Hybrid Vehicles and Tax Benefits
You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Here’s the scoop. Deductions and Credits The Energy Policy Act of 2005 made a major modification to the tax benefits... More...
Hurricane Katrina - How To Use Your Business Loss To Get A Refund on 2004 Taxes
With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes. Apply Losses to 2004 Taxes When a large geographic area... More...
Tax Strategy - Leveraging Rental Property Equity
Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties. Unfortunately, few investment property owners learn how to leverage equity in a way that maximizes tax... More...
Help With Ex-Spouse Tax Problems
Historically, tax issues arising from bad marriages fell into the category of "better or worse" in the marriage vows. The IRS historically considered spouses one person for tax purposes, but has changed its views. Tax Problems When a marriage has problems, finances are... More...
Industry Tax Issue Resolution Program
For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step. Industry Issue Resolution Program After years of living in denial, the IRS has come around... More...
Section 179 - Tax Relief From Depreciation Rules
Depreciation. For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues. Depreciation Traditionally, if your business property had a... More...
Rental Property Tax Deductions
Own residential rental properties? This article discusses how income from those properties impacts your taxes. What Constitutes Revenue? Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is... More...
Paying Workers - What Can You Write-Off?
As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified – as an employee or independent contractor. Independent Contractor Whenever... More...
IRS Lock-In Letters - What's An Employer To Do?
Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld. What’s an employer to do? ... More...
Small Business Tax Issues for Self-Employed Individuals
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business. Many... More...
Small Business Tax Deduction - Write-Off Bad Debts
Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax... More...
Self-Employed - Tax Approaches
Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are different approaches for minimizing self-employment taxes. Minimize Tax The good news is being self-employed is one of the best tax situations out there. Unlike a salaried... More...
Tax Jokes and Quotes
Do you realize that some tax forms ask you to check a box if you are BLIND? Quote: “Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. That's progress.” -Charles Rossotti, former IRS Commissioner Disappointed that you... More...
Standard Mileage Deduction Rates - 2005 and 2006
If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released. Standard Mileage Deduction – 2005 In a move not seen for some time, the IRS actually issued two... More...
Small Employers Rejoice - IRS Simplifies Filings
One of the largest burdens on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden. Quarterly Federal Tax Returns – Not! There are millions of small businesses that labor under the burden of filing federal tax... More...