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Tax Deductions




Have you been considering bartering lately because of the tightness of money? If so, have you given any thought to the correct tax treatment of bartered transactions? Although the Internal Revenue Service has a “Bartering Tax Center” on its website, after a cursory reading of the half dozen webpages devoted to its tax treatment, you […]

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If you’ve filed for an extension for reporting last year’s federal income tax, your deadline is quickly arriving. Here are some important resources to help you meet that deadline. Understanding that many small business operators are under pressure to meet the extensions they filed this past year, here is a six-week plan intended to guide […]

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A growing roster  of associations representing small and closely held businesses are pressing leaders of the tax-writing committees in Congress to not omit them in any upcoming tax reform proposals. One letter, addressed to the chairmen and ranking members of the House Ways and Means Committee and the Senate Finance Committee, said they “… should […]

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The accounting firm Brown Smith Wallace has been counseling its business clients on ways to save money on their taxes by taking advantage of some government incentives. Accounting Today’s Michael Cohn talked with two of the firm’s accountants last week about the tips they give their clients. Cathy Goldsticker, a member of the tax services […]

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The IRS is pumping up the volume of audits of ‘rich’ taxpayers as part of a increased attempt to clamp down on tax evasion as well as so-called “legal tax avoidance.” According to the bureau’s latest update for the year ended Sept. 30, the percentage of taxpayers who were audited increased in every category of […]

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Taxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. 1. Residential Energy Property Credit This tax credit […]

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TV star Charlie Sheen has kept his name in the limelight in recent times, and now that Warner has fired him from “Two and a Half Men” Michael Cohn at Accounting Today is musing what it would be like if Charlie took the job overseeing tax legislation and accounting standards. Here are some of Cohn’s […]

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April 15th. That’s SO last year! That’s the date we all have in our heads when it comes to taxes. This year’s tax deadline is April 18. Depending on your situation, there are many more dates of interest, so let’s take a look at how our friends at the IRS have their 2011 calendar marked: […]

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The standard mileage rate for business use is increasing to 51¢ per mile for business travel after 2010. That’s a whole penny more than the rate for 2010! The mileage rate for moving expenses or medical care is 19¢ per mile. That’s a whole 2.5¢ increase from the 2010 rate. The mileage rate for charitable […]

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From hot air balloons to bagels, 2010 proved to be yet another year in which states and municipalities passed some strange tax laws in a desperate bid to raise revenues and close their budget gaps. Here are a sampling of some of the year’s quirkiest sales and use tax changes, emphasizing the importance of technology […]

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