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.

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Small Business Quick Tip

If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.
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.
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Wednesday, 08 September 2010
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Tax Tips Personal

Are You Putting Investments in Your Child's Name?
New rules tighten your options

Beginning with the 2006 tax year, children, under the age of 18 who have unearned income in excess of $1,700,are taxed at their parent'shigher rate. Previously,
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Personal Quick Tip

It doesn't appear that a college education will get cheaper any time soon. Look into establishing a qualified tuition plan for your children. The earnings in the account grow tax-free. As long as the funds are spent on qualified education expenses, there are no tax consequences. Plus, there may be an added tax benefit at your state level.