Archive for Deductions & Allowances
Updated tax deduction worksheets now available
Posted by: | CommentsWe’ve updated our tax deduction worksheets for the 2009 tax year. You can download these worksheets and use to help with your tax records. The worksheets are geared directly to a number of professions and business types. Click any one of the following links to download your own copy.
Airline Personnel- Auto Salespersons
- Auto, Travel & Entertainment Expenses
- Business Professionals
- Clergy
- Construction Workers
- Day Care Providers
- Direct Sellers
- Entertainers & Actors
- Firefighters
- Hairstylist & Manicurist
- Law Enforcement
- Long-Haul Truck Drivers
- Medical Professionals
- Real Estate Salespersons & Brokers
- Teachers & Educators
These worksheets are not all encompassing but represent the more common deductible expenses associated with the profession.
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Watch out for Haiti earthquake charity scams
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As we all look for ways to offer support for the earthquake victims in Haiti we must also be careful not to be scammed in our efforts to help. The FBI and other agencies are now warning that there are also those who are looking for opportunities set up scams surrounding the latest disaster relief efforts.
You should be highly skeptical of any unsolicited appeals you may receive or find on the Internet. Even if it appears legitimate, you should only contribute when you have made the call to the charity. If you are contributing via the Internet do not click on a link taking you to a charitable organization’s site, it could be a counterfeit site. Only contribute via the Internet if you yourself type in the Web address and go directly to the site. Even then, only contribute if it is a secure site. Make sure the Web address starts with “https” and not just “http.”
One month after Hurricane Katrina, the FBI said it was suspicious of most of the 4,600 Web sites soliciting money on behalf of those victims. Within an hour of the World Trade Center attacks, scam sites popped up on the Web according to ScamBusters.org (you can trust the information at Scambusters.org, they are a long-time client of ours).
So, before you make your contribution please take a few minutes to careful check the charity. To help, here are links to a couple of articles specifically about this.
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How to get your home office deduction
Posted by: | CommentsHave you wondered whether or not you’re entitled to a home office deduction? With tax time here again maybe you should take another look.
A few years back, more liberal rules came into play for home office deductions, allowing more people to qualify for the write-off. Specifically, the old, hard-to-meet “principal place of business” bar was lowered to a much more taxpayer-friendly level.
If you use your home office space regularly and exclusively for your sole proprietorship, LLC or partnership business, there are several ways to qualify for the deduction: Read More→
New deduction for sales taxes on a new car purchase
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The American Recovery and Reinvestment Act of 2009 provides that for vehicles purchased on or after February 17, 2009 and before January 1, 2010 you can deduct, as an itemized deduction or as an addition to the standard deduction, sales taxes on the purchase of a qualifying new vehicle — on the first $49,500 of the purchase price. Qualifying vehicles include the following. Read More→
