4.
~/~ SOHO Help Desk ~\~
http://www.demc.com
"Recent Tax Law Changes"
Today's SOHO Help Desk provides some great reader feedback.
Plus you'll find important tax law information from a long
time contributor to DEMC E-Magazine, Sandy Botkin. Sandy was
a former trainer of IRS attorneys and currently he lectures
nationally to self-employed people and companies on taxes.
If you have a valuable tip, promotional idea, question or
answers you would like included in an upcoming issue of
DEMC, all you have to do is submit it by email to -
mailto:helpdesk@demc2.com
Before we get to today's tip, a DEMC reader need your input
on business ideas. Take a minute to see if you have any
advice you can share.
=== Help Request ===
From: Luke Nichols
I'm looking for ways to do business on the internet, that are
above board and not chain letters, or worthless reseller programs.
No banner exchanges, or spamming email inboxes with ads. I have
two computers, and I'd like for them to be doing something,
besides wasting electricity.
If anyone has any ideas, can you contact me?
Thank you!
Luke Nichols
You can send me something tangible by mail:
Luke Nichols
299 Old Oakvale Road
Princeton, WV 24740
Or to have your answer published in the next issue of DEMC
send your email response to: mailto:helpdesk@demc2.com
=== Reader Feedback ===
From: Bill Gaw
Abbie,
Your recent article, "How to Invest Your Marketing Budget?"
was the first effective article I have read that focuses on
marketing to business people and I have been in the business
for over 7 years. I realize that your business is primarily
B2C and consequently I would not expect to read such an
important B2B message in your ezine.
Of particular interest to me was the statistics for which I
have been searching. "82% select Google." This is mega-
important information. Most of my business comes from
Google but I will increase my efforts in that direction.
Fortunately, I have implemented all of the recommendations
and consequently my business has been profitable over
the past five years. For example I have used your
autoresponder process to build a 6700 ezine subscriber's
list and to email my weekly ezine bulletin. Your services
have been the greatest. Of the five Internet related ezines
I subscribe to yours is the best. Keep up the good works.
Have a nice day and keep the faith.
Bill Gaw
Manufacturing Training you'll not find at Amazon.com
Business Basics, LLC
http://bbasicsllc.com
Editor's Note: If you missed my article last week you
can read it online at the DEMC web site -
http://www.demc.com/newsletters/11_17_04.html#1
=== Recent Tax Law Changes ===
From: Sandy Botkin
Factor new tax law into your tax planning.
On October 4, 2004, President Bush signed the Working
Families Tax Relief Act of 2004 into law. It's the fourth
tax law in as many years. As you consider ways to minimize
your tax bill for 2004 and 2005, be sure to factor this
latest round of tax revision into your planning.
The new law is essentially an extension of provisions that
either had expired or that were scheduled to expire at the
end of 2004. Let's review the extended tax breaks:
* The $1,000 per child tax break will remain at that level
through 2010 instead of dropping back to $700 in 2005.
*The accelerated marriage penalty relief set to revert to
previous levels next year will be extended through 2010.
* The 15% tax bracket and the standard deduction for
married couples will remain at double those of single
taxpayers.
* The expanded 10% tax bracket continues through 2010.
* The higher exemption from the alternative minimum tax
will apply through 2005 instead of reverting to lower levels
as previously scheduled.
* The $250 above-the-line deduction for classroom
expenses paid by teachers is extended for 2004 and 2005.
It originally expired at the end of 2003.
* The full $2,000 deduction for the purchase of clean-fuel
vehicles is reinstated for 2004 and 2005.
* The business tax breaks for research and development,
welfare-to-work, and Work 0pportunity are extended
through 2005.
But watch out, Congress seems to be ready to reduce the
heavy vehicles (and other assets) expensing deduction back
down to $25,000 from the $100,000 they passed in May of
last year.
The law also includes a number of technical corrections
relating to previous tax laws, a uniform definition of
"child" throughout the tax code, and provisions aimed at
tax relief for low-income and military families.
###
Sandy Botkin CPA and Attorney is president of the Tax
Reduction Institute. He is well known for his program
"Tax Strategies for Business Professionals," " Wealth
Building Tax Benefits for Real Estate" and for his best
selling book, ":Lower Your Taxes: BIG TIME."
You can find out more about Mr. Botkin and his products
by going to http://www.taxreductioninstitute.com
===
Send in your feedback for an upcoming issue.
Email your quėstions, advice and/or thoughts to:
mailto:helpdesk@demc2.com
Be sure to include your SIG and contact URL with
your post as we'll be sharing any viable ideas/
information in an upcoming issue of DEMC E-Magazine.
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