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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 50.5 cents per business mile (58.5 cents per business mile after July 1, 2008) 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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| Did You Move This Year? |
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Your moving expenses may be deductible If you moved this year because of a change in your job location or because you started a new job, you may be able to deduct the reasonable expenses of moving household goods and personal effects to your new home. The expenses of traveling to the new home including lodging expenses, are also deductible. Meals, however, are not. If the move is closely related to the start of work and you meet both the IRS distance and time tests, your moving expenses are deductible. Certain members of the armed forces do not need to meet the tests if the move was due to a permanent change of station. The move will meet the distance test if your new main job location is at least 50 miles farther from your former home than the old main job location. To determine whether you meet this test, use the shortest distance of the most commonly traveled routes between these points-. -Firsure the distance between the former residence and the new job and then subtract the distance between the former residence and the old job. If the result is 50 miles or more, you've met the distance test. You'll meet the time test if you work full-time for at least 39 weeks during the 12 months immediately following the move. If you are selfemployed, you must work full-time for at least 39 weeks during the first 12 months and for a total of at least 78 weeks during the first 24 months after the move. The IRS makes exceptions to the time test in cases involving death, disability, or involuntary separation from service.
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Wednesday, 03 December 2008
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
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