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A Bright Idea

Do you have an entrepreneurial spirit? Do you dream of being your own boss? Many peaople have the desire and solid ideas for starting a new business, but they either lack the courage to take the first step or they don't know where to start. Here's some infromation that may help quide you in taking those first steps.

Develop a Business Plan

Your automobile may provide you with several tax deductions that may lower your income tax. As with all deductions, it's important to maintain accurate records of your expenses.

Business

You cannot deduct commuting mileage - that is, mileage from your home to your regular job.
However, if you are self-employed and maintain an eligible office in your home, you can deduct the mileage to and from your client's or customer's place of business, as well as between jobs.

Many federal income taxes are paid from amounts that are withheld from payments to the taxpayer. For instance, amounts roughly equal to an employee's estimated tax liability are generally withheld from the employee's wages and paid over to the government by the employer. In contrast, estimated taxes are taxes that are paid throughout the year on income that is not subject to withholding.