AARA 2009 - Tax Deduction for Vehicle Purchases
The 2009 American Recovery and Reinvestment Act puts money into the struggling economy with individual and business tax relief. The goal is to stimulate growth and sales, including vehicle sales. If American made cars disappear, what’s next to disappear - baseball, hot dogs, and apple pie?
Economic Stimulus Act of 2008 Business Provisions
With all the hype over the Economic Stimulus Rebates for individuals the business provisions have been somewhat over-shadowed. There are two provisions that are beneficial to businesses...
IRS Increases Standard Mileage Rate - July-Dec 08
I just received an email hot off the IRS Newswire related to a topic that we hear about every day now in the news, and on Everywhere Street, in Everywhere, USA – soaring gas prices. The IRS is increasing the standard mileage rate for business, medical and moving miles for July through Dec of 2008.
Tax Facts - Charitable Contribution Deduction New Requirements for 2007 Returns
Once upon a time in the Land of the Misinformed, there was a myth that all charitable contributions of cash were deductible even if you did not have a receipt of any type to prove the contribution was made. Of course, it is a well known fact that a myth is a falsehood.
Tax Facts - Deductible Holiday Gifts For Clients And Employees
Tis the Season – it’s time for being generous to your employees and clients and customers, to show your appreciation and to share in the spirit of the holiday season. Are those gifts deductible business expenses?
Tax Savings, Contributions, Homeless Pets
If you are looking for a reason to donate to Animal Shelters and Animal Rescue Organizations there’s the obvious opportunity to take a tax deduction if you itemize; and then there’s the opportunity to extend true charity and kindness by helping to care for rescued homeless animals.
What is the Standard Deduction?
When you prepare your personal federal tax return, or have it prepared, you choose to reduce your gross income by the amount of your allowable standard deduction or allowable itemized deductions. You cannot do both. So how do you know which one is better or which one you qualify to take?
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