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

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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1 New Legislation Concerning Business and Payroll
2 IRS Proposes New Registration, Testing and Continuing Education Requirements for Tax Return Preparers Not Already Subject to Oversight
3 Key 2009 Tax Law Changes
 
Saturday, 04 September 2010
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Tax Tips Personal

Take Advantage of Tax Savings in a Down Market

Know when you have a deductible loss

Just because the stock market lost money, doesn't mean you have a deductible loss. As long as you hold on to an investment, you only have a loss on paper. It's only when you actually sell the investment that you have a transaction to report on your tax return.

Fortunately, the tax law allows you to offset your capital gains by your capital losses. You can avoid or minimize taxable gain by selling two investments, one at a gain and the other at a loss.

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Personal Quick Tip

 

Beginning January 1, 2010, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are:
  • 50 cents per mile for business miles driven;
  • 16.5 cents per mile for all miles driven for medical or moving purposes; and
  • 14 cents per mile for all miles drive for charitable purposes.