The IRS recently issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
50 cents per mile for business miles driven
16.5 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
We are getting hit by the tax payer nightmare. There are three changes occurring at once, all of which mean you’re going to pay more tax.
First, there is more aggressive state and federal tax legislation. Look for more taxes in general. You probably have heard about some of the federal changes, but might not be as aware of the state ones. That’s especially true if you think you don’t have nexus in a state. But look out! You may be subject to more tax changes than you think.
The IRS started challenging the real estate professional status over two years ago. Since then, we’ve seen a lot of audits, unfavorable audit results and a few court cases.
The real estate professional status allows taxpayers to take full advantage of real estate losses against other income. Without that, your loss is limited if you make less than $150,000 and you can’t take any loss if you make more than $150,000.
No wonder the IRS is after this status!
Want to save money in incorporation costs? Make sure you start with the right business structure, or the money you save could be eaten up in additional unnecessary taxes! Join me for a brand new Online Workshop and learn how to make the smart choice with your new business structure.
Do you feel that you’ve got a good handle on your tax planning for the year? The window is closing fast. After that there isn’t a lot you can do to do about the year. If you wait until January or later, 2009 will pretty much be done. If there were opportunities to pay less tax for the year, it’ll be too late.
There are two solutions to get ready for year-end: Get expert up-to-date advice or learn to do-it-yourself from the experts.
When Congress extended a key tax break for new homeowners, they added in a new tax break bonus for for existing homeowners as well. You can save up to $6500 in taxes if you are in a position to take advantage of this new break.
As an incorporation service provider, I generally know how long it takes to get someone incorporated in most states. But my time estimates are going out the door, due to state budget cutbacks, and staff layoffs. Now is NOT the time to delay getting your incorporation done!
I’m taking a slight departure from my usual blogs about Tax Strategies and asset protection today.
I had the privilege to be the keynote speaker at the 2009 CEO Summit in Dallas, TX last month. Every CEO had to make $5 mill + per year to be in the room. I learned more from these guys (and a few women!) then I taught them, I swear.
Finally! Some good news for small business owners when it comes to taxes. A bill passed into law last Friday (November 6, 2009) added some nice tax planning opportunities
If you have a net operating loss in 2009 for your business, you can carry that loss back five years. When you carry that loss back to a high income year, you can get a refund within 45 days from the IRS.
Money in your pocket fast. Gotta love it!
Here are a few strategies:
Strategy #1:
There’s new legislation about to be signed in Washington that gives businesses a GREAT tax-savings opportunity. And while Washington and Congress are talking about the unemployment and homeowner tax breaks, it’s the business opportunity that caught our attention!
16 January 2010
If you haven’t yet checked out the coaching schedule at USTaxAid, take a second to do it here: http://www.usataxaid.com/coaching/ We’ve had a record number of people sign up for the coaching classes and are getting rave reviews. Our next session is January 22nd on C Corporation Tricks and Traps. When you sign up, you get copies [...]
25 January 2010
Every week I do FREE! tax reviews of past tax returns. In many cases, I find easy solutions that would have saved the taxpayer tens of thousands of dollars in taxes each and every year. In a few cases, I can’t find anything and I’m the first one to say that. I never want to [...]
30 July 2010
Instant gratification. For some people, it’s a lifestyle. For business owners, it can be a trap. I see instant gratification in business terms as a deal or a project that makes you money right now. Nothing wrong with that – we’ve all got to keep the lights on and food in the cupboard. And in [...]
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