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Articles by Wayne Davies

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78 articles by Wayne Davies · showing 28

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By Wayne DaviesRecently published1 topic

Small Business Tax Tips - How to File an Extension For Your Income Tax Retu

For all you procrastinators out there, here's a nuts 'n bolts guide on how to legally postpone the filing of your 2008 income tax returns. When it comes to putting things off, you can never plan too far ahead. In many cases the IRS allows you to file a no-questions-asked extension form. Which particular form you file depends on what type of entity your business happens to be. SOLE PROPRIETORSHIP: You need to file Form 4868 to get an automatic 6-month extension to file your personal income tax return. CORPORATIONS:

Primary topic: Personal Finance

Personal Finance

880 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - What is Your Biggest Obstacle to Paying Less Tax?

Before I tell you the biggest obstacle to small business tax reduction, let me tell you a story. One foggy night the captain of a large ship saw what appeared to be another ship's lights approaching in the distance. The two were on a course that would mean a certain head-on collision. So quickly the captain signaled to the approaching vessel, "Change your course ten degrees west." The reply came, blinking back through the thickening fog, "You change your course ten degrees east."

Primary topic: Personal Finance

Personal Finance

890 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Tips - How to Report Income on Your Tax Return (Part I)

Do you ever get confused about reporting your income on Schedule C? This article will help you get un-confused. First, let's define what we mean by "income". Generally speaking, income is the money you receive from the sale of products or services in your small business or self-employment activity as a sole proprietor. It is also called "gross receipts", "revenue", or "sales" and is typically reported on Schedule C, Line 1.

Primary topic: Personal Finance

Personal Finance

1,155 views

By Wayne DaviesRecently published1 topic

The Section 179 Business Income Limitation

For small business owners, one of the best deductions available is known as the Section 179. This tax rule allows you to deduct the full cost of business equipment in the year of purchase, rather than expensing the cost over several years through depreciation. Usually, it is better to take the full deduction in one year than to take a partial deduction over many years. As good as this deduction is, however, there are situations in which the Section 179 may not be the way to go.

Primary topic: Personal Finance

Personal Finance

4,244 views

By Wayne DaviesRecently published1 topic

What Are State Payroll Taxes and Why Must You Pay Them?

Every small business owner with employees must withhold and then pay state payroll taxes. It's just part of doing business that every employer must handle properly. If you don't, you face the likelihood of incurring stiff penalties (late payment fines and interest charges). The purpose of this article is to give you an overview of how the state payroll tax system works, so you can do it right not only the first time, but every time, and thereby avoid any unnecessary expenses.

Primary topic: Personal Finance

Personal Finance

863 views

By Wayne DaviesRecently published1 topic

Schedule C Forms That Must Be Filed

All Sole Proprietors must prepare Schedule C as part of their federal personal income tax return. But it's likely that you can't stop there. As the old saying goes - "That's not all!" There's a pretty good chance that by filing a Schedule C, you must also file several other forms that are related to Schedule C. Here's a list of those forms and their relationship to Schedule C. Schedule SE, Self-Employment Tax.

Primary topic: Personal Finance

Personal Finance

1,042 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - What Happens If You Don't Make Quarterly Estimated Tax Payments?

How about a quick multiple-choice question on the world's most complicated subject: taxes. Here's the question: As a sole proprietor or self-employed person, what will the IRS do to you if you don't make federal quarterly estimated tax payments? Here's the possible answers: a. Carry you off to prison b. Fifty lashes with a wet noodle c. Nothing d. Assess a penalty Depending on your particular tax situation, the correct answer is either "c" or "d".

Primary topic: Personal Finance

Personal Finance

953 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - Why You Might Need to File Two Returns This Tax Season

Does just the thought of preparing your income tax return this year make your blood boil? And when you're done, do you break out the champagne and celebrate like it's New Year's Eve? (Or just reach for the Tylenol?) Well, guess what? I'm going to suggest that you inflict yourself with that same punishment twice, because it may be that filing a return not once, but twice, for the same year can put hundreds or even thousands of dollars in your pocket.

Primary topic: Personal Finance

Personal Finance

761 views

By Wayne DaviesRecently published1 topic

Small Business Tax Deductions - "F" is For FICA, FUTA & FIDO

If you own a small business and are looking for deductions, don't miss out on these. The first two you've probably heard about but don't really understand (until now). The third one may seem far-fetched (pardon the pun) but is legitimate if the circumstances described below fit your situation. 1. FICA.

Primary topic: Personal Finance

Personal Finance

4,073 views

By Wayne DaviesRecently published1 topic

Summer Tax Savings - How to Properly Document Your Non-Cash Charitable Contributions

If you want to donate your old stuff instead of having a yard sale, you must make sure that what you want to donate can actually be deducted on your tax return. How do you know? Here's a simple rule to follow: If you're unsure whether your item qualifies for a tax deduction, then consider this - if you would give it to a relative or friend, then the item is most likely in good condition and is appropriate to donate. The official wording from the IRS is this: clothing and household goods must be in "good used condition" or better in order to qualify for a deduction.

