Depreciation

Deducting Business Car

January 6, 2011

Today TaxMama hears from Michael in the TaxQuips Forum who wants clarification. “I drive a lot. Is there a maximum dollar amount I may deduct for my vehicle expenses?” Share this:

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Section 179 Commercial Vehicles

December 15, 2010

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Today TaxMama hears from Jared in the TaxQuips Forum,who is confused. “What are the guidelines for writing off a new commercial van? I need a big deduction. Can I write off the whole thing? I have been to many sites – and even the IRS site is different. I thought it was $25,000 last month [...]

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5th Wheel

November 2, 2010

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Today TaxMama hears from Brad in Jacksonville, NC , who says, “I’ve been considering purchasing a (self-contained) motorhome/fifth wheel RV for use as lodging/office to use on my business travels. Can I write it off?” Share this:

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Renting Losses

October 6, 2010

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Today TaxMama hears from Alissa in the TaxQuips Forum. She wants to know, “The mortgage on my rental property is $1,500 (including tax, insurance, & a 2nd). But I only charge $1,200/month for rent because that is the going rate in the neighborhood. Do I still report the $1,200 as rental income even though it [...]

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Small Business Jobs Act of 2010

September 24, 2010

New Jobs Act brings tax benefits (9-23-2010) On September 23, the House passed the Small Business Jobs Act of 2010 (H.R. 5297). It is expected to be signed by the President. Among its provisions: Share this:

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Step Up Basis Adjustment

August 10, 2010

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Today TaxMama hears from Rob in the TaxQuips Forum, who couldn’t get IRS to answer him. “I am adjusting a 2006 return using the 3115 Form per your guidance. The Real estate is 1974 property where we used ACRS, 125% and 20 years. For the step-up do I have to use MACRS lives and methods?” [...]

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Worship Leader and More

August 9, 2010

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Today TaxMama hears from Alex in the TaxQuips Forum, with this issue. “I am the worship leader at my church and am currently paid a salary of $6,000 a year without taxes taken out. I also just recently took on a short term job in which I was hired as an independent contractor to do [...]

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Boat Office

March 23, 2010

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Today TaxMama hears from Keith in the TaxQuips Forum, with an interesting question. “There’s no office space near me, so I want to buy a boat as the office for my C Corp. I could easily maintain a log for any recreational use to facilitate separating business and personal use.” http://taxmama.com/forum/taxquips/boat-office/ Share this:

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Ask TaxMama Issue 542 – Poor Poor Purim

February 26, 2010

Dear , Let’s start with a quick reminder – if you want to take a deduction for contributions to Haiti on your 2009 tax return, you must make your contribution by February 28th. Speaking of February 28th, that is also the last day to take the 2009 EA Exam. Those of you planning to sit for [...]

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No Depreciation Schedules

February 24, 2010

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Today TaxMama hears from Enrolled Agent Alison Jacks in San Francisco who brings up an important issue. “What do you think of the fact that many (dare I say most?) tax professionals do not seem to provide depreciation schedules with the taxpayer’s copy of the tax return? I pretty much blew a fuse yesterday and [...]

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