Vacation Homes: What Are The Tax Rules?

If you own a home that is available for both personal and rental use, you have what is commonly known as a vacation home. Vacation homes are a hybrid: they are not purely rental properties, nor are they purely personal use properties.

New Business: Many Small Businesses Fail To Take This Tax Credit

Health care legislation passed in 2010 included a tax credit for small businesses that provided health care coverage for their employees. Recent surveys have shown that the majority of small companies that could qualify for the credit have failed to take it.

How To Be “Audit Ready”

No one likes to see a policeman’s flashing lights in the rearview mirror, and no one likes to receive a phone call or letter from the dreaded auditor. But if you operate a business or your organization receives federal or state grants, at some point you may find auditors making that contact.

New Business: IRS Announces Business Mileage Rate For 2012

The IRS recently announced that the mileage rate for business driving in 2012 will be 55.5¢ a mile. The rate can be used for cars, vans, pickups, and panel trucks.

What You Should Know About The Sales Tax Deduction

The sales tax deduction is available for 2011 tax returns. Here are answers to your questions regarding this deduction.

Tax Tip Tuesday: Recordkeeping Is Required For “Listed” Property

You may be more familiar with the term “listed property” in the context of real estate, but the term also applies to some business assets — and affects the records you need to take deductions for those assets.

What’s New: Take Advantage Of Expiring Tax Breaks

A number of tax breaks are due to expire at the end of this year. Though Congress may renew some or all of them, there is no way of knowing if or when they will. As part of your year-end 2011 tax review, consider whether any of these opportunities to cut your tax bill fit your situation.

Tax Tip Tuesday! Exclusions and Deductions: Both Play A Role In Tax Planning

When you hear the term “tax expenditure,” you probably think of the amount of tax you pay with your return. But from a tax collection point of view, tax expenditures are items that reduce tax liability, such as exclusions or deductions. Both play a role in tax planning.

Heed The Rules For Deducting Charitable Contributions

Sticking to the rules when making charitable contributions can save tax dollars.

Here are three tips.