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Tax Relief for Victims of Hurricane Isaac in MississippiLA/MS-2012-14, Sept. 5, 2012 Updated 10/01/12 to include Copiah, Franklin, Jefferson, Jones and Lamar counties. Updated 9/10/12 to include Adams, Amite, Clarke, Forrest, George, Hinds, Lincoln, Marion, Pike, Stone, Walthall, Warren and...

HI ALL, The new Per Deim rates have not changed form Oct 1, 2012 through September 30, 2013 They Are As Follows SECTION 3. SPECIAL M&IE RATES FOR TRANSPORTATIONINDUSTRY The specialM&IE rates for taxpayers in the transportation industry are $59 for anylocality of travel in the continental...

Your Welcome Lawrence! Basically the definitition of the law is this! if you do any major repairs like: 1. Complete Engine Rebuild or Replace 2. Complete Transmission Rebuild or Replaced ( does not include changing Transmission oil and filter only 3. Repair any bodywork from an...

Sorry I wrote under 55,000 GVW, its suppose to be Over 55,000 GVW for form 2290 Certain Filing Changes For Heavy Highway Vehicle Use Tax Return Notice 2012-57 notifies taxpayers that the IRS Modernized eFile (MeF) system will not be available from August 31, 2012, through September 4, 2012, for...

Depreciating Property Acquired Under Code Secs. 1031 or 1033 As a taxpayer involved in a like-kind exchange or who replaced property after a casualty loss, regulations concerning the annual depreciation allowance for the replacement property may be of interest to you. Under a typical...

Repairs versus Improvements: New Business Rules for Deductibility The IRS and Treasury have issued long-awaited, comprehensive regulations on the capitalization of amounts paid to acquire, produce or improve tangible property. The regulations, released at the end of 2011 and effective...

Naming Your IRA Beneficiary – More Complicated Than You Might ExpectThe decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects the minimum amounts you must withdraw from the IRA when you reach age 70-1/2, who will...

Bunching Your Deductions Can Provide Big Tax Benefits If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard...

Teal Dance, Your Accountant is correct. If you are a Single Member LLC the Entity is considered a Non-passive business Entity. and is used as if you are Self-employed. The LLC is exactly what it states, it is limited to the amount of monies, or assets that you put into the business. and if...

Does The Tax-Home Rule Destroy Your Business Travel and Home Office Deduction Question I recently took over an insurance agency office that is over 60 miles away from my home. We do not want to move to the other city as are our children a good school system and have a lot of friends, and...

Inflation Adjustments for Tax Rules in 2012 Details Written by Sidney Kess, CPA, J.D., LL.M. Tax rules change annually due to legislation, court decisions, and cost-of-living adjustments (COLAs) to key tax limits and other items. There are over three dozen COLAs made annually, based on the...

Tax Changes for 2012 and 2013 Resulting from Health Care Law DetailsWritten by Sidney Kess, CPA, J.D., LL.M. Of Counsel, Kostelanetz & Fink, LLP, New York, NY The U.S. Supreme Court declared the individual mandate in the Patient Protection and Affordable Care Act of 2010 (“Affordable Care...

Re: Tolls Hi All, I have been out of the office with IRS updates since the Expo, and since this is a Major topic, it should be as follows. 1. If you turn in the receipts to be reimbursed, then is or will be included in Income on your 1099's. and the tolls are not deductible at all 2. If...

If you are a Single o/o and have only 1 Sch C, then between 200, and $300 is about average, If yiou are a Husban & wife team, 2 sch c' must be made out with the total 1099 Misc income split down the middle and all expenes also become split evenly, this law hhas been on under IRS laws since...

Re: Tolls zorry, it doesnt not work thet way, sorry , but the dedeuctiuon is not allowed

Re: Tolls That is correct, you cannot claim them as a deduction

Re: Tolls hi all, The best thing to do is not to rutn them in and keep them for yourself, it then becomes a full deduction on your SCH> C. Each Company is different, they definity can include it in your 1099 income, even though they are reimbursing you. My suggestion is keep them for...

Hi CrisGA23. If you are just going to use it to play games on, it is "NOT DEDUCTIBLE" YOU MUST USE IT FOR BUSINESS PURPOSES ONLY, BUSINESS CHECKING ACCOUNT, AND LISING OF ALL YOUR EXPENSES. i WILL/AND CANNOT TELL YOU THAT IT IS A BUSINESS EXPENSE, OTHERWISE i WOULD BE MISREPRESENTING MYSELF...

Debtors’ taxes are not discharged in bankruptcy where tax return was filed late A federal appeals court held that bankrupt debtors who filed their income tax return 17 months after their income taxes were assessed were not entitled to have those taxes discharged in the bankruptcy proceeding...

The Expo would be deductible for your Per Deim (Reimburment for Food only) cause you are on the road, and part of being away from your place of abode. The EXPO is Free and so are the seminars that they give, so there is actually no additional expense besides any items that you purchase including...