by | Feb 19, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week
One major tax change this year is the expansion of the education credit. If you or your dependents have qualifying education expenses you can save big money when you file your income taxes. If you have taken this credit in the past, you are familiar with the education...
by | Feb 13, 2010 | Income Taxes, Tax Tip of The Week
In 2009, you can deduct the state or local sales and excise taxes imposed on the purchase of a qualified motor vehicle after February 16, 2009, and before January 1, 2010. A qualified motor vehicle includes a passenger automobile, light truck, or...
by | Feb 11, 2010 | Accounting & Bookkeeping, Cost Cutting, Income Taxes, Surviving an IRS Audit Series
Many of my clients ask me about the rules regarding meal and entertainment tax deductions. Generally, the only time you are allowed to take this type of deduction is if you own a business. Individual may take these types of expenses as an itemized deduction if...
by | Jan 30, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week
Many of our clients have asked about how the “Making Work Pay Tax Credit” is going to affect their 2009 income taxes. This credit actually took effect in 2009. The federal tax withholding table was changed to slightly increase your paycheck every pay...
by | Jan 22, 2010 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week
The new "Worker, Homeownership and Business Assistance Act of 2009" extends and expands the tax break for net operating losses (NOLs) created by the 2009 economic stimulus law. What's more, some business owners may be able to realize a double tax...
by | Jan 19, 2010 | Accounting & Bookkeeping, Cost Cutting, Income Taxes
The IRS recently announced that the standard mileage rate for business drivers in 2010 has been reduced to fifty cents per business mile driven. This is a reduction from fifty-five cents per mile for all of 2009. In lieu of deducting your actual expenses, you may...
