Tax Tips Small Business

  • Bartering and trading? Each transaction is taxable to both parties

    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.

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Small Business Quick Tip

  • Personal Use of Vehicle

    If your business owns a vehicle that is available for an employee's personal and business use, the vehicle is nevertheless considered used 100 percent for business on the business tax return. The personal-use percentage is included on the employee's W-2 as additional compensation.
Thursday, 17th January 2019
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Tax Tips Personal

  • Gambling Income and Losses

    Six Tips on Gambling Income and Losses

    Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler.

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Personal Quick Tip

  • Mileage Rates

     

    Beginning January 1, 2017, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are:
    • 53.5 cents per mile for business miles driven;
    • 17 cents per mile for all miles driven for medical or moving purposes; and
    • 14 cents per mile for all miles drive for charitable purposes.