Identity Theft and Your Taxes

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS

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Business Miles Denied

Sam Freeman worked as an independent contractor for Parts Distribution Xpress during tax years 1999 and 2000. His wife Wanda was in a covenant not to compete from her former employer and was obligated not to work for a parts

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Cost Segregation Depreciation

For income tax depreciation purposes there are two major types of assets: Sec. 1250 real property and Sec. 1245 personal property. When owners acquire commercial property or tenants invest in leasehold improvements, many only allocate the purchase price between land

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Posted in 1031 Exchange, Audit Reconsideration, Business Expense, Cost Segregation, Deductible Expense, Depreciation, Disallowed Expenses, Rental Real Estate, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Tax Tips for US Military Personnel

Moving Expenses- If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. Combat

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Determining the Amout of Disaster Loss to Claim for a Business Asset

Start with the cost basis of each asset along with a fair market value (FMV) of each asset both before and after the disaster.  Be prepared to substantiate.  The next piece of data needed is the amount of reimbursement you

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Posted in Asset Classification, Business Expense, Casualty Loss, Disaster Loss

Casualty, Disaster and Theft Loss Deduction

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because

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Posted in Asset Classification, Casualty Loss, Disaster Loss, Theft Loss

Affordable Care Act 2010 – Tax Provisions

Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that take effect this year and more that will be implemented during the next several years. The following is a list of provisions now in effect;

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‘Making Work Pay’ Tax Credit

This credit – still available for 2010 – equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Eligible self-employed taxpayers can benefit from

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Recapture 179 Depreciation Expense Deduction – example

Robert purchased a new heavy duty pick-up truck (rated over 6,000 lbs.) for use in his landscaping business. The vehicle is used 100% for business and Robert elected to expense $15,000 of the cost under §179. In 2009, Robert sold

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Tax Tips for New Business Owners

First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation

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Posted in Business Expense, Tax Problems & Requests, Tax Relief
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