If you are like most people, you have probably been confused about who you should hire to help you prepare your tax return. Just as doctors have areas of expertise, so do accountants. If you chose the wrong accountant, it could cost you thousands in missed or incorrect deductions. If you own a
Depreciation Overview
Property acquired for business use, rental use, or any other income producing use that is expected to last more than one year cannot be deducted as a business expense all in the year it was aquired. This is where depreciation comes into play. You must deduct the expense over the usual life of the
How to Correctly Deduct Car and Truck Expense
When you use your car or truck for business, generally the expenses associated with that are deductible as business expenses. You can deduct the auto expenses for business when you are traveling from one work location to another, visiting customers, attending business meetings away from your
First Time Homebuyer Credit Extended
The first time homebuyer $8,000 tax credit has been extended beyond the orginal November 30th deadline. First time homebuyers now have until April 30, 2010 to entering into a binding contact to purchase a home and must close on that home by June 30, 2010. For qualifying purchases of principal
How to Correctly Deduct Self-Employed Retirement Plans
When you own your own business and you are a sole proprietor, you can set up a retirement plan for yourself and your employees if you have them. Once you have set up a retirement plan, the contrbutions that you make for yourself are deductible on your tax return. There are a few times of
S Corporation Officers and Wages
When an officer of an S Corporation performs services for the corporation and are entitled to receive payment for those services then their compensation should generally be considered wages. Under the Internal Revenue Code, corporate officers are specifically included in the definition of an
How to Make Your Business Meals Deduction Audit-Proof
Nearly everyone enjoys eating, so an obvious and fun way to entertain your business prospects and to motivate your employees is with food. However, if your record keeping is inadequate or simply incorrect, you could run into trouble in an audit. There are several important requirements you must
Deductions for Charitable Contributions
On your personal form 1040 you may only deduct charitable contributions if you itemized your deductions (use Schedule A). In order for the contribution to be deductibe it must be made to a qualified charitable organization. When contributing cash you must maintain a record of the contribution.