Income Tax Preparation, Accounting and Payroll service by Don Brooks & Associates - Don Brooks Associates, Inc.
Links
Business Links
Main Menu
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 (55.5 cents starting July 1, 2011) 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.
Read more...Small Business Quick Tip
| Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify. |
Saturday, 19th May 2012
Tax Tips Personal
Are You Putting Investments in Your Child's Name?
New rules tighten your optionsBeginning with the 2006 tax year, children, under the age of 18 who have unearned income in excess of $1,700,are taxed at their parent'shigher rate. Previously, Read more...
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. |