Primary topic: Personal Finance

Personal Finance

942 views

By Wayne DaviesRecently published1 topic

How to Prepare Schedule C, Part III, Cost of Goods Sold

If you are a Sole Proprietor, you must file Schedule C, Profit or Loss From Business (Sole Proprietorship). And if you are a Sole Proprietor whose business involves sale of a product, you must complete Part III of Schedule C, Cost of Goods Sold. The purpose of this article is to help you with this all-important task, because it is likely that Cost of Goods Sold is one of the largest expenses (if not the largest expense) in your business.

Primary topic: Personal Finance

Personal Finance

14,928 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - What is the #1 Reason You Pay Too Much Tax?

What is the Number One reason you pay too much tax? Let's brainstorm. We all pay too much tax because: 1) Our elected politicians created the complicated and convoluted monster known as the U.S. Tax Code, and this monster takes our money away. 2) Public Enemy #1 (The IRS) takes our money away. 3) Tax preparers are too busy preparing tax returns to help us take advantage of all the complicated and convoluted tax loopholes, leaving us to fight a losing battle against The Monster and its evil watchdog, the IRS. What do you think? Are we on the right track?

Primary topic: Personal Finance

Personal Finance

916 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - How to Get a $1,000 Refund For a Return You've Already Filed

Did you know you can get a refund for a return that you already filed? Yep, it's true. If you think you forgot a deduction on a previously filed return, you have three years to tell the IRS about it and receive a refund. Here's how it works: You can file an amended return up to three years after the due date of the return in question.

Primary topic: Personal Finance

Personal Finance

792 views

By Wayne DaviesRecently published1 topic

Business Tax Deductions - How to Deduct a Bad Debt

The purpose of this article is to answer the question: "What do I do if a customer or client doesn't pay me? Do I get to deduct the lost sale amount?" Of course, this is a common problem in any business. Oh that we never encountered a bad debt or an uncollectible account receivable! Perhaps you sell products on credit, and the customer doesn't make good on his promise to pay. Or you may provide a service and do not require payment at the time the work is performed, and send an invoice which the client refuses to pay.

Primary topic: Personal Finance

Personal Finance

1,160 views

By Wayne DaviesRecently published1 topic

Summer Tax Savings - Recordkeeping Requirements For Noncash Charitable Donations

The IRS does mandate the recordkeeping requirements for non-cash charitable contributions. The purpose of this article is to help you understand what those requirements are, so you can take a deduction for donating "old stuff" to charity, without any fear of an IRS audit. Generally speaking, you must keep a written record of the following information for each gift: 1. Name of charitable organization 2. Date 3. Place 4. Description 5. Fair market value 6. Method of determining fair market value 7. Original cost

Primary topic: Personal Finance

Personal Finance

1,039 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - How to Turn Bookkeeping Boredom Into a $175 Per Hour Payday

For most small business owners and self-employed people, bookkeeping is about as much fun as a root canal. But like it or not, it must be done, otherwise you'll end up overpaying your taxes big time. Perhaps this article will help you see this tedious task in a new light. Follow along with me and let's turn your bookkeeping nightmare into the best paying part-time job you ever had. First, a question: How much money do you make right now -- per hour -- at your "regular" daytime job or in your business?

Primary topic: Personal Finance

Personal Finance

1,004 views

By Wayne DaviesDec 15, 20211 topic

How to Spend Christmas with Jesus This Year

Life is full of distractions. It’s so easy to lose sight of what is most important. And with Christmas right around the corner, I’m reminded of this now more than ever. The urgent tasks of today have a way of crowding out the ultimate priorities of ete ity. Christmas is about Christ. It can take intentionality to realize this – a conscious effort, by the grace and power of God, to remove the distractions and focus on the reason for the season. How will you do that this Chr

Primary topic: Christianity

659 views

By Wayne DaviesDec 15, 20211 topic

One Great Christmas Verse, Three Incomparable Gifts

For many people, Christmas is primarily a time of physical consumption, feeding our bodies with much food and other material goods. May this also be a season of greatly needed spiritual consumption, feeding our souls with the Word of God and the great truths about the purpose of Christ’s birth. To that end, here is one of my favorite Christmas verses: “For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sake he became poor, so that you by h

Primary topic: Christianity

662 views

By Wayne DaviesMay 17, 20161 topic

7 Deadly Sins of Bible Reading (How to Avoid Them Like the Plague)

Reading the Bible can be the gateway to heavenly bliss or the pathway to subtle self-destruction. To read the Bible is to walk on holy ground, so we must come to the Word oh so aware of the fine line that exists between reading and sinning. As you read this article, please take to heart 2 Corinthians 13:5 and "Examine yourselves . . . test yourselves". Sin #1 - Reading without praying - the sin of proud self-reliance. Reading the Word must be bathed in prayer – before, duri

Primary topic: Christianity

1,120 views

By Wayne DaviesMay 17, 20161 topic

When Is The Best Time of Day to Read The Bible and Pray?

