152 Deming Street
Post Office Box 605
South Windsor, CT 06074
Phone: 860-648-4002
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Be sure to deduct every legitimate expense
Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.
Read more ...| The optional standard mileage rate for the business use of an automobile is 54 cents per mile in 2016. |
You may not have to include it in income
When you are liable for a loan but can't repay it, some lenders will forgive the debt. What many borrowers don't realize is that this cancellation of debt results in taxable income in the year of forgiveness. The lender usually will issue a 1099-C to report the cancelled debt. If you receive one, don't ignore it. Be sure to give it to your tax preparer and discuss the circumstances surrounding the loan.
Read more ...| Contributions to a health savings account (HSA) must be made by the due date of your tax return excluding extensions. |
