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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.
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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).
Individual Links
Web Links
Display # 
# Web Link Hits
1   Link   Foreign Exchange Rates
Planning a trip abroad? This website has up-to-the-minute exchange rates for all major currencies. 		41
2   Link   Unclaimed Property Owners List
Is the State of Connecticut holding property that belongs to you? Find out by checking this website. 		54
3   Link   Social Security Administration
The Social Security Administration's website is a great place to request earnings reports or to ask questions about Social Security. 		44
Wednesday, 03 December 2008

 

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Tax Tips Personal

Money for College
Are scholarships taxable?

Many college students receive scholarships or fellowships to help pay for their education. If you are in college and received a scholarship or fellowship grant, there are a few key points to keep in mind. Qualified scholarships and fellowships are treated as tax-free and not included in taxable income if all of the following conditions are met:
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Personal Quick Tip

It doesn't appear that a college education will get cheaper any time soon. Look into establishing a qualified tuition plan for your children. The earnings in the account grow tax-free. As long as the funds are spent on qualified education expenses, there are no tax consequences. Plus, there may be an added tax benefit at your state level.