Sometimes, when the right opportunity presents itself, you may be able to pay for goods and services that you need or want by trading goods that you own, or providing a service that you can perform in return. An example of this is if you own a lawn maintenance company and receive legal services from an attorney and pay for those services by providing an agreed upon amount of mowing and maintenance services at the attorney's home or place of business.Read more ...
|If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.|
New rules require diligent recordkeeping
Keeping the receipts from your charitable contributions just became more of a priority. Starting January 2007, you will not be allowed to deduct charitable contributions of any amount unless you have the proof. What does this mean for you? Starting in 2007,
|The optional sales tax deduction has been extended for the 2016 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions.|