It’s only been a short time since you put your 2011 tax return to bed. Now you’ve discovered that you made an error that cost you hundreds or even thousands of tax dollars. Strategy: File an amended return. Simply use Form 1040X.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
Q. I have a SIMPLE-IRA, while my husband has a SEP-IRA and a traditional IRA. We’re both in our 50s. Can we consolidate these into traditional IRAs?
Q. My friend told me that the IRS has increased the standard mileage rate for 2012. Is that true?
Suppose your spouse’s car was damaged when he or she skidded on a wet road in April. It cost $3,000 out-of-pocket to repair. But you won’t be able to deduct any of this cost due to the casualty loss limits. Strategy: Start using your spouse’s car for business ...
The IRS is expanding its “Fresh Start” initiative for struggling taxpayers. (IRS News Release 2012-31) The updated program provides new penalty relief to the unemployed and opens up installment agreements to more taxpayers.