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 In recognition of National Small Business Week, the Internal Revenue Service encourages small businesses to take advantage of tax-saving opportunities included in recently enacted federal legislation. A variety of business tax deductions and credits were created, extended and expanded by the American Recovery and Reinvestment Act of 2009 (ARRA), this year’s Hiring Incentives to Restore [...]

The Internal Revenue Service today announced the opening of the 2011 Low Income Taxpayer Clinic (LITC) grant application process. Applications must be submitted no later than July 16, 2010. “The Low Income Taxpayer Clinics are vital to taxpayers who need help with tax problems but lack resources,” IRS Commissioner Doug Shulman said. “The grant program’s [...]

A casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption. A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking [...]

Interest is an amount you pay for the use of borrowed money. To deduct interest you paid on a debt you must be legally liable for the debt. Additionally, you generally must itemize your deductions, unless the interest is on rental or business property or on a student loan. If you prepay interest, you must [...]

If you are an eligible educator, you can deduct up to $250 ($500 if married filing joint and both spouses are educators, but not more than $250 each) of any unreimbursed expenses [otherwise deductible as a trade or business expense] you paid or incurred for books, supplies, computer equipment (including related software and services), other [...]

You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent, as a tuition and fees deduction.  You do not have to itemize to take this deduction. You can claim qualified tuition and fees as either: (1) a tuition and fees deduction; (2) a Hope [...]

Big brands have a lot going for them – their logo is instantly recognizable, their products and packaging are familiar, and they often have a brand advocate who “represents” the brand in its marketing outreach. Sometimes these brand advocates are the business owners themselves (think Steve Jobs of Apple), but, more often than not, they [...]

The Service offers you the following tips to help you take responsibility for your retirement. Set a Goal – “I think I can save $25 a paycheck.” It’s easy to procrastinate so set up a “painless” payroll deduction for saving. It doesn’t matter if the money goes into a 401(k) plan, an IRA or into [...]

Source: Citizens for Tax Justice (CTJ)

By Ari.M Business.Gov