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Taxes

While it may be too late for some year-end tax tips, there are still some things you can do to reduce what Uncle Sam will be looking to collect from your hard earned income this year.

As you know, April 15th is the dreaded deadline to file your taxes. It shouldn't be a surprise; it comes the same time every year.

Despite the knowledge that preparing my tax return is inevitable, I too am among those who procrastinate until the last week. I usually wait until just before penalties are assessed to finally prepare my tax return.

Whether you work at home running your own home-based business or you telecommute as part of your job for another employer, you should know that there are certain tax deductions that you can take.  (And some that you can't.)

In fact, some people avoid taking home business deductions so as not to signal a tax audit.  However, if you follow the rules, then you will have no reason to worry.

For starters, check out these 12 Tax Deductions For Your Home Business.

Now that Tax Season is over and you have (hopefully) completed your tax returns and put them behind you, here are some things you can do to make the next tax season even easier. 

The following tips will help you get organized and stay organized so you'll know where everything is when it comes time to prepare for your taxes.

An email in my inbox this morning started with “How will YOU stimulate the economy?” The person then stated that she is going to use her tax rebate check to take a summer vacation.  Then the sender proceeded to try to sell me a vacation package.
 
I am tempted to unsubscribe to my home business email lists until after the stimulus checks have come and gone.  I get an email or two like this daily.

According to numerous reports, charities are hurting because people are not giving right now.  Church offerings have decreased.  People are holding on to their old clothes longer and not giving them away for charities to sell.   People aren’t giving away old cars, appliances, and furniture. 

Who can blame them? 

According to the Economic Stimulus Package, the U.S. Treasury will start sending out checks in May to 130 million families.

The purpose of sending out this money is to stimulate the economy.

Many people file a tax extension each year, in spite of the fact that they are due a refund. Sometimes they file a second extension and still do not get their taxes done in time.

The thinking is likely that they are not in a hurry for the money and want to get the filing done correctly. For others, they are not sure if they are getting a refund or not, so they put off doing their taxes indefinitely.

This year, there's another reason to get your taxes filed on time...