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Tax Tips Small Business

Automobile Expenses

Which is better - deducting the standard mileage rate or actual expenses?

With the increasing cost of gas, it might be a good idea to revisit which tax deduction is the most beneficial - claiming 50 cents per business mile or your actual vehicle expenses.Claiming the standard mileage rate is easier. All you have to do is keep track of your business miles and multiply them by the current rate. In addition to the standard mileage rate, you may also deduct the costs for parking and tolls. Plus, if you are self-employed, you can deduct the interest paid on your car loan.
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Small Business Quick Tip

The Social Security wage base increases to $106,800 in 2009 and 2010. This means that you are no longer required to withhold social security tax for employees after meeting this threshold. However, you are required to withhold Medicare taxes regardless of the amount of wages paid.

Don Brooks & Associates, Inc.

Address:

481 Buckland Rd

South Windsor

CT

USA

06074


Telephone:
860-648-4002
Fax:
860-648-4005
Information:

Mailing Address:

P.O. Box 605
South Windsor, CT 06074
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Tuesday, 09 March 2010
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Tax Tips Personal

Direct Deposit of Your Tax Refund
More options are available to you

The IRS is now allowing taxpayers who are due a tax refund the option of having that refund split up and deposited in up to three different bank accounts.
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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.