by | Oct 29, 2011 | Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week
Until 12/31/11 you can use Section 179 to write off 100 percent of qualified real property (called real estate for people who don’t speak IRS). Historically, only tangible personal property (equipment) qualifies for Section 179 treatment. But for tax years beginning...
by | Oct 3, 2011 | Cost Cutting, Income Taxes, Tax Tip of The Week
Most taxpayers who do volunteer work for charitable organizations fail to deduct their costs as charitable gifts on Schedule A of their income tax return. These deductions include: Travel, meals, and entertainment-related volunteer and charitable activities (actual...
by | Sep 27, 2011 | Income Taxes, Tax Tip of The Week
If you have the bad luck to be audited, how will you prove that you gave items to Goodwill or Candlelighters? A receipt from them says you made a donation. But the IRS knows that you get to fill in what was given and how much it is worth. I tell my clients to take...
by | Sep 19, 2011 | Current Affairs, Income Taxes, Tax Tip of The Week
Well, the corporate extension deadline just passed, and now the deadline for those taxpayers who extended their returns on April 15th is approaching. The last day to file your 2010 individual tax return is October 17, 2011 (this year, the 15th is on Saturday.) So if...
by | Sep 7, 2011 | Accounting & Bookkeeping, Cash Flow, Current Affairs, Income Taxes, Tax Tip of The Week
The following is a list of tax breaks that are scheduled to expire at the end of this year: The 2 percent cut to the employee share of social security tax. College tuition write-offs. The $250 write-off of teacher supplies. The write-off of state sales tax. The 100...
by | Aug 30, 2011 | Current Affairs, Income Taxes, Tax Tip of The Week
Married taxpayers have many benefits when filing a joint tax return. But joint filing comes with a catch. Each spouse is liable, jointly and separately, for any tax, interest, and penalties related to the return. This liability exists even after a divorce. This...
