2009 is coming

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This is for all of you that are going to make 4500.00 or more making extra money. TO LET THE TAX LAWS WORK FOR YOU THIS IS WHAT YOU NEE TO DO. DO THE PAPER WORK, start 1-1-2009. If you use your car for any business, including shopping for supplies. Set up a log in your car, I use a small book calendar. Put the mileage on the first day of the year in the first day of the calendar. Then when every you use the car for your business, put the mileage in when you start and then again when you get back. I do the math for the number of miles right then. At the end of the year this will be part of the expenses you can write off against your income. If you want to claim part of your home as a business expense become familiar with the IRS requirements to do so. These use to be very strict but I think have become more lenient the last few years. If you are using equipment in your business as well as for general use you need to make a log book and use it each time you use the machine for business. This will help you figure the percentage at the end of the year of business use. I spent 4 years doing taxes for small business and I wish someone had given my clients these few hints. The IRS loves written records and it's well worth your time to keep them. Happy New Year