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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
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Tuesday, 09 March 2010
Tax Tips Personal
| Summer Day Care |
What expenses qualify for the childcare credit? Parents who have children under the age of 13 are allowed a tax credit for childcare expenses paid so they can work. In the summer, many parents send their children to a structured day camp or an overnight camp for a week or two at a time. In most cases, the cost of sending your child to a camp of this nature does not qualify as a childcare expense, even if one of the reasons for sending the child is for care. |
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Personal Quick Tip
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