Moving your household and starting a new job can both be very stressful events. But, the IRS is there to take some of the sting out of the situation by giving you moving-related tax breaks. If you meet the requirements, you can deduct certain moving … [Continue reading]
QuickBooks: How to Add an Account
Your chart of accounts A company’s “chart of accounts” is a list of the general ledger accounts it uses to record and track transactions and other accounting entries. Once you or your accountant have set up your chart of accounts, it can sometimes … [Continue reading]
Tax Deductions: Alimony Payments
If your marriage breaks up and you make payments to your ex-spouse, those payments may qualify as deductions on your tax return – or they might not. On the other hand, payments which are deductible by one spouse are included in the taxable income of … [Continue reading]
Deducting Business Meals & Entertainment
Part of the costs of entertaining clients and other business contacts can be deducted on your tax return, but special rules apply. 50% Limitation Entertainment expenses must meet certain tests below to qualify as tax deductions. Even then, the … [Continue reading]
Truck and SUV Depreciation for 2013
Click here for the 2014 update! In our last post on auto depreciation we discussed the depreciation limits for most autos and trucks weighing less than 6,000 pounds. Today let’s look at the rules for larger trucks and … [Continue reading]
Auto Depreciation for 2013
In our last post on bonus depreciation, we noted that there are special rules for depreciating cars and trucks. Today we’ll look at those rules. This discussion assumes that the vehicle is being used more than 50% for business purposes. If the … [Continue reading]