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Tax Tips Small Business

New Rules for Spouses Who Operate a Business Together
Do you qualify for simplified reporting?

Spouses who operate a business together have a new option for reporting their business income. In the past, husband and wife joint owners were considered a partnership for reporting purposes. New rules, which took effect this year, give spouses the option of reporting their business income as two separate sole proprietorships.
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Small Business Quick Tip

If your business owns a vehicle that is available for an employee's personal and business use, the vehicle is nevertheless considered used 100 percent for business on the business tax return. The personal-use percentage is included on the employee's W-2 as an additional compensation.
Tuesday, 06 January 2009

 

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What is an Enrolled Agent and why should I care?

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Tax Tips Personal

Saving for Your Retirement
Certain taxpayers are eligible for a tax credit

If your adjusted gross income is less than $50,000, you may be eligible for a nonrefundable credit against your income tax for elective contributions you make to §401 (k) plans,
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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.