It’s tax season AGAIN, and smart money management rules say you should be looking for those tax deductions that can legally lower you tax bill.

Here are some of the typical deductions that you want to make sure your tax preparer knows about so you get the write-off.

Money Management Deductions - 2011 Mileage Deductions

Business Mileage 515-cents per mile
Charitable Work Mileage 14-cents per mile
Medical & Moving Mileage 19-cents per mile

Money Management Deductions - Dependent Education Expenses

There are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax. They are the Hope Credit and the Lifetime Learning Credit, also referred to as education credits.

To learn about these credits, who can claim them, what expenses qualify, and more, visit the website www.irs.gov and in the search bar type in either “child education expenses” or Publication 970.”

For dependents in daycare through middle school, deductible expenses do not include tuition. However, after-school care expenses and a few other types of expenses are deductible. Ask your tax preparer for advice and be prepared to supply the name, address and federal tax ID number or social security number of the care provider.

For each dependent, your tax preparer will need the child’s full name, date of birth and social security number.

Money Management Deductions - Schedule A Itemized Deductions

If your itemized deductions exceed your standard deduction, then you are allowed to take the greater of the two. Here are the standard deductions for 2009 – I’ll update this for 2010 once the data is released by the IRS

$5,700 – Single or Married filing Separately
$11,700 – Married filing jointly or qualified widow(er)
$8,350 – Head of Household

Here is a partial list of Schedule A deductions – for details visit the website www.irs.gov and in the search bar type in “schedule A” and look at the instruction form:

1. Mileage (not claimed as business mileage on another form)
2. Medical expenses
3. Charitable Contributions (there are new record keeping rules that apply for cash donations)
4. Mortgage Insurance premiums for contracts issued after December 31, 2006 (this is NEW!)
5. Mortgage Interest & Points
6. Real Estate Property Taxes (on residences not used for business or rental)
7. Sales tax you paid on retail purchases
8. Investment interest on money borrowed for a property held for investment
9. Job expenses you paid as an employee (if you are not filing Form 2106)
10. Tax preparation fees paid to a professional

Money Management Deductions – Schedule E Deductions for Rental Properties

If you own rental properties then the income and deductions go on Schedule E.

Here is a partial list of Schedule E deductions you can take on rental properties – for details visit the website www.irs.gov and in the search bar type in “schedule E.”

1. Advertising
2. Auto & Travel
3. Cleaning & Maintenance
4. Commissions
5. Legal & Other Professional Fees
6. Management Fees
7. Mortgage Interest
8. Other Interest
9. Repairs
10. Supplies
11. Property Taxes
12. Utilities

While we must pay some taxes, it’s a smart money management practice to use a professional tax preparer and be sure you are getting the maximum allowable deductions to reduce your tax bill.

Sandra Simmons, President of Money Management Solutions, Inc. specializes in helping people manage their money to achieve their money management goals, so be sure and claim your FREE Debt Reduction Solutions Guide

 Transcript of Money Management Software Video Demonstration

Welcome to the Demonstration of the Money Management Solutions Business Edition software program.

Congratulations! You made a good decision when you decided to explore this program.

When it comes to money, cash flow can be a frustrating subject.

This program is a simple tool to help business owners and executives get relief from the frustrations of managing their company’s cash flow.

The average business owner gets frustrated trying to figure out how to control cash flow to achieve 4 basic goals.

1 – Increase the company’s income,

2 – Have enough money to pay all the bills on time and get out of debt

3 – Expand the company without going into debt,

4 – Make higher profits to pay themselves more money.

Using the Money Management Solutions program, achieving these goals IS possible!

This program works as a companion to your existing accounting system to manage your future cash flow. Standard accounting programs record your cash flow from the past.

This financial planning program works as a companion to your accounting program, and looks toward the future. Financial Planning occurs BEFORE the money comes in and BEFORE it is spent.

This is a simple program that helps you take control of your cash flow and predict your financial future.

There are 5 modules in the program; a module is a part of something that is combined with other parts to form a larger system or thing.

