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

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

The Stimulus Act increases the expense deduction for business equipment purchased in 2008 to $250,000.
Tuesday, 06 January 2009

 

EASEAL_L

 

What is an Enrolled Agent and why should I care?

Click Here to find out

Tax Tips Personal

Refinancing Your Home Mortgage

What's deductible and what's not?

While there are benefits to refinancing your home mortgage, most refinancing costs are not deductible on your tax return. There is one exception, however. The amount you pay for points, or prepaid interest, may be amortized over the life of your new loan. Although this might not amount to much when you spread it out over 15, 20, or 30 years, don't file away your closing papers quite yet.

Read more...

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.