Fifty six percent of new businesses fail in the first four years. For a decade, I’ve been contacting new business and helping them avoid failure by implementing quality accounting systems and adopting a structure that will preserve cash flow for growth rather than taxes. However, this is clearly
Energy-Efficient Home Improvements
The American Recovery and Reinvetment Act put in place in 2009 gives taxpayers a new credit for energy-efficient improvements made to their homes in 2009 and 2010. A similar credit was available in 2007, but not in 2008. Home improvements qualifiying for this credit include the addition of
Wondering If You Can Take A Home Office Deduction?
If you are small business owner and use part of your home exclusively for business then you may be able to take a deduction for your home office. In order to be able to take the deduction then you must you the "home office" portion of your home: Exclusively and regularly as your principal place
Donating a Car to Charity and Getting a Tax Deduction
If you have a used car you want to donate to a charity and are wondering if you can deduct the donation on your tax return, then here are the steps you need to take.First, make sure the charity you want to donate to is a qualified organization. You will need to make sure that they are 501(c)(3)
Deducting Meals as a Business Expense
When keeping track of meals for your business as an expense, keep in mind that some meals are only 50% deductible while others are deductible at 100%.Meals that are 50% deductible:Meals for business meetings of employees, stockholders, etc. Meals during business travel. Meals at
Real Estate Professionals and Rental Activity
Real Estate Professionals have special rules for reporting and deducting rental income and losses on their personal tax returns (form 1040). If you are a real estate professional then rental activities that you materially participate in during the year are not passive activities. This means that
Limits on Rental Losses
Rental losses for real estate activities are generally considered passive activities and the amount of loss you can deduct is limited. You can usually deduct more of a loss if you "actively" participate in your rental activity. Active participation is if you own at least 10% of the rental property
Depreciation For Rental Properties
Depreciation is used for items that cannont be fully expensed in the year they were paid for. For a rental property this would include items such as the building, appliances, furniture, and improvements.Property that should be depreciated meets the following requirements:You own the