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Tax Tips Small Business
Determining Qualified Business Expenses
Be sure to deduct every legitimate expense
Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.
Read more...Small Business Quick Tip
| Truck drivers and other employees who are subject to the Department of Transportation's "hours of service" rules are allowed to deduct 80 percent of their meals in 2009. In lieu of using actual expenses for meals and incidental expenses, you can deduct the federal rate of $59 per day. |
Saturday, 19th May 2012
Tax Tips Personal
IRAs and Charitable Contributions
New option for charitable givingIf you are age 70 1/2 or older, there is another option for you to consider when making charitable contributions. Beginning after December 31, 2005, you may be allowed to make a charitable contribution of up to $100,000 for 2006 and again in 2007, of distributions from your IRA. Although there is no charitable contribution deduction allowed, Read more...
Personal Quick Tip
| Contributions to a health savings account (HSA) must be made by the due date of your tax return excluding extensions. |