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Heavy Vehicle + Deductible Home Office = Major Tax Savings

You can reap major tax deductions with the heavy vehicle and home-office combo. The heavy vehicle produces quick tax savings. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination can dramatically increase your business-use percentage of vehicles. Tax Deductions For example, say you bought a $50,000 vehicle that you use 60 percent for business. Your depreciation and expensing elections apply to $30,000. But if you can increase your business Read more [...]
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Tax Tip: Five Facts about Charitable Contributions

With the holidays around the corner, many people will be making donations to benefit charitable organizations. However, come tax time, the person who made the donation might also benefit. That’s because taxpayers who donate to a charity may be able to claim a deduction for the donation on their federal tax return. Here are five facts about charitable donations: Qualified Charities A taxpayer must donate to a qualified charity to deduct their contributions. Gifts to individuals, political Read more [...]
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Tax Time, Ready or Not

It’s always a huge relief to many people who get their taxes done early.  That gray cloud of stress that nags at you to get it over with can be gone in a matter of weeks instead of months.  April is right around the corner, and here are a few tips to cross that task off your to-do list way before spring. Catch Up on Your Books If your books are behind, the first step is to get everything recorded so that your tax return will be accurate.  With automated bank feeds and data entry automation, Read more [...]
Patricia Anderson No Comments

How to Avoid Sales Tax Surprises

Sales tax laws are constantly changing, and sales tax audits have increased since states and local agencies have become creative about finding new ways to generate revenues.  If you haven’t made any changes in your sales tax procedures in a while, you are probably at risk. Taxability  From state to state, the taxability of items varies.  For example, data processing services including web hosting and graphics are taxable in Texas but not California.  Because of these intricacies, it makes Read more [...]