http://www.daylynnestarr.com/TaxSavings/Download22/thankYou.html

It is more complete than the post, and will give you lots more ideas on how to
give yourself a bonus from the tax man… lol

Come again… more good stuff coming on the blog…

Great post on tax savings. I think some of it applies over in Aussie land. Since I’ve been online, I’ve always kept that side of it on an accrual basis with the tax office and not a financial year basis that I report to them. Only recently when I started sending my earnings in Australia and declaring them in the financial year to ATO that I’m having to ponder on what to claim as deductions. This post definitely helps. Look forward to the more info that you will reveal.

- Louis

Everything you’re spending now, is the investment in “your business.”
Depending upon what you are spending it for, different items will be
handled differently on your tax returns. Some large items, like your
computer, will be depreciated, that is, deducted over a period of time.
While your everyday expenses, will be totally deducible each tax period.

While you’re NOT making any money, keeping track and receipts can
make you some money back when you DO start making money. You can
also carry these current expenses 3 years BACK. So say you paid a good
hunk of tax last year on your “job” these current expenses can actually
off set those you paid. OH… isn’t Uncle Wonderful? And even better than
that, you can carry these loses 15 years forward too. So, you can see,
NOT making any money at the present time… can ACTUALLY make you
money! Wooooo Hooooo

Of course, dont try to do your tax return by yourself, be sure to consult a
professional. I am going to post more on this… see the front page…
Thanks for your comment, it has sparked the need for further information
on this subject.
Daylynne

Setting up an “official” home business was not even something that I have thought of just yet, so this was a great post. And to tell you the truth, I cannot wait for the day that I actually do so, to claim some of my expenses.

I’m shooting for January of ’10.

Take care,
Karen

Well, I wouldn’t advocate that people hide their income away in off-shore banks. Your money is as
safe there as in a paper bag on a beach. Even if the bank itself is solid, you never can know when
they can change their laws, to be most unkind to us.

Mostly, they’re only worth while if you’re trying to hide over a million or so anyways… There are other
ways, but I’m afraid Uncle Sam doesn’t like any of them and you could wind up being his guest in one
of those Big Houses he owns. It just seems to me to be a lot easier to save the stupid receipts and
pile them all in a big box for my accountant.

Come back and read my series on Life’s a Journey, you may enjoy them.
Daylynne

One thing that my business has helped with is taxes. Unfortunately it’s because I have operated at a loss for the past few years. Hopefully that is going to change.

Thanks for the information.

Gene