The Small Business Tax Help Blog

Archive for the ‘Business Tax Deductions’ Category

12/31/11 – Sen. Johnny Isakson (R-GA) Delivers Weekly GOP Address On Commitments For 2012

Private Health Services Plan (PHSP) for Canadian business owners

Small Business Tax Deductions

Question: Section 179 deduction small business eligible for bonus depreciation?

I purchased about $4000 in business equipment in 2008. I understand I can claim the $4000 under Section 179. But a recent change in the tax law for 2008 allows 150% “bonus” depreciation on business equipment. Does this apply? Can I claim $6000 of depreciation vs. $4000 because of this new tax law?
Why? Who does the bonus depreciation law apply to?

Answer: No, you are limited to your cost basis.

Bill Clinton retakes the White House from Obama: Full photo coverage

Barack Obama concedes and leaves the news conference.

Tax Deduction Tips for Businesses : Business Gifts in Tax Deductions

Question: Tax deduction on passport?

Can I claim the cost of my passport on my Business Tax if I travel overseas for business. My business is in Australia

Answer: Generally a passport is not tax deductible. In your case where your job requires overseas travel to perform your duties, you should consider applying for a Private Ruling.

A private ruling is issued by the tax office and it is applicable on a case by case basis. That means that if they say ‘yes’ to you being able to claim, it is based on your circumstances alone and does not apply to other people as their circumstances are probably different.

http://ato.gov.au/atp/content.asp?doc=/content/19463.htm

Phoenix owner Serepisos faces fresh legal action

Wellington Phoenix chief executive Nathan Greenham insists all players will continue to be paid despite club owner Terry Serepisos facing legal action over unpaid taxes.

Robert Barbariol Chartered Accountant Sydney