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Tax Tips Small Business

Electing to Expense the Cost of Your Business Assets
Section 179 deduction limits increase

The IRS allows taxpayers the option of either depreciating some assets over a specified number of years or deducting all or a portion of the cost in one year. The expense election, commonly referred to as the Section 179 deduction, is made in the year the asset is placed in service. The benefit is a large deduction in the current year that is not reduced even if the asset is placed in service late in the tax year.
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Small Business Quick Tip

Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2008, you can deduct 50.5 cents for each business mile you drive (58.5 cents for each business mile you drive after July 1st).
Contacts
Contact Details for this website
# Name Position Phone Mobile Phone Number Fax
1 Don Brooks & Associates, Inc. 860-648-4002 860-648-4005
Wednesday, 03 December 2008

 

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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.