How to Deduct Your Car Purchase in 2014
Section 179 deductions are the tax magic that let you fully deduct capital assets in the year your purchase them.
Section 179 deductions are the tax magic that let you fully deduct capital assets in the year your purchase them.
Section 179 has a number of rules that must be followed to take advantage of it.
If you use your car for your business your CPA has probably told you to track your mileage. The reason is that there is two ways to calculate the auto-related costs for your car- actual expenses and standard mileage rate- and both rely on knowing the number of business miles you drove for the year.
It is almost summer, and many people will be thinking about traveling. If you plan it right, you might even be able to deduct a good part of your trip.
Vacation homes have advantages in the tax code, because you can often treat them either as a home or a real estate investment, both of which have advantages.
Scenario- you filed your tax return, and it turns out you owe money—way more money than you thought. And you can't afford to pay it all at once. What do you do?
It’s a week before Tax Day! At this point, if you haven’t gotten your information to your CPA yet, you should probably go on extension.
The cost of high education keeps rising. If you, or a dependent, are in college, make sure you take advantage of the tax breaks you might be eligible for.
It sure costs a ton to raise kids these days. That’s why I want to make sure parents take advantage of the tax credits they might be able to claim.
Typically C- and S- corporation tax returns are due on March 15th, but this year that date is a Saturday, so the kind folks at the IRS make the following Monday, March 17th, the deadline instead.
The IRS says that you really only need to hold onto tax returns and supporting documentation (like W-2s, 1099s, deduction receipts) for three years after the date of filing (April 15th or later if you filed an extension).
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There is a simplified home office deduction new for 2013. This is a great thing for those work-at-home types.
The IRS determines your filing status based on what you are on December 31 of that tax year.
If 2013 came and went and you did not manage to put away money for retirement, you may be in luck.