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.
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.
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.
The only effective way to control and conquer your tax and financial issues is to review them throughout the year. And what better way to kick off the new year than to tidy up your financial and tax house. Here are some tips to get you started.
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.
The sales tax deduction is available for 2011 tax returns. Here are answers to your questions regarding this deduction.
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.
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.
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.
Sticking to the rules when making charitable contributions can save tax dollars.
Here are three tips.
- Page 1 of 2