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Tax Tips Small Business
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New Rules for Spouses Who Operate a Business Together
Do you qualify for simplified reporting?
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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.
Small Business Quick Tip
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Personal Assets to a Business
If you have contributed personal assets, such as a computer or vehicle to your business, the lower of the fair market value or your cost basis of these assets qualifies as a business deduction, subject to depreciation limitations, beginning with the date of conversion.
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Tax Tips Personal
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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
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Sales Tax Deduction
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.