Congratulations on becoming a business owner. Whether it is your first business or your seventh business it is an exciting time. When you begin a new business, you are filled with ideas beyond your wildest imagination and often cannot even sleep at night for all of the thoughts swirling in your head. You are thinking of ways to market your business, advertise and even ways to get clients. The momentum is unbelievable because you would almost bet money that you are running on …
Overview of the Almighty Tax Deduction for Small Businesses
Taxes are the great bane of most businesses. Alas, tax deductions act as a salve to cool the burning and itching of your bank account.
Tax Credits for Toyota Hybrids To Be Cut In Half
If you purchase a new hybrid car after January 1, 2006, you can get a major tax credit for doing so. Alas, the tax credits applicable for Toyota hybrids are about to be cut in half.
Tax Returns – Should You Itemize?
When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS.
Write-Off Bad Business Debts On Your Taxes
Practically every small business has receivables that it cannot obtain from clients. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.
Dealing With Taxes If You Live and Work Outside The United States
If you live and work outside of the United States, I may have some very good news for you. Although Americans are taxes on their worldwide income, you may be able to claim a huge deduction.
Deducting Alimony Payments
Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.
Honda Natural Gas Cars Issued Massive Tax Credits By IRS
Between global warming and massive increases in fuel prices, many people are reconsidering their transportation. Honda has two natural gas cars the IRS absolutely loves.
How To Audit-Proof Your Tax Return Forever: A Recent Close Encounter Of The IRS-Kind
Congress has passed legislation that is supposed to result in a more “sensitive” Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine.
Hmmm . . . . What do you think?
A few months ago, one of my clients (let’s call him Mr. Jones) got one of those IRS “love letters” requesting more information about his return, and the IRS wanted to meet with Mr. Jones in person to discuss the situation.
Mr. Jones (a local small business owner) was requi…
IRS Approves Saturn Vue Green Line for Tax Credit
The IRS is working its way through various automobiles that qualify their owners for tax credits. The Saturn model of cars has just been reviewed with one particular model being approved.