Moving Expenses Related to a New Job May Be Tax-Deductible

Did you recently move to another city for a new job or because your old job is now at a new location?  A tax break may be coming your way.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Selling Your Home

In many instances, individuals who make a profit on the sale of a home may not have to pay a single dime of additional income tax to the IRS if certain criteria are met. 
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Use Appreciated Stock to Fund Obligations

A taxpayer may consider gifting stock that has appreciated in value to his or her children (over age 23) to help pay for education expenses or to purchase a home, or to parents to help pay for elderly care. By doing this, the tax liability for the gain from selling the stock is shifted to the child or parent, who with proper planning, may pay a lower tax on the profits than the taxpayer.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Can You Take a Home Office Deduction?

If you plan to run your small business out of your home, you may be tempted to “write-off” many of your household expenses.  But how do you know what is deductible or not?  Generally, expenses related to the rent, purchase, maintenance and repair of a personal residence are not deductible items.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Reminder - Special Business Provisions for 2008

This is a reminder that the Economic Stimulus Package that passed earlier this year includes two major tax benefits for small to medium businesses that provide the opportunity to acquire business assets and write-off all or a substantial portion of the cost in the first year.  As the end of the year approaches, you may wish to consider these two benefits as means of reducing current-year profits while expanding your business capabilities.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Home Energy Credits Expire At the End of 2008

Unless Congress extends the tax provision, 2008 may be your last opportunity to take advantage of the tax credit for residential solar and fuel cell credits.  Since they are scheduled to expire at the end of 2008, you will need to act soon if you are going green.  
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

AMT Relief Provisions

The alternative minimum tax (AMT) is affecting more individuals with each passing year, and the comprehensive reform that Congress has promised still remains to be seen.  Instead, they have had a history of “patching” the AMT late in the year, and we expect a patch for 2008 before year-end.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Big Brother Will Begin Monitoring Merchants' Credit Card Transactions

In an effort to track down unreported small business income and increase income-reporting compliance, beginning in 2010, banks will be required to file an information return with the IRS reporting the total dollar amount of credit and debit card payments a merchant receives during the year, along with the merchant's name, address, and taxpayer identification number (TIN).
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Tax Implications of Debt Relief

With the down turn in the economy, many taxpayers find themselves in debt over their heads and end up settling their debts for less than what is owed, or have their property repossessed or foreclosed upon.  All of those actions will result in the individual being relieved of debt.  In the eyes of the tax code, debt relief is treated as income, and the banks, lenders, etc., are required to issue a 1099-C reporting the debt relief income attributable to the taxpayer.  That debt relief income is taxable to the taxpayer unless he or she qualifies for relief provided under provisions of the tax code.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

It's Not Too Late to Claim Your Economic Stimulus Payment

It is not too late to file a return to claim an economic stimulus payment. The IRS urges people to file by October 15 to ensure that they receive a payment prior to year's end. It can take up to eight weeks for the IRS to process the return and issue the payment.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

16 Bank Reconciliation Tips and Tricks

Although it may seem like drudgery, reconciling your bank account is a critical accounting task that you should carry out each month. Doing so helps ensure the integrity of your financial reports, since most of your accounting transactions ultimately affect cash in some fashion. Further, QuickBooks is a much more powerful tool for your business if you use it to its fullest extent.  Most likely you’ve been reconciling your bank account all along, so in this article we’ll discuss the tricks and techniques you need to know to streamline the process.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.