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Tax Tips Small Business
| Starting Your Own Business? |
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. |
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Small Business Quick Tip
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| Individual Tax Returns |
| Tax returns and filing instructions have been prepared for 1000's of individual clients each year. A core specialty is the preparation of tax returns for individual taxpayers. Over the years literally 1000's of Federal and State returns have been prepared and filed. Our knowledge is not limited to the State of Connecticut either, as we prepare Income Tax Returns for numerous states each year. |
Tax Tips Personal
| Interest on Summer Recreation May Be Deductible |
Your motor home or boat could yield a deduction If you own a boat or motor home that is fully equipped with kitchen and sanitary facilities and you use it as a "second" home, the interest you pay on it is probably deductible on your tax return. Although a fishing boat without facilities won't qualify, most motor homes and campers do. If you're looking to buy a boat that doesn't qualify as a second home, you may want to consider paying for it with a home equity loan. That way, the interest is generally deductible. As with most tax rules, there are exceptions and limits so check with a tax expert before you sign on the dotted line. |
Personal Quick Tip
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