The Small Business Tax Help Blog

Archive for January, 2011

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PAYGO in the House: What it means – and won’t mean

House rules now require that new spending be matched by new spending cuts . What will this actually mean? Not as much as you might think.

2011 Tax Benefits

Question: Business Address on Schedule C EZ?

It’s the 2002/2004 back taxes guy again. I never had a business address should I use my current home address?

Answer: Look at the form. Doesn’t it say if your address matches the one on the front of the tax return, leave it blank???

2004 MERCEDES-BENZ C-CLASS

THE GROWTH RECESSION CONTINUES

Long-time readers of Outside the Box are familiar with the names Dr. Lacy Hunt and Van Hoisington. They are a regular feature here, as quite frankly, anything that Lacy writes or says I pay serious attention to.

TaxPlus – Tax Information By Subject

Question: what steps do i need to take to open a tax return business?

I just find it ridiculous how much people pay for this, so what steps do i take and how do i go about doing the fast return or same day returns?/ thnks

Answer: Depending on where you live, there might or might not be laws and licensing requirements that you have to meet. Of course, this takes for granted that you have a good knowledge of tax law.

Instant refunds are done through a bank or other financial institution. HSBC is used by H&R Block. I don’t know if they’d be willing to deal with an individual.

Be warned – even “simple” returns often have a twist to them – they’re not all just W-2′s and 1040EZ’s.

Ohio: CPAs offer free tax return preparation for Ohio’s deployed military troops

COLUMBUS — This tax season, Ohio’s deployed military personnel can receive free tax preparation services from volunteer CPA members of The Ohio Society of CPAs.

ProSystem fx® Tax – Business Tax Returns – CorpSystem Tax Compliance

Question: Home rental and taxes?

I’ve owned a home for 4 years and lived in it for 3. This past year, I’ve been renting it out since I’m now living overseas (Military tour). I know that the interest and taxes are deductible, but the rental payments are taxable. I also understand that any expenses (i.e. repairs) are deductible.
My question is, what other things do I need to know about filing taxes as it relates to my rental property? Particularly, can I count depreciation of the property and how is depreciation calculated?

Answer: Yes, you can depreciate the property starting with the month it was converted to rental.

Depreciation can be a bit tricky and unfortunately I do not have the charts in front of me right now. Check IRS.gov.

Who wants to be rich? Here’s how to

DON’T let time run out, there are some simple steps to take to ensure you enjoy future wealth.

What Should You Do Immediately After a Disaster