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Tax Tips Small Business

Starting Your Own Business?

Here are a few quick tips to help you reduce taxes

Open a separate business checking account. Many small business owners don't realize the complications that can arise from using their personal checking account to pay for business expenses. If business expenses are mixed in with personal expenses, the IRS may disallow them.

Small Business Quick Tip

Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2009, you can deduct 55 cents for each business mile you drive.

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Haiti Relief Donations Qualify for Immediate Tax Relief

People who give to charities providing relief in Haiti can claim these donations on the tax return they are completing this season, according to the Internal Revenue Service.
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IRS Proposes New Registration, Testing and Continuing Education Requirements for Tax Return Preparers Not Already Subject to Oversight

The Internal Revenue Services announced Monday, January 4, 2010, that it plans to require tax preparers to pass a competency test and register with the government to better police a largely unregulated industry used by most taxpayers.
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Key 2009 Tax Law Changes

Major tax law changes continue to impact most taxpayers. New 2009 tax laws enacted to stimulate the economy are in addition to law changes enacted in 2008. Some of the broadest changes are outlined here for your review:
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Tuesday, 09 March 2010

What is an Enrolled Agent and why should I care?

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Tax Tips Personal

Overlooked Employee Business Expenses

Don't miss out on deductions you are allowed to take

Unreimbursed employee business expenses are allowed as a miscellaneous itemized deduction provided they exceed two percent of your adjusted gross income when combined with all your other miscellaneous expenses.

Personal Quick Tip

Not only will you save money at the pump if you buy a hybrid vehicle, you may be eligible for a credit on your income tax return.