- 100% Write-Off for Qualified Leasehold Improvements for Business
- In an effort to get the economy back on the rails again, the 2010 Tax Relief Act generally permits businesses to deduct 100% of the cost of leasehold improvements acquired and placed into service during 2011.
- Two Tax Credits to Help Pay Higher Education Costs
- There are two federal tax credits available to help individuals offset the costs of higher education for themselves or their dependents. They are the American Opportunity Credit and the Lifetime Learning Credit.
- Thinking of Tapping Your Retirement Funds for a Little Extra Cash?
- In today’s economy some taxpayers may need to take money out of their retirement plans to make ends meet. If you have or are contemplating taking a distribution there are some very important and unexpected tax issues you need to be aware of.
- Standard Mileage Rates Boosted July 1
- The IRS recently announced that it is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel. These increased rates are effective July 1, 2011.
- Are You Missing Out On the Research Credit?
- The Internal Revenue Code (Sec 41) provides a tax credit of up to 20% of qualified expenditures for businesses that develop, design or improve products, processes, techniques, formulas or software and similar activities. The credit has been available off and on since 1981 and has never been made permanent by Congress. It has been extended several times and is currently scheduled to expire at the end of 2011.
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