We don't want to rush you but you have:
left until your taxes are due

Tax Tips Small Business

Employers of Tipped Employees Allowed a Tax Credit
Are you getting the credit you deserve?

If you are an employer in the food and beverage industry, you may be entitled to a tax credit for the social security and Medicare taxes you pay on your employees' tip income. You must meet both of the following requirements to qualify for the credit:
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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).
Income Tax Resources
Web Links
Display # 
# Web Link Hits
1   Link   Massachusetts Department of Revenue
Your link to numerous online services and the answers to various questions about taxes in the Commonwealth of Massachusetts. 		33
2   Link   Connecticut Department of Revenue Services
A resource for your questions about various tax programs in the State of Connecticut. 		80
3   Link   Internal Revenue Service
One of the most frequently visited sites in America. The Internal Revenue Service has more than you would ever want to know regarding taxes. 		53
Wednesday, 03 December 2008

 

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Tax Tips Personal

Do You Have Debt Forgiveness?

You may not have to include it in income

When you are liable for a loan but can't repay it, some lenders will forgive the debt. What many borrowers don't realize is that this cancellation of debt results in taxable income in the year of forgiveness. The lender usually will issue a 1099-C to report the cancelled debt. If you receive one, don't ignore it. Be sure to give it to your tax preparer and discuss the circumstances surrounding the loan.

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Personal Quick Tip

 

Beginning January 1, 2008, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are:
  • 50.5 cents per mile for business miles driven (58.5 cents per mile for miles driven after July 1, 2008);
  • 19 cents per mile for all miles driven for medical or moving purposes (27 cents per mile for miles driven after July 1, 2008); and
  • 14 cents per mile for all miles drive for charitable purposes.