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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.

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.

Tax Tips Personal

#	Article Title
1	Is an Inheritance Taxable?
2	HSA Funding Options
3	Charitable Remainder Trusts
4	Converting a Traditional IRA to a Roth?
5	Interest on Summer Recreation May Be Deductible
6	Summer Day Care
7	Do You Have Debt Forgiveness?
8	Refinancing Your Home Mortgage
9	Take Advantage of Tax Savings in a Down Market
10	Money for College
11	Divorced?
12	Making Gifts
13	Let the Sun Shine
14	Did You Move This Year?
15	Overlooked Employee Business Expenses
16	Public Safety Officers Get a Tax Break
17	Tax Break for Reservists Called to Active Duty
18	Saving for Your Retirement
19	Are You Putting Investments in Your Child's Name?
20	Direct Deposit of Your Tax Refund
21	IRA Contributions for Military Personnel
22	Naming a Beneficiary to Your Retirement Plan
23	IRAs and Charitable Contributions
24	Cleaning Out Your Closets?
25	Giving to Charity

Tuesday, 09 March 2010

What is an Enrolled Agent and why should I care?

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Tax Tips Personal

Let the Sun Shine

Certain solar-powered improvements are eligible for a tax credit

You are allowed a credit for 30 percent of certain expenditures that increase the energy efficiency of your personal residence. Costs eligible for the credit include qualified solar electric property expenditures, qualified solar water heating property expenditures, and qualified fuel cell property expenditures. The credit is available for residential energy-efficient property placed in service in 2006, 2007, and 2008. There is no requirement that property be new to qualify.

Personal Quick Tip

Not only will you save money at the pump if you buy a hybrid vehicle, you may be eligible for a credit on your income tax return.