The Internal Revenue Service announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their 2013 deductions for the business use of their homes.
In tax year 2010 approximately 3.4 million taxpayers claimed deductions for business use of a home also known as the home office deduction.
The new optional deduction, which is capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the…
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on January 30th.
The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted January 2nd. This announcement…Read More
If you obtained an extension for your 2011 personal tax return, today is the deadline for filing. No additional extensions will be granted and if you don’t file today, you will be assessed a failure to file penalty. The failure to file penalty is calculated based on the due date of your tax return (including extensions) to the date you actually filed your tax return. The penalty is 5% for each month the tax return is late, up to a…Read More
While watching my youngest son’s soccer practice today, one of the mom’s came over and asked “You’re a CPA, right?” Of course I answered yes. She then asked “what is the best way I can track her mileage?”. A simple question that many business owners and entrepreneurs I come across have asked me. Not so much a simple answer since there are many rules around business mileage but I wanted to keep my explanation simple in this case.
If you use your vehicle for business purposes, you can…Read More