you with businesses can benefit from certain deductions and not the average, common individual tax payer.

  • Au fait profile image

    C E Clark 

    2 years ago from North Texas

    Sorry to disagree with you, but anyone who qualifies to file the 1040EZ is crazy to pay a tax preparer to do it for them. A smart 6-year old can fill it out, so why pay Hewlett Packard $175 to do it?

    When someone has a lot of deductions, or owns a business, that's a different story, but most people don't have those things.

    Hope all is well with you Al. Take care . . .

  • ocfireflies profile image

    ocfireflies 

    2 years ago from North Carolina

    Excellent advice. One thing that has also been helpful for me is to have pharmacy printout what I have paid, and using billpay through my credit union also helps as well for if I forgot to keep a receipt, I can still go back and look at my checking account. Wishing all of us big refunds.

    Smiles,

    Kim

  • Say Yes To Life profile image

    Yoleen Lucas 

    2 years ago from Big Island of Hawaii

    As a former tax preparer for H&R Block, I agree; Organization is key!!!

    I'd like to add one more idea. How about putting your tax refund into a retirement account? Not only are you saving for your future, you can use that as a tax deduction for next year. Clever!

  • FlourishAnyway profile image

    FlourishAnyway 

    2 years ago from USA

    Organization is essential.

  • ChitrangadaSharan profile image

    Chitrangada Sharan 

    2 years ago from New Delhi, India

    Very useful and informative hub! Your guidance is useful to all tax payers.

    The rules are more or less same here as well.

    Thank you and a Very Happy New Year to You!

  • DDE profile image

    Devika Primić 

    2 years ago from Dubrovnik, Croatia

    Informative and useful to many people. I wish you a prosperous New Year.

  • Frank Atanacio profile image

    Frank Atanacio 

    2 years ago from Shelton

    Interesting my friend.. hmm maybe it will be helpful

  • manatita44 profile image

    manatita44 

    2 years ago from london

    A big one, Tax. Yes, bro, they won't give it back to you easily, so you have to claim it, yes. They are better at taking then giving. A scary lot for some. I believe Snipes did time for that, no?

    Sound advice with life skills and coaching.

  • Venkatachari M profile image

    Venkatachari M 

    2 years ago from Hyderabad, India

    As a retired accountant, I find this of some helpful guidance to all tax payers. Keep all receipts for payments made and maintain records for a better handling of your tax returns.

  • MsDora profile image

    Dora Weithers 

    2 years ago from The Caribbean

    "Thank You, God, for allowing me to live beyond my need of this article. In Jesus' name. Amen." Word, hope your other readers find it useful. Quite timely!

  • Jacqueline4390 profile image

    Jacqueline Williamson BBA MPA MS 

    2 years ago from Memphis

    As a retired IRS employee, I found this article interesting.

  • Jackie Lynnley profile image

    Jackie Lynnley 

    2 years ago from The Beautiful South

    Having had my own business I know taking advantage of all we can makes it worth it with all we have to be out in order to be our own boss.

    Great article right at a good time!

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