Here are a few quick tips to help you reduce taxes
Open a separate business checking account. Many small business owners don't realize the complications that can arise from using their personal checking account to pay for business expenses. If business expenses are mixed in with personal expenses, the IRS may disallow them.Read more...
|Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2013, you can deduct 56 1/2 cents for each business mile you drive.|
New option for charitable giving
If 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 of distributions from your IRA. Although there is no charitable contribution deduction allowed,
|The optional sales tax deduction has been extended for the 2013 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions.|