Big Deductions For Buying New Heavy SUV For Business Use by John R. Bullis

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Congress is very open handed with the tax deductions for business owners that buy a new, heavy SUV before the end of the year. The combination of Section 179 expensing election, bonus depreciation and regular depreciation is powerful in getting big 2013 income tax deductions for business owners. For example, suppose Bill bought a new SUV for 100% business use …

Big Deductions For Buying New Heavy SUV For Business Use by John R. Bullis

admin John's Articles Leave a Comment

Congress is very open handed with the tax deductions for business owners that buy a new, heavy SUV before the end of the year. The combination of Section 179 expensing election, bonus depreciation and regular depreciation is powerful in getting big 2013 income tax deductions for business owners. For example, suppose Bill bought a new SUV for 100% business use …

REAL ESTATE PROFESSIONALS NEED A LOG OF TIME SPENT FOR RENTAL LOSS by John R. Bullis

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Peter Hofinga and his wife Margaret Wong lost their U.S. Tax Court case to deduct rental losses on their returns.  They did not prove he spent 750 hours a year working on the real estate rental activities.   They owned eight rental properties in 2006 and nine rental properties in 2007.  They made the election for federal income tax purposes …

Co-Signing Usually Hurts Seniors

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You know what gets me mad?  What makes me want to run up to the top of “C” Hill and scream at the top of my lungs?  It’s when somebody does something (either ignorantly or on purpose) to Senior Citizens that ends up jeopardizing their retirement assets. Did you know that student loans can not be released in Bankruptcy?  Did …

Co-Signing Usually Hurts Seniors

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You know what gets me mad?  What makes me want to run up to the top of “C” Hill and scream at the top of my lungs?  It’s when somebody does something (either ignorantly or on purpose) to Senior Citizens that ends up jeopardizing their retirement assets. Did you know that student loans can not be released in Bankruptcy?  Did …

Save Tax By Giving Charities Appreciated Assets

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One of the special tax benefits you could consider is to give appreciated assets (stocks, real estate) to charity instead of writing them a check. Suppose you want to give your church or charity a special gift of $10,000. If you have a stock that you bought for $4,000 and it is worth $10,000 now, you might sell the stock …

Avoid these payroll errors

ian Kelly's Articles

There are few mistakes a boss can make that will get a more emotional response from an employee than messing up their paycheck. Right behind the upset employee stands the government, equally upset if they don’t get their fair share. None of the above aggrieved parties care about how the business owner probably didn’t get paid or only took a …

Didn’t pay IRS on time? You could get money back

ian John's Articles

The IRS is reviewed regularly by the Treasury inspector general for tax administration, also known as TIGTA. It was recently noticed that many taxpayers were charged penalties for failure to file on time and failure to pay on time — but those penalties should have been abated or canceled. The taxpayer needed to be compliant, have a history of filing …

The Great Drought Of 2013

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We should be so thankful that the federal government is so fast at responding to our every need! It is so good that I recently learned from it some news that somehow had mostly escaped our normal media outlets. Did you know that there was a major federal disaster-level drought in the Storey County area from May 20 to July …