Monthly Archives: November 2010

Overlooked deductions

While I seem to be fixated with overlooked deductions, here are some more: 1. Sale tax is deductible if you don’t take a deduction for income tax. However, in addition to the sales tax tables that IRS provides, you can … Continue reading

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Deducting Holiday parties with business guests

Income tax planning: Holiday parties with business guests are generally 50% deductible if they are NOT your employees or members of their family, which would have been 100% deductible as noted below. You will need,however, to establish that the party … Continue reading

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Income tax Planning: the cost of holiday parties for employees and their family is 100% deductible. No business meeting need occur; however, you should document the names of employees and spouses. If you invite customers, then you must discuss business … Continue reading

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A nonpartisan group recommended BIG future changes in law to reduce deficits. These include: raising the social security age to 70, reductions in Medicare, elimination of deduction for health insurance and elimination of deduction for interest on home mortgages and … Continue reading

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Eliminating most capital gains taxes this year

How would you like to eliminate your capital gains taxes forever? If you have capital gains, you can pay a max income tax rate of 15% this year. Tip: Put the stock, bonds and real estate in your kids or … Continue reading

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Newest scams at supermarkets, deparment stores and groceries

Newest scam: Some people were complaining that they went into Walmart and got a lot of items. When they reviewed their receipt carefully, they noticed a $40 cash back that they didn’t get! They complained and was told it was … Continue reading

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Reduce your utilities with energy efficient items subsidized by the government

Would you like to cut utility costs if subsidized by the government? In 2010, you get a 30% tax credit up to $1,5000 for insulation, exterior windows and skylights,exterior doors and storm doors,central airconditioning and heat pumps, new furnaces and … Continue reading

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Using copyright and patent royalties to avoid passive loss limits

Passive income rules: Normally real estate losses are limited to real estate income and gains. HOWEVER, copyright and patent royalties can be used as passive income ,which are treated like real estate income. Thus, if you wrote anything or invented … Continue reading

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Latest Scams

Here are several of the latest scams: 1. Your computer is infected scam! The biggest criminal enterprise is the rogue antivirus product. It tries to convince you that your computer is infected so you hand over money for “antivirus protection” … Continue reading

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Depreciation of Antiques and other Memorabilia

Depreciation of antiques and other memorabilia: Contrary to the IRS position, two court cases have now allowed deductions for antiques and other memorabilia used in your business. In addition, you can make an election to deduct up to $500,000 worth … Continue reading

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