Attn: Small Businesses – You Are Eligible for Faster Write-Offs
May 27, 2009 | 
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Faster Write-Offs for Certain Capital Expenditures
Many small businesses that invest in new property and equipment will be able to write off most or all of these purchases on their 2009 returns. The new law extends through 2009 the special 50 percent depreciation allowance, also known as bonus depreciation.
Normally, businesses recover these capital investments through annual depreciation deductions spread over several years. Both of these provisions encourage these investments by enabling businesses to write them off more quickly.
Important Note for Start-Ups
May 26, 2009 | Subscribe to our RSS Feed
The tax court recently handed down an unfavorable decision to a taxpayer claiming deductible expenses for his start-up business (real estate investing).
Deducting Business Trips
May 19, 2009 | Subscribe to our RSS Feed
Deducting business trips, conventions, and trade shows
IRS auditors are suspicious of business conventions that look more like vacations. Follow all the rules and keep proper records to ensure you secure the valuable deductions:
Hybrid Vehicle Credits
May 13, 2009 | Subscribe to our RSS Feed
Hybrid Vehicle Credit and Green Vehicles for 2009 and 2010
Beginning January 1st, 2009, the 2009 Recovery Act provides a personal credit (applied against the AMT) for purchasing an alternative motor vehicle.
Warning – Sales and Use Tax Compliance
May 8, 2009 | Subscribe to our RSS Feed
The State of Maryland is looking for revenue. They are aggressively performing more and more sales tax audits to increase their coffer. This year in particular, they expect a reduction in income tax revenues due to the downturn in the economy. The State has caught businesses off guard with huge assessments for this unrealized tax.