We posted this as a Hot News Flash in a separate newsletter that went out to our readers. I wanted to be sure to include it here on the site, for those of you that don’t subscribe to the newsletter. For tax year 2010 ONLY, you can reduce the amount of self employment tax by the amount . . . → Read More: Time is Running Out-2010 Only Self Employed Tax Savings
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At Seacoast Accountability, we get asked all the time, “What is the easiest way for me to organize all of those receipts?” I am going to take you through the process of organizing that pile, checking for missed receipts, and how to file it all away so you can find it in the event of an audit. I . . . → Read More: From the Shoe Box to the Tax Return Complete information for taking the Home Office Deduction can be found in IRS Publication 587. The deduction is calculated on Form 8829, which transfers to Schedule C. It should be noted that employees who receive a W-2 may also be eligible to claim a home office as an itemized deduction, however this information is not covered . . . → Read More: Seacoast Accountability’s Small Business Tax Tip-The Home Office Deduction The details for deducting business vehicle expenses can be found in IRS Publication 463. Using most popular tax software programs, a worksheet is used to feed the deductible cost into the Schedule C vehicle expense line. This discussion is a general overview, focused on self-employed individuals that own or have financing on a car that they . . . → Read More: Seacoast Accountability’s Guide to Vehicle Expenses UPDATE: The IRS will still provide the “debt indicator” described below, however the information will not be as instantaneously provided as in the past, forcing many small tax preparers out of business who had previously relied on the information to provide Instant Refunds to their clients. In December, 2010, Jackson Hewitt secured a relationship with Republic . . . → Read More: No More “Instant” Tax Refunds So you got out from under working for somebody else, and now you own the business. You are probably very good at what you do, and enjoy doing what you are good at. Then you begin to think about “the necessary evil” that raises its ugly head-bookkeeping, payroll, taxes and the numerous obligations, deadlines, paperwork and . . . → Read More: Seacoast Accountability Takes a Look at Small Business Tax Misconceptions |
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Copyright © 2012 Seacoast Accountability - All Rights Reserved. Seacoast Accountability | 2 Washington Street, Suite 301-302 | The Picker Building | Dover, NH 03820 | 603-834-1271 |
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