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Tax Tips Small Business
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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.
Read more...Small Business Quick Tip
Business Mileage Rate
| Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2011, you can deduct 51 cents for each business mile you drive (55.5 cents per mile starting July 1, 2011). |
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Tax Tips Personal
Summer Day Care
What expenses qualify for the childcare credit?
Parents who have children under the age of 13 are allowed a tax credit for childcare expenses paid so they can work. In the summer, many parents send their children to a structured day camp or an overnight camp for a week or two at a time. In most cases, the cost of sending your child to a camp of this nature does not qualify as a childcare expense, even if one of the reasons for sending the child is for care.
Read more...Personal Quick Tip
Sales Tax Deduction
| The optional sales tax deduction has been extended for the 2010 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions. |