by | Nov 22, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week
There is still time to cut your business income tax bill for 2011. Here are 7.5 tax cutters that you should consider implementing before year-end: Buy equipment this year. For 2011, the maximum 100 percent deduction of equipment under Section 179 is $500,000. This is...
by | Oct 31, 2011 | Accounting & Bookkeeping, Client Question of the Week, Current Affairs, Income Taxes, Tax Tip of The Week
Answer: Normally, no. But if your spouse is still working, you will qualify for a “spousal IRA”. If you are both over 50, you can deduct up to $6,000 each for a total of $12,000 (assuming one of you earned at least that much during the year). You have until your tax...
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...
