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Tax Tips Small Business
| Turning Interest Payments Into Tax Deductions |
Make interest payments work for you, not against you You can deduct business-related interest on your business return if you used the borrowed funds to purchase business supplies, equipment, services, etc. Co-mingling business and personal expenses makes it difficult to determine what amount of the interest is business versus personal. If this happens, the IRS may consider the entire amount as nondeductible personal interest and disallow the deduction. Therefore, keep all business purchases made with loans and credit cards clearly separate from your personal expenses. Use a separate credit card for your business to make it easier. |
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Small Business Quick Tip
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| Business Tax Returns |
| A variety of small business tax returns are prepared each year. Small business tax return preparation and filing instructions is yet another service we offer to our clients. Whether your company is a C Corporation, S Corporation, Limited Liability Company, Partnership or Sole Proprietor, a properly prepared tax return can be filed to minimize the tax owed. Over the years, 100's of small business Federal and State tax returns have been prepared for all types of companies. |
Wednesday, 03 December 2008
Tax Tips Personal
| Money for College |
| Are scholarships taxable? Many college students receive scholarships or fellowships to help pay for their education. If you are in college and received a scholarship or fellowship grant, there are a few key points to keep in mind. Qualified scholarships and fellowships are treated as tax-free and not included in taxable income if all of the following conditions are met: |
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Personal Quick Tip
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