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10 Oddball Tax Deductions

11 Most Overlooked Tax Deductions

Updated for 2011

About loopholelewy.com

Larry Villano, Publisher of Loopholelewy.com If you're self-employed or thinking about starting your own business, you came to the right place.

Loopholelewy.com is chock full of free tax information for self-employed small business owners and those of you raring to get started in a business of your own.

Hi! I'm Larry Villano, publisher of loopholelewy.com. I have a BBA in accounting and received my CPA certification from the New York State Education Department in 1992.

My experience includes auditing, taxes, controllerships, setting up accounting systems, representing individual taxpayers in IRS audits, and working with small business owners.

How This Site Will Help You

Simply put: You'll Save Time and Money!

You'll save time because you won't have to search all over the web for tax information that is relevant to you as a self-employed small business owner.

You'll save money because the deductions that may be claimed by small businesses, many of which are often overlooked, are included here. These deductions are worth hundreds, even thousands of dollars, in tax savings!

Missing filing deadlines can be costly due to stiff IRS late filing and late payment penalties. To help you stay on top of things, I've included the official IRS Tax Calendar. Be sure to check it each frequently each month.

Are You Thinking About Starting an Internet Business?

If so, you'll need to get some tax basics under your belt. A great place to start is the "Startups" section, available on each page in the Hot Topics menu. You'll learn the pros and cons of the three business structures (sole proprietorship, partnership, and corporation). You'll also learn about tax identification numbers, accounting methods, keeping your books and records, and much more.

Pay particular attention to these topics:

A word of Caution

The net is rife with unscrupulous, money-hungry predators offering "money-making systems" and expensive (and useless) coaching sessions that suck your credit cards and bank account dry, leaving you nothing to show for it.

These pathetic vermin target the ignorant, desperate, lazy, and gullible; those seeking quick and easy cash online.

BULLETIN: IT DOESN'T EXIST!

Making money online (or offline for that matter) takes hard work and commitment. There are no "secrets" to making money or any individual that can "guaranty" you success. It's all up to YOU.

Remember the old adage:" A fool and his money are soon parted."

If you're tempted to get involved with any business opportunity via the net, here are seven things you should do:

  1. Google the business or person you're checking out by adding the word "scam" after the name of the business or person. Then, check out the results page for links to more information about the company or person.
  2. Check with the BBB to find out the number of complaints, type of complaints, and whether they were resolved.
  3. Check www.ripoffreports.com to see if the company (or person) you're checking out has been reported. Keep in mind, sometimes complaints may not be entirely valid. There are malicious people who simply want to hurt their competition and others who don't report the full story. So, if possible, get corroborating information. If you can't find any, play it safe and avoid the company or person you're checking out until you can find out enough information to be comfortable.
  4. Check with the attorney general's office in the state where the business is located. You may find that a cease and desist order has been issued against the business. If you need the company's address, check the BBB's site or the company's website.
  5. If no business address or phone number is indicated on the company's website, avoid the opportunity being offered.
  6. If you do get involved with some opportunity, do NOT use a debit card or give them the routing number and account number to your checking or savings account. Use a credit card instead. This way, if you have a problem, at least you're not out any cash and you can dispute charges on your credit card that you didn't approve or don't agree with.
  7. If you're already involved with a company that has you on an automatic monthly payment plan or subscription plan, and you want the payments to stop but have been unsuccessful at getting them stopped, simply call your credit card company and report your credit card lost or stolen. A new card will be issued to you with a new account number. This will stop any further charges.

A Final Note

I hope you find value in loopholelewy.com and make it part of your wealth-building strategy!

If you like this site, bookmark it and pass the word.

If you don't, tell me why, larry@loopholelewy.com.

Good luck, keep learning, and get rich!

Larry Villano
Publisher of loopholelewy.com