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

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

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

 

EASEAL_L

 

What is an Enrolled Agent and why should I care?

Click Here to find out

Tax Tips Personal

Making Gifts
Know what gifts are taxable

When an individual receives a gift, whether cash or property, the gift is generally not taxable to that individual. Sometimes, however, the gift giver may incur a gift tax liability when making certain gifts. If you make a gift to family members or other individuals, you can give $12,000 or less in value to a single individual during the year
Read more...

Personal Quick Tip

Are you planning on making any substantial gifts? Talk to your tax preparer first. Gifts with values exceeding $12,000 must be reported to the IRS.