The Small Business Tax Help Blog

Archive for October, 2009

Calendar

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Illinois State Senator Dan Rutherford – Business Tax Increases

Another week of GW News, January 3, 2010 [A Few Things Ill Considered]

Logging the Onset of The Bottleneck Years This weekly posting is brought to you courtesy of H. E. Taylor . Happy reading, I hope you enjoy this week’s Global Warming news roundup Read the rest of this post… | Read the comments on this post…

Question: Can a bank refuse to give me a federal tax ID number on my account?

I work for a company with 3 business accounts at a well-known bank. I need the federal tax ID numbers on the accounts, but the business banker says they don’t give them out due to company policy. We have no paperwork with the numbers on them at work. I am listed as an authorized agent on the accounts. Even though I offered to go into the bank and show identification, they refused. Can they do this?

Answer: Have an authorized signer call and ask for this information....they would be able to provide it to them only.

Weekend Reading Assignment: A Russian Tale

A story of a journalist, an assassination attempt, and the largest aluminum company in the world -- controlled in large part by a certain NBA owner

STADIUM LOFTS on Best Deals TV Show

Government needs to change how it does business, legislators say

A full contingent of Washington state legislators from two local districts addressed about 65 people at a forum on Monday night sponsored by the Port Orchard Chamber of Commerce, calling for a restructuring of government and an increase of support for small businesses.

R&D Tax Credit and Small Businesses – 8

Question: Is there a tax credit for insulating a business office (Energy Efficiency Credit)?

The office where I work is thinking of addinginsulation to our office building. Is there any tax credits we can take advantage of by doing this?

Answer: Yes.

Taxpayers may expense the cost of energy efficient commercial building property placed in service in calendar years 2006 or 2007. The deduction for any building for any tax year can't be more than the excess if any of
1. $1.80 x the square footage of the building and the
2. deductions allowed under sec. 179 depreciation deductions for earlier years.

Energy efficient commercial building property is property that
1. is depreciable or amortizable
2. installed on or in a building located in the US
3. certified as being installed as part of a plan that will meet a 50% energy use reduction test described in code sec. 179D(c). In some situations where the 50% test isn't satisfied, a partial deduction may be permitted.

Window of opportunity in 2010 for tax credit

Fretting because you didn’t replace those leaky windows in 2009 and take advantage of the federal government’s $1,500 energy tax credit offer? Relax, you have another 12 months. Same deal. Same credit.

Urban Re:Vision Director Eric Corey Freed talks energy efficiency tax credits with Fox Business News