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

Tax Tips Small Business

Automobile Expenses

Which is better - deducting the standard mileage rate or actual expenses?

With the increasing cost of gas, it might be a good idea to revisit which tax deduction is the most beneficial - claiming 50.5 cents per business mile (58.5 cents per business mile after July 1, 2008) or your actual vehicle expenses.Claiming the standard mileage rate is easier. All you have to do is keep track of your business miles and multiply them by the current rate. In addition to the standard mileage rate, you may also deduct the costs for parking and tolls. Plus, if you are self-employed, you can deduct the interest paid on your car loan.

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Small Business Quick Tip

If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.
Tuesday, 06 January 2009

 

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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

Not only will you save money at the pump if you buy a hybrid vehicle, you may be eligible for a credit on your income tax return.