If you use independent contractors to perform services for your business or rental and you pay them more than $600 for the year, you are required to issue them a Form 1099 at the end of the year to avoid facing the loss of the deduction for their labor and expenses.
New Law Provides 30% Bonus Depreciation - Big Opportunity! |
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Included in the new tax law, signed on Saturday, March 9, 2002 by President Bush, is a provision to allow a 30% first-year bonus depreciation. This provision retroactively affects 2001 tax returns, and taxpayers who have already filed their 2001 returns, can still take advantage of these changes by filing an amended return.
Avoiding Underpayment Penalties |
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Congress considers our tax system as a "pay-as-you-go" system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the "pay-as-you-go" requirement.
Looking for Business Tax Deductions? Look No Further Than Your Business Vehicle! |
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With all the recent changes in the tax laws and regulations, the options for deducting the business use of a vehicle are both numerous and generous. In fact, there are so many options that some can easily be overlooked. Note: When a vehicle is used both for personal and business use, the expenses must be prorated based on miles driven for each purpose.
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