[Adapted from the “IRS GuideWire,” 16 July 2008] In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return, but they also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. Fortunately, you don’t have […]
New Mileage Rates from IRS
Hope you are all keeping track of your miles driven for business. The IRS is in a generous mood. “Due to rising gas prices, the mileage rate will increase by eight cents to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, 2008.” Check the IRS website.
Got a Home Office? How deductible is it?
If you set up your business’s office inside your home, how will you go about deducting the costs of that office? Since not all of your home expenses are for the business, then some sort of allotment must be made in order to accurately reflect business expenses. A certifiable “home office” that is used “exclusively […]
The easiest accounting system
So, you have decided officially to become a “business.” Now, what? Well, in order to know how well your business is doing, you will have to keep track of income and expenses: just guessing is not enough. Unless you have specifically chosen otherwise on your tax return, you’ll be reporting on a cash basis. This […]
