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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. 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.
Wednesday, 22nd February 2012
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Tax Tips Personal

Did You Move This Year?

Your moving expenses may be deductible

If you moved this year because of a change in your job location or because you started a new job, you may be able to deduct the reasonable expenses of moving household goods and personal effects to your new home. The expenses of traveling to the new home including lodging expenses, are also deductible. Meals, however, are not. Read more...

Personal Quick Tip

Are you planning on making any substantial gifts? Talk to your tax preparer first. Gifts with values exceeding $13,000 must be reported to the IRS.