Wednesday Wow- Taxes and Pool Sharks!

This is part of a series of tax tips. Over the last few days, I’ve shared many keys for preparing your 2011 taxes. Feel free to share the good tax news!

Independent Contractors and Self-Employed Individuals filing tips

  • Self-Employed Independent Contractor Year-End Income Tax Relief Tip # 1 : Give gifts to clients: Gifts to clients are limited to $25 per recipient per year, BUT if the gift has your embossed logo on it and tells about your services, it isn’t a gift, it is an advertising or promotional expense. There is a fine line here, a quick call to KP Tax Servcie or tax attorney for year-end tax help will help you stay on the right side of the law.
  • Self-Employed Independent Contractor Year-End Income Tax Relief Tip #2: Are your subcontractors really self-employed independent contractors or are THEY employees? While you may be a true self-employed independent contractor, you need to establish whether your subcontractors are self-employed independent contractors or employees.
  • Self-Employed Independent Contractor Year-End Income Tax Relief Tip #3:    Take your retirement contribution to the max. Self-employed independent contractors have the best income tax relief vehicle the federal government has ever offered

Self-Employed Independent Contractor Year-End Income Tax Relief Tip #4: Get that root canal before New Year’s. The secret to income tax relief is just like the secret to great comedy…timing. A self-employed independent contractor’s medical expense deduction is limited to 7.5% of the self-employed independent contractor’s adjusted gross income. If you haven’t reached that cap yet, go have those dental procedures or that bit of elective surgery (we’re not just talking about that nose, the swimsuit season will be here again before you know it).

 Hubby shows our kids how to play pool, his favorite past time!

Who doesn't love pool?

I got a husband that LOVES to go out on Saturday night to play pool. I am NOT the jealous type at all.  But every once in a while I want to hang out too. (at least I think I do.)  Why should he go swinging his arms right? So, I got him a pool table!  Last night he played pool with his sons on the new pool table. Yes, it’s a tiny one;  BUT it’s his to enjoy with the boys!   I think they are having loads of fun with it!
I just saw my 2 yr old cooking the balls, in a pot, on the pool table. He said “Look Ma-Hot!” Talk about crazy!

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