Before you let the new year carry you away, take care of three important year-end accounting tasks. 1. Run your year-end reports on paper. There are four important types of reports to document your important business info for the year. Put them on paper to protect against changes in software systems, lost data, or other…
(1) Use your bank credit card to pay year end deductible expenses; for transactions with a bank credit card, you take the deductionin the year that the item was charged, even if you pay the bill next year.(2) Remember the rules for substantiating charitable contributionsas you do your year-end giving.Starting this year, donors are required…
The IRS mileage rate is going up 2¢, to 50½¢ for 2008. Parking fees and tolls are deductible also, but fuel and repair costs are notas these items are reflected in the standard mileage rate.
The IRS will send you free tax tips. All you need to do is list your email address with them on the IRS website. Since these tips come straight from the IRS, you know there will be nothing even remotely questionable about them. And you can truly “unsubscribe” — they will take you off the…
Networking with many new media folks, I realized that lots of people are starting businesses. Since helping people start a business is the full time job of my co-author “OkieJ” Jeanne Cole, we decided to present a live internet TV miniseries on small business startup issues. Problem with the player? Watch it at Operator 11….
Here’s a link to IRS rules concerning employment tax issues and items. The IRS site is actually a treasure trove of useful information all broken down into fairly small blocks. Check it out.
If you use a car or truck in your business in the US, the IRS has rules (of course). Here’s some highlights: Deductible Car and Truck Expenses What qualifies? Traveling from one work location to another within the taxpayer’s tax home area. (Generally, the tax home is the entire city or general area where the…
IR-2006-168, Nov. 1, 2006 WASHINGTON — The Internal Revenue Service today issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or panel trucks)…
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