IRS Tax Tip 2012-51 – Health Insurance Tax Breaks for the Self-Employed

By | 2012-03-15T15:46:55+00:00 March 15th, 2012|Blog, Tax Preparation|

Health Insurance Tax Breaks for the Self-Employed If you're self-employed and paying for medical, dental or long-term care insurance, the IRS wants to remind you about a special tax deduction for some insurance premiums paid for you, your spouse, and your dependents. Starting in tax year 2011, this deduction is no longer allowed on Schedule

IRS Tips for the Self-Employed

By | 2012-01-25T22:36:44+00:00 January 25th, 2012|Blog, Tax Preparation|

These helpful IRS tips were actually published by the IRS and we thought we would pass them along... Tax Tips for the Self-employed  There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor,

Six Year-End Tax Tips to Reduce 2011 Taxes

By | 2011-12-21T19:00:42+00:00 December 21st, 2011|Blog, Tax Preparation|

IRS Tax Tips: Special Edition Tax Tip 2011-09: The IRS wants to remind all taxpayers that with the New Year fast approaching, there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no later than Dec. 31 in order to claim certain tax

Depreciation Rules on Buying a Car or Truck for Business Use in 2011

By | 2011-08-30T21:02:47+00:00 August 30th, 2011|Blog, Tax Preparation|

by Shelly Doerhoff, CPA You’re probably already aware that the IRS places annual limitations on the dollar amount of depreciation allowable on automobiles purchased and placed in service during the tax year. As inflation increases, the amount of this deduction must increase as well. For 2011, the first-year depreciation deduction limits are increased by  8,000—from

IRS Increases Optional Standard Mileage Rate Beginning July 1, 2011

By | 2011-06-23T15:53:03+00:00 June 23rd, 2011|Blog, Tax Preparation|

This article posted today regarding the IRS increase in the Standard Mileage Rate for 2011: IRS increases gas mileage deduction in midyear By STEPHEN OHLEMACHER, Associated Press WASHINGTON (AP) — The Internal Revenue Service is increasing the tax deduction motorists can take for using private vehicles for business, a rare midyear move sparked by high

New IRS Mileage Rate for 2010

By | 2009-12-09T23:04:35+00:00 December 9th, 2009|Blog|

The IRS has announced the 2010 standard IRS mileage rates used to calculate deductible costs of operating a vehicle for business, charitable, medical or moving purposes. The following in an excerpt from www.irs.gov: “Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will

Phishing Scams and the IRS

By | 2009-11-23T21:57:27+00:00 November 23rd, 2009|Blog|

Did you know that the IRS doesn’t typically use email for communications to taxpayers?  Almost every type of correspondence with the IRS is done by regular mail or telephone. Because this isn’t widely known, there have been several attempts by scam artists to send mass emails out to the general public telling them about long-lost refunds or