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Tax Tips Small Business

Determining Qualified Business Expenses

Be sure to deduct every legitimate expense

Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.

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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).
Forms
Web Links

The following links will bring you directly to a PDF file.

Display # 
# Web Link Hits
1   Link   2008 Federal W-4 Form
Federal Withholding Certificate
130
2   Link   2008 Connecticut W-4 Form
Connecticut Withholding Certificate
137
3   Link   Form I-9
Employment Eligibility Verification
116
Wednesday, 03 December 2008

 

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Tax Tips Personal

Making Gifts
Know what gifts are taxable

When an individual receives a gift, whether cash or property, the gift is generally not taxable to that individual. Sometimes, however, the gift giver may incur a gift tax liability when making certain gifts. If you make a gift to family members or other individuals, you can give $12,000 or less in value to a single individual during the year
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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.