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Tax Tips Small Business
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Turning Interest Payments Into Tax Deductions
Make interest payments work for you, not against you
You can deduct business-related interest on your business return if you used the borrowed funds to purchase business supplies, equipment, services, etc. Co-mingling business and personal expenses makes it difficult to determine what amount of the interest is business versus personal. If this happens, the IRS may consider the entire amount as nondeductible personal interest and disallow the deduction. Therefore, keep all business purchases made with loans and credit cards clearly separate from your personal expenses. Use a separate credit card for your business to make it easier.
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Small Business Quick Tip
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Like Kind Exchange
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.
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Tax Tips Personal
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Giving to Charity
New rules require diligent recordkeeping
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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,
Personal Quick Tip
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Teacher Expenses
If you are a teacher who spent your own money for classroom supplies, you can take a deduction for up to $250 of those costs.