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Business Tax Deductions
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Business is straining under security costs, (Financial Mail)
to the extent that it is looking for relief wherever there is a hope of it. The SA Revenue Service (Sars) recently issued a draft interpretation of allowable deductions against security expenditure - and was flooded by requests for information. Income tax revenues increase (Billings Gazette)
HELENA - Montana individual income tax collections through March 31 are running nearly $46 million ahead of where they were a year ago, while corporate income tax receipts are lagging by $22 million, the Legislature's chief revenue forecaster said Friday. Invoices fake, witnesses at appraiser trial say (Rochester Democrat and Chronicle)
Prosecutors presented witnesses Wednesday to support their claim that appraiser John E. Nicolo took illegitimate business deductions on tax returns. Tax deductions can be worth a 'bunch' more (Richmond Times-Dispatch)
You always seem to have a lot of expenses that you think could help cut your tax bill if you itemized deductions. But every year, they go to waste. The problem: Your costs regularly fall just short of the income thresholds they must meet in some deduction categories. Get around this tax-reduction roadblock by bunching your expenses. It's too late to help cut your 2007 tax bill, but by setting up ... For business, plenty of tax breaks to go around (The Kansas City Star)
With recession looming, Uncle Sam has assumed the persona of Monty Hall to American businesses. Washington’s version of “Let’s Make a Deal” — part of this year’s economic stimulus package — offers an estimated $50 billion in tax deductions that almost any business can claim a piece of. Bunch your tax breaks (Bankrate.com via Yahoo! Finance)
Do you always fall just short of enough expenses to itemize? Set up a deduction bunching strategy so you don't waste your tax-saving potential. Small-business owners need to make every dollar count at tax time (BizJournals)
As the economy falters and evidence of a recession grows, it is increasingly important for small-business owners to take advantage of available tax deductions and credits to maximize savings this year. Unfortunately, many small-business owners do not file for all of their eligible deductions -- and with nearly 1 million tax provisions, it is easy to miss opportunities for savings. Real estate project manager Edward Barrier pleads guilty to tax evasion (BizJournals)
High-end residential property project manager Edward Barrier pleaded guilty to one felony count of tax evasion, U.S. Attorney Catherine Hanaway said Thursday. House passes bill to eliminate cell phone tracking for tax deductions (BetaNews)
A provision to a tax reform bill offered by Rep. Sam Johnson (R - Texas) aims to remove the requirement that employees keep track of their cellular phone usage for tax purposes. John McCain releases his tax returns -- not his wife's (Los Angeles Times)
The disclosures from 2006 and 2007 indicate that he spent most of his own income, suggesting that Cindy McCain funds their lifestyle. The campaign cites privacy concerns in not releasing her data. Sen. John McCain reported income of $405,409 last year, but the money he spent on charitable contributions, wages to household staff, alimony and taxes ate up most of that -- showing how his wife, ...
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