More Than Accounting

Archive for September, 2008

Did You Know?

Posted by Rhonda Spaulding on September 22, 2008



There are deduction limitations on some autos used for business?  However, full size trucks and vans are fully deductible!

The IRS now requires a receipt, cancelled check or bank statement for every charitable donation?  Make sure you hang on to them!

You can pay estimated taxes online. Visit www.eftps.com for more details.

Advertisements

Posted in Uncategorized | Leave a Comment »

Estimated Payments

Posted by Rhonda Spaulding on September 22, 2008

Have you paid or withheld enough tax this year? If your income has been changing in the last year or two, it is time to review and ensure you have paid or withheld enough tax before the end of 2008.

I have found that typically people do withhold or pay enough federal tax, but it is the state taxes that seem to “getcha” at the end of the year.  If you need me to review your current tax situation, you will just need to provide the following information:

Most recent paystubs
Other income (interest, investments, business)
Estimated deductions

I can help you determine if you need to pay any additional before the end of the year and avoid those nasty underpayment penalties!

Posted in Uncategorized | Leave a Comment »

It’s time to Save…

Posted by Rhonda Spaulding on September 22, 2008

It has been a rough year in many segments of the economy.  During slow economic times, it makes us want to cut our costs and save as much as possible.  As with all challenges in life, we can use it as an opportunity to improve and grow.  Look at it this way, if you are looking to buy a gas gussling vehicle, now is the time to get a great deal!

Kiplinger.com gives ideas on how to Save Money on Practically Everything from food to investing.  They also point out that you should change your withholdings if you are continually getting a big refund from Uncle Sam.  You can use the IRS withholding calculator to determine what you need to withhold for the rest of the year.

Does all of the talk and spin regarding the economy and election leave your head swimming?  One of my favorite economists, Walter E. Williams makes some reading recommendations for those of us who need to understand the issues of the day.

Posted in Uncategorized | Leave a Comment »

2008 Tax Changes

Posted by Rhonda Spaulding on September 22, 2008

The biggest impact change in 2008 is increased depreciation deductions.  When you buy property that will be used for more than one year, the IRS requires you to depreciate that property over a predetermined number of years.  However, small businesses qualify for the section 179 expense deduction.  Section 179 allows taxpayers to deduct the full amount of the purchase in the first year, but it cannot be used to create a loss.  The total amount of section 179 allowed in 2008 is increased to $250,000.

If you can’t take advantage of the section 179 deduction because of the business income limits, there is also bonus depreciation where you are allowed to deduct 50% of the total cost during 2008.  This is similar to the bonus depreciation deduction enacted after September 11, 2001.  So, if you are a business owner needing to buy property; 2008 may be the year to take advantage of these additional tax deductions.

Business mileage deduction amounts have increased to $.50.5/mile for obvious reasons.

Posted in Tax | Leave a Comment »