Do you wonder if there is a certain time of day that is best for Bible reading and prayer? Many Christians set aside a special time each day to be alone with God. In some circles this is known as "Quiet Time" or "Daily Devotions" and is typically spent reading the Bible and praying. Perhaps you have given thought to cultivating such a practice. If so, I applaud you and wish you much success in the pursuit of a daily meeting with God. But if you're busy, as most of us are, it

Primary topic: Christianity

2,874 views

By Wayne DaviesMay 17, 20161 topic

How To Cultivate The Habit of Daily Bible Reading (5 Things To Do Now)

Looking for some tips on how to cultivate the habit of daily Bible reading? Here's 5 surefire ways to increase your love for God and His Word. 1. Decide what time of day is best for you. Are you a morning person, or is later in the day better? We're all different. Some folks love to wake up in the morning and dive into the Word before doing anything else. But that may not be what's good for you, your schedule or your family – especially if you are a parent with young childre

Primary topic: Christianity

1,017 views

By Wayne DaviesMay 17, 20161 topic

3 Great Prayers to Pray When Reading the Bible

When you read the Bible, it's always a good idea to pray – before, during and after you open the Word of God. The Bible is a supe atural book and you'll need supe atural help to read it and apply it. The purpose of this article is to introduce you to how to pray biblically while reading the Bible. Specifically, what should you pray about? To answer that question, we turn to Psalm 119, the longest chapter in the Bible, and the passage of Scripture most devoted to Scripture, s

Primary topic: Christianity

1,025 views

By Wayne DaviesMay 17, 20161 topic

What Is The Most Forgotten Bible Reading Method? (Start Doing This Today)

There are many valid and effective Bible reading methods. The purpose of this article is to introduce you to the #1 most often overlooked and forgotten method of reading the Bible. But first, a question: When was the last time you received a personal letter (or email) from a dear friend or loved one? Do you remember the anticipation you felt as you opened the letter/email and began to read? You couldn’t read it fast enough, could you? Now, stop and think about this: Did yo

Primary topic: Christianity

1,053 views

By Wayne DaviesMay 17, 20161 topic

Are You Making These 3 Big Mistakes When Reading the Bible? (What to Do Instead)

Reading the Bible is critical to your spiritual growth. The Word of God is our daily bread, and without it you'll become a weak and ineffective Christian. So it's vital to spend quality time in the Bible every day. To improve your Bible reading, be sure to avoid these 3 big mistakes. Bible Reading Mistake #1 - Not praying before reading. Perhaps you are so eager to get into the Word, you forget to ask God for help to understand what you are about to read. This is easy to do

Primary topic: Christianity

961 views

By Wayne DaviesMay 17, 20161 topic

What Is So Wonderful About Reading The Bible?

Have you ever prayed this prayer? "Open my eyes that I may seer Wonderful things in your law." This prayer was written about 3,000 years ago. You can find it in Psalm 119:18. It's a request to experience wonderful things by reading the Bible. The psalmist expected to see something wonderful by reading God's Word, which he calls "law" or "instruction". The Bible is a book of instruction – it teaches us many things about God and ourselves and our world. When you read the Bi

Primary topic: Christianity

952 views

By Wayne DaviesMay 17, 20161 topic

How to Jumpstart Your Bible Reading with Psalm 119

Are you looking for a simple way to jumpstart your Bible reading efforts? If you ever struggle to find the desire or the energy to sit down and spend quality time in God’s Word, please consider this approach – read Psalm 119 and you are likely to see an increase in your appetite for God’s truth. Psalm 119 is one of the most unique chapters in the Bible. It is certainly the longest chapter, having 176 verses. This psalm is divided into 22 eight-verse stanzas. Now notice that

Primary topic: Christianity

1,084 views

By Wayne DaviesMay 17, 20161 topic

Have You Read the World's Best-Selling Book?

Have you read the most-printed book of all time? According to Wikipedia, that book would be the Bible, which is at the top of their "List of most-printed single-volume books" with 5 billion plus copies. For the record, the Quran comes in second at 4 billion. Charles Dickens "A Tale of Two Cities" is fifth on the list with 200 million copies. J.R.R. Tolkien has two works in the Top Ten – "The Lord of the Rings" and "The Hobbit" (eight and nine, respectively). The Guinness Wo

Primary topic: Christianity

1,044 views

By Wayne DaviesMay 17, 20161 topic

5 Compelling Reasons to Read the Bible Today

Are you looking for motivation to read your Bible today? There are many good reasons to do so; here are five. Any one of them should provide the inspiration you need to take action and follow through on your desire for some quality Bible-time. Read the Bible today because . . . 1. The Bible is the authentic and authoritative Word of God. Imagine if Jesus Christ knocked on your front door and offered to come inside and have a face-to-face conversation with you. Wouldn't that

Primary topic: Christianity

962 views

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