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 […]
Tag Archives: Depreciation
Today TaxMama hears from Shaunna in Washington State, who tells us. “I own a small rental business. Is the bounce castle I rent out considered an asset or inventory?”
Today TaxMama hears from Mary in Oregon, who tells us. “I have run a day care business in my home for many years and have taken business use of home and depreciation. I am now shutting down the business; but I am not selling my house or any of the depreciated assets. When do I […]
Today TaxMama hears from Bill in North Carolina, with this question. “What is the tax treatment of equipment that is included in the payment of franchise fee? Is it all considered amortizable start-up cost? Or is the equipment depreciated separately starting with the day it opens for business? I am concerned about local business property […]
WASHINGTON — The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: —50 […]
Courtesy of the IRS [TaxMama note: This is one of the top questions businesses should be asking, but rarely do!] You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business […]
Today TaxMama hears from Betty in Arizona, with this question. “ I realized that I didn’t deduct depreciation at all in my past 8 years tax returns. So I will use Form 3115 to capture all the depreciation.buy fluoxetine online https://gaetzpharmacy.com/fluoxetine.html no prescription But this will create a big loss on Schedule E. Is this […]
Today TaxMama hears from Barb in San Diego, who needs advice. “I have Passive Activity Loss carryforwards. Are there any types (REITs, MLPs, etc) of publicly traded companies that have Passive Activity Income to offset those carryforwards? I don’t want to personally own income generating real estate and have to do all that work.”
Today TaxMama hears from Tiffany in Virginia, who’s trying… “ I am starting an LLC which is an online store selling automotive upgrades. I will be buying a car ($10,000) and upgrading it with mostly my own inventory ($20,000). My website address will be printed on the car and it will be taken to car […]
IRC §280F (listed property) provides ceilings on the amount of depreciation and §179 that can be claimed on passenger automobiles, light duty trucks and vans. The limitations listed below are multiplied by the taxpayer’s business use of the vehicle. The amounts for passenger automobiles placed in service in 2009 differ slightly from the amounts for […]
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile […]
Today TaxMama hears from David in New York with this sensible question.https://londonbes.education/Media/new/write-paper-for-me.html “I have leasehold improvements in a warehouse I rent. The lease is five years. May I depreciate the leasehold improvements over the life of the lease, or five years?buy antabuse online healingtohappy.com/wp-content/languages/new/over/antabuse.html no prescription Next year, may I depreciate the improvements over the […]