Tax Tips Small Business

  • New Rules for Spouses Who Operate a Business Together

    Do you qualify for simplified reporting?

    Spouses who operate a business together have a new option for reporting their business income. In the past, husband and wife joint owners were considered a partnership for reporting purposes. New rules, which took effect in 2007, give spouses the option of reporting their business income as two separate sole proprietorships.

    Read more ...

Small Business Quick Tip

  • Business Mileage Rate 2

    The optional standard mileage rate for the business use of an automobile is 54 cents per mile in 2016.
Friday, 23rd June 2017
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Tax Tips Personal

  • Interest on Summer Recreation May Be Deductible

    Your motor home or boat could yield a deduction

    If you own a boat or motor home that is fully equipped with kitchen and sanitary facilities and you use it as a "second" home, the interest you pay on it is probably deductible on your tax return. Although a fishing boat without facilities won't qualify, most motor homes and campers do. If you're looking to buy a boat that doesn't qualify as a second home, you may want to consider paying for it with a home equity loan. That way, the interest is generally deductible. As with most tax rules, there are exceptions and limits so check with a tax expert before you sign on the dotted line.

Personal Quick Tip

  • Making Gifts

    Are you planning on making any substantial gifts? Talk to your tax preparer first. Gifts with values exceeding $14,000 must be reported to the IRS.