By month:December 2008
Holiday parties trigger a variety of tax rules. Some parties, or parts of parties, are 100 percent deductible. Make sure that your chart of accounts has a place for 100 percent entertainment and a place for 50 percent entertainment deductions.
As the end of the year arrives, you still have time to pocket some tax money. The 20 strategies in this article have a wide range, from getting married to selling your old vehicle. Spend a few minutes and pick up some last minute tips.
When husband and wife receive individual 1099s from the same firm, they generally can improve their after-tax cash results by having one spouse earn the 1099 income and having the other spouse work as an employee.
To deduct a birthday party as a business expense, you must convincingly demonstrate a direct association with business activity.
When a couple owns an LLC, they can obtain the benefits of a section 105 medical plan by filing as a single member LLC.
The section 179 deduction can allow a write-off of up to $250,000 on a Toyota Tundra truck. The big write offs are easy to lose if the truck is not kept and used correctly and for the appropriate amount of time.
The Langers owe almost $70,000 in taxes and penalties after claiming their swimming pool and other household items as incentive program deductions for Mrs. Langers’ piano teaching business. Mr. Langer is a former IRS agent.
The IRS has issued the 2009 standard mileage rates that self-employed taxpayers and employees may use for deductions in the use of business cars, vans, pickups, and panel trucks.
The federal bailout is going to create tremendous opportunities and some selective pitfalls during 2009.
[ View / Print full text of all articles in this issue ]