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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
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| Economic Stimulus Payment |
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The Internal Revenue Service has advised taxpayers that in most cases they will not have to do anything extra this year to get the economic stimulus payment in May. "If you are eligible for a payment, all you have to do is file a 2007 tax return and the IRS will do the rest," said Acting IRS Commissioner Linda Stiff. The IRS will use information on the 2007 tax return filed by the taxpayer to determine eligibility and calculate the amount of the stimulus payments. The Economic Stimulus Act of 2008 has created lots of questions among taxpayers. Please click on the link in the menu on the left of this screen for Frequently Asked Questions about the stimulus payments.
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Tax Tips Personal
| Let the Sun Shine |
| Certain solar-powered improvements are eligible for a tax credit You are allowed a credit for 30 percent of certain expenditures that increase the energy efficiency of your personal residence. Costs eligible for the credit include qualified solar electric property expenditures, qualified solar water heating property expenditures, and qualified fuel cell property expenditures. The credit is available for residential energy-efficient property placed in service in 2006, 2007, and 2008. There is no requirement that property be new to qualify. |
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Personal Quick Tip
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