Category: Income Taxes
-
Small Business Tax Depreciation – Section 179
The Internal Revenue Service sets the depreciation allowance based on the Code as promulgated by Congress. The most commonly referenced section is 179. This is a form of accelerated depreciation allowing the small business owner the opportunity to take a large expense deduction and reduce their tax obligation immediately.
-
Mileage Deduction – New Rate for 2013
The Internal Revenue Service announced the mileage rate deduction for the calendar year 2013 on November 21, 2012. The new rate increased 1 cent over 2012’s rate to 56.5 cents per mile. How do you calculate and use the mileage rate formula for tax purposes?
-
Self-Employment Tax: You Can Stop Staring At Me Now!
Simply put, this is a tax on your net earnings from your small business operation. If you are unincorporated, you have to pay this tax. This includes those in partnership arrangements, and in any form of Limited Liability Company status. Why don’t corporations pay the tax? Actually they do, it’s just called a different name.