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Tax Tips Small Business

Turning Interest Payments Into Tax Deductions

Make interest payments work for you, not against you

You can deduct business-related interest on your business return if you used the borrowed funds to purchase business supplies, equipment, services, etc. Co-mingling business and personal expenses makes it difficult to determine what amount of the interest is business versus personal. If this happens, the IRS may consider the entire amount as nondeductible personal interest and disallow the deduction. Therefore, keep all business purchases made with loans and credit cards clearly separate from your personal expenses. Use a separate credit card for your business to make it easier.

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Small Business Quick Tip

If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.
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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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Monday, 08 February 2010
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Tax Tips Personal

Interest on Summer Recreation May Be Deductible

Your motor home or boat could yield a deduction

If you own a boat or motor home that is fully equipped with kitchen and sanitary facilities and you use it as a "second" home, the interest you pay on it is probably deductible on your tax return. Although a fishing boat without facilities won't qualify, most motor homes and campers do. If you're looking to buy a boat that doesn't qualify as a second home, you may want to consider paying for it with a home equity loan. That way, the interest is generally deductible. As with most tax rules, there are exceptions and limits so check with a tax expert before you sign on the dotted line.

Personal Quick Tip

Are you planning on making any substantial gifts? Talk to your tax preparer first. Gifts with values exceeding $13,000 must be reported to the IRS.