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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 cents per business mile 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
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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
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