Five Depreciation Tips for Year-End Tax Planning
1. Avoid the mid-quarter convention. Assets purchased in the second half of the year are entitled to less depreciation in the first year under the mid-quarter convention than under the standard...
View Article2014 Standard Mileage Rates Decreased
Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for...
View ArticleClaiming Home Business Deductions
Claiming a deduction for the business use of the home can be confusing to some taxpayers, and they can easily end up overstating or understating this deduction. Assuming that part of the home is used...
View ArticleAutomobile Depreciation Limit & Income Inclusion Amounts 2014
The IRS has released the inflation-adjusted Code Sec. 280F depreciation limits for business autos, light trucks and vans placed in service by the taxpayer in 2014, as well as the annual income...
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