Let’s take a look at some of the features in these modules

Find out how much you are really spending. This determines your budget.

Find out how much money you are really making to pay the company’s expenses.

Discover for yourself why you are ahead or BEHIND in paying your bills. Learn the actions you can take to improve this situation.
Find out how much money you actually have to use to do financial planning each week, and learn the secret of always having more cash on hand than bills you owe.

Find out how much you really owe in bills and other debts. You can easily download your bills from QuickBooks®, and past due bills are easily seen by the due date box turning red

Deciding which bills you want to pay is easy. Click the box by the item you want to pay; the program automatically enters the payment. And you get a warning if you are overspending this week’s financial planning portion for bills.

This program teaches you the secrets of how to make your money make MORE money for you.

Learn the secrets to not overspend your budget.

Have money set aside in the bank for later.
 
Have money to increase sales through promotion activities.

Be able to pay ALL your bills and not miss any, and have plenty of money in savings accounts.

Can this program help you create extra money? Absolutely!

Print simple reports right from the program to help make your financial planning decisions fast, easy and profitable.

This program is easy to learn. There is a series of training videos built right into the program  that trains you to use it in less than an hour. And the program is easy to use. There are navigator buttons for working in each module of the program. Or you can use another special feature in the program: an interactive financial planning flowchart that walks you step by step through the planning actions in sequence. And, it has interactive buttons that can be used to go directly to the proper screen to do that step.

Learn the 7 simple steps to always have enough cash flow so you never have to be frustrated about money again.

This program is an investment in your financial survival. Buy it, use it, and you will be well on your way to achieving YOUR financial goals.

Learn more at http://www.moneymgmtsolutions.com

© 2007 Sandra S. Simmons. All Rights Reserved.

Click here to see our Money Management Software Demonstration Video

http://www.moneymgmtsolutions.com/popup_video.html

It is a fact that small business money management has always been an area that has been neglected to some degree by the small business owner, because he is obviously primarily concerned with trying to create his business in the first place.

If you’re like most business owners, you’re frustrated with seemingly working harder every year, just to keep up with paying the bills, and never gaining the security of having a cushion of cash to deal with emergencies, or the freedom to buy the things you want. After all, you probably got into being a business owner for the freedom it provides, but not for the financial instability that unfortunately often comes with it.

One thing that small business owners are not aware of is that it’s not how much you make, it’s what you do with it that determines your financial condition. If the subject of small business financial management is tackled properly, you can leverage the power of your business in a way that your business can really take off. You will find that the most successful business owners are also very intelligent in this area of small business financial management.

It may be surprising to you that small business money management is NOT done with accounting software. Accounting software only looks back into the past, recording what has been made and spent after the fact. Accounting systems cannot tell you how to manage your money to your best advantage. They only tell you, after the fact, if you did well or made mistakes.

This means the agreed-upon financial system that we rely on to help us, only has the ability to tell us what happened in the past – not how to handle our money in the future to fix money management mistakes and get better results. This puts the company or individual in a position of being controlled by the money – always making financial decisions based only on how much money is left in the bank.

Small business money management means looking toward the FUTURE and actually planning out and controlling the flow of money that comes in and goes out of a business to the best advantage of the business.

Ideally, you should be using your money in such a way that it helps you to make even more money. Many common financial management actions tend to keep companies cash poor and in a dangerous financial condition. There is a science to controlling the flow of money to create wealth. Very rich people know this science.

There is only one money management software program on the market that teaches you this science. The revolutionary new Money Management Solutions Money Management Software makes using this science to control your money very simple. It is simple and easy to implement in any business.

Small Business Money Management software should help you increase profits and build wealth. Using this unique small business financial management system, a business owner can pay their bills on time and get out of debt, expand their business without going into debt, make higher profits, put away cash savings, have money for emergencies, and pay themselves more money. Who doesn’t want that, right?

Sandra Simmons, President of Money Management Solutions, Inc. specializes in helping people manage their money to achieve financial freedom. Claim your FREE Debt Reduction Solutions Guide

© 2007 Sandra S. Simmons. All Rights Reserved.