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Wayne M. Davies's Articles in Arts

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  • 4 Simple Steps To Reduce Your Taxes In 2006
    Does Tax Season get you down?

    Here are 4 simple steps that any small business owner can take to lower your tax bill this year.

    STEP #1: Understand How Serious Your Tax Problem Is

    Are you aware of just how much in taxes you are paying?

    Here's how much the average family spends on various consumer categories -- as a percentage of income.

    You must realize that it's not how much you spend on taxes that is important, it's how much you spend on taxes as compared to...
  • Will You Make The 39 Cent Mistake This Tax Season?
    When it comes to filing your tax return, spending 39 cents could be the biggest mistake you ever make.

    Millions of taxpayers make the mistake of putting their income tax return in a regular letter-sized envelope, sticking on a 39 cent stamp, and placing the envelope in the mailbox.

    And millions of taxpayers "get away" with this mistake year after year.

    Why do I say that putting your tax return in the mailbox is a mistake? Let me explain.

    Every year, a small perce...
  • How To Audit-Proof Your Tax Return Forever: A Recent Close Encounter Of The IRS-Kind
    Congress has passed legislation that is supposed to result in a more "sensitive" Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine.

    Hmmm . . . . What do you think?

    A few months ago, one of my clients (let's call him Mr. Jones) got one of those IRS "love letters" requesting more information about his return, and the IRS wanted to meet with Mr. Jones in person to discuss the situation.

    Mr. Jones (a local small business owner) was requi...
  • What Does It Take To Pay Zero Taxes?
    How many times have you heard someone say, "I don't pay any taxes. My accountant takes real good care of me . . . I haven't paid a dime in taxes in years."

    Does that outrageous statement sound familiar?

    Maybe it's your brother-in-law, or a fellow Soccer Mom, or a co-worker at the office.

    And so you think to yourself, "What am I doing wrong? How come I'm paying taxes and so-and-so says he/she pays nothing? How do they do it!"

    Is it really possible to pay "zero taxe...
  • How To Turn Bookkeeping Drudgery Into A $175/hour Part-Time Job
    For most 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 I can 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 ...
  • Tax Magic: How To Turn Taxable Income Into Tax-Free Income
    Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit.

    Here's one of my favorites. It's been part of our tax code for over 30 years, yet many still don't take advantage of it.

    What am I talking about?

    The IRA -- Individual Retirement Account.

    Now, before you say, "Oh, I know all about that one; what's so great about an IRA?", give me 10 minutes to explain 3 new benefits to the IRA rules that you may n...
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