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Tax Tips Small Business

Electing to Expense the Cost of Your Business Assets

Section 179 deduction limits increase

The IRS allows taxpayers the option of either depreciating some assets over a specified number of years or deducting all or a portion of the cost in one year. The expense election, commonly referred to as the Section 179 deduction, is made in the year the asset is placed in service. The benefit is a large deduction in the current year that is not reduced even if the asset is placed in service late in the tax year.

Small Business Quick Tip

If your business owns a vehicle that is available for an employee's personal and business use, the vehicle is nevertheless considered used 100 percent for business on the business tax return. The personal-use percentage is included on the employee's W-2 as an additional compensation.

Tax Tips Small Business

#	Article Title
1	Starting Your Own Business?
2	Do You Know How Much Your Business Is Worth?
3	Thinking of Selling Your Corporation?
4	Turning Interest Payments Into Tax Deductions
5	Reimbursing Your Employees for Business Expenses
6	Automobile Expenses
7	Determining Qualified Business Expenses
8	Clothing for Your Job is Not Always Deductible
9	Employee Meals: When Does the 50-Percent Limit Apply?
10	New Rules for Spouses Who Operate a Business Together
11	Tax Credit Available for Hiring Certain Employees
12	Employers of Tipped Employees Allowed a Tax Credit
13	Electing to Expense the Cost of Your Business Assets
14	Deducting the Business Use of Your Home

Saturday, 04 September 2010

What is an Enrolled Agent and why should I care?

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Tax Tips Personal

Overlooked Employee Business Expenses

Don't miss out on deductions you are allowed to take

Unreimbursed employee business expenses are allowed as a miscellaneous itemized deduction provided they exceed two percent of your adjusted gross income when combined with all your other miscellaneous expenses.

Personal Quick Tip

Are you planning on making any substantial gifts? Talk to your tax preparer first. Gifts with values exceeding $13,000 must be reported to the IRS.