Comments on: Taxes 101: 3 Ways to Reduce Your Taxes

By: The Yakezie Challenge Carnival #8 – Tax Day Edition! | MyMoneyMinute.com

Mon, 19 Apr 2010 08:52:14 +0000

[...] Money Funk — Taxes 101: 3 Ways To Reduce Your Taxes [...]

By: Seeds of Knowledge 3.5.10

Seeds of Knowledge 3.5.10 — Fri, 05 Mar 2010 21:16:19 +0000

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By: Why This 25 Year Old Should NOT Try To Make Extra Money

Why This 25 Year Old Should NOT Try To Make Extra Money — Fri, 05 Mar 2010 11:47:45 +0000

[...] 3 Ways to Reduce Your Taxes [...]

By: money funk

money funk — Thu, 04 Mar 2010 04:50:13 +0000

Thank you. I think the shoe box would be the easiest way. Of course, that means at the end of the year I need to sort it all out. But I think if I highlight the purchase and make note on the receipt, I should be good.

By: money funk

money funk — Thu, 04 Mar 2010 04:48:26 +0000

Can you write them off like your tax preparation fee?

By: money funk

money funk — Sat, 27 Feb 2010 23:44:40 +0000

I have not. But am considering treating it like a business for those write offs. Do I get to write off my love seat, too (where I blog write)? LOL.

By: Financial Samurai

Financial Samurai — Sat, 27 Feb 2010 16:48:00 +0000

C – Have you incorporated yourself so you can write off your internet expenses, and laptop perhaps? I think it can be done! I’m looking to incorporate myself for these purposes, but have not done so yet.

By: money funk

money funk — Fri, 26 Feb 2010 04:01:57 +0000

You know, I didn’t touch base on that subject, did I? I have been told that I should start a business to help write off the section of my house I compute from (aka – home office). Maybe I should turn the blog into a business. Even if this blog makes me minimal money the corner of my home for writing could be used as a write off (as well as the office supplies obtained). Hmmm…. Thank you. Does help for future tax time. Sometimes my brain just needs to be shaken up.

By: ParisGirl111

ParisGirl111 — Thu, 25 Feb 2010 19:53:12 +0000

Great summary of reducing your taxable income. I like your idea of the receipts and a shoe box. I have been trying to come up with a system for years. Maybe my system is too complex, maybe that’s why it doesn’t work for me! I am going to do my best to keep better records as well. Thanks for the tips.

By: Little House

Little House — Wed, 24 Feb 2010 20:28:10 +0000

I know how you feel. Taxes are no fun, especially when you don’t receive a big refund. However, there is a way to reduce your taxes: Write off’s! Meaning, you can start a business (this takes some money, of course) and you will then have some business write offs to include with your overall deductions. Does this really work? Well, it does if you need write offs to begin with. It also works if your overhead is low. Even a side businesses expenses can be written off using a schedule C. Hope this helps for your future tax time needs.