The Wall Street Journal featured a helpful article on the health insurance premium costs that can be deducted by the self-employed: sole proprietors, partnership partners and even LLC members. Read the full article here. Unlike W-2 wage earners, the self-employed can deduct health insurance premiums and long-term-care premiums right on the front page of their 1040, reducing the all-important … [Read more...]
IRS Announces Lower Mileage Rate for 2010
The IRS announced that the standard mileage rate for 2010 will be decreased to 50 cents per business mile. This is a significant reduction from the 55 cents allowed in 2009. According to the IRS, "The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago." So, when can you deduct business mileage? Driving to client meetings, industry conferences, or running … [Read more...]
Cut Your Small-Biz Taxes Before Its Too Late!
It's December, which means you're running out of time to trim your 2009 tax bill. What can you still do? Buy some assets! Any type of equipment that you buy for your business before year-end can be written off for a 2009 tax break. The cost of computers, copiers, fax machines, printers and even software can be written off through depreciation. Stock up on office supplies that you'll need in … [Read more...]
Record Your Mileage to Deduct Your Mileage!
If you want to take a business deduction for mileage driven in 2009, it's time to get your record-keeping caught up! While the IRS would prefer that you keep track of your mileage every day, or every week at the least, it is possible to recreate your mileage logs using your calendar or appointment book. For instance, if you drove to see ABC Company every month, you can record those dates from … [Read more...]
Home Office Perils?
U.S. News and World Report recently ran an article entitled "The Perils of Running a Business From Home: How the IRS and local governments can make life difficult for home-based entreprenuers." In addition to zoning issues and complications, the author pointed out one of the biggest problem areas ... the home-office deduction. In addition to the complicated form used for taking the deduction, … [Read more...]