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Business Vehicle Section 280F Depreciation Limits for 2011 |
Passenger Autos
Acquisition year special depreciation applies-$11,060
Leased auto income inclusion applies when FMV exceeds $18,500
Trucks and Vans
Acquisition year special depreciation applies-$11,260
Leased auto income inclusion applies when FMV exceeds $19,000
Heavy Sport Utility Vehicles
Section 280F Depreciation Limit N/A
Section 179 expensing limit (per vehicle)-$25,000
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Itemized deductions are captured on Schedule A as an alternative to taking the standard allowable deduction. To determine which is more favorable for your situation, it is often best to calculate your return both ways. Generally, if you own your own home you will itemize deductions. To help you gather and retain the correct records, a checklist is provided here for your use. While the list is not comprehensive, it is a good starting point.
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The concept of Tax Planning is often an overlooked means of saving hard earned income. The laws are complex, the fear of an audit looms in the distance, and tax implications are often overlooked until it is time to file a tax return. Remember that the Government only requires you to pay the proper amount of income taxes and NOT A DIME MORE. This concept has held true in many tax court cases where judges have ruled it is not wrong to take steps to reduce one’s tax obligation within the limits of the tax code.
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Being self-employed can bring individuals great rewards and freedoms, yet it also brings great responsibility to ensure you comply with the rules and requirements of the IRS.
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Business Entity Comparison Chart |
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You are starting a new business and may be unsure of which entity is most appropriate for your business. Although, we cannot give you legal advice. Below is valuable information to help you make a decision. If you have any questions, please contact us.
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Comparison Factors
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Sole Proprietorship (SP)
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General Partnership (GP)
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Limited Liability Company (LLC)
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S Corporation
(S Corp)
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C Corporation - General Stock
(C Corp)
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Business formation
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City tax license may be required.
No state filing required
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No state filing required. Some states allow GP’s to file at state agency. An Agreement between two or more parties. Partnership agreement should be created
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Required to file formation document with the State filing agency. Most states require an Operating Agreement
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Required to file formation document with the State filing agency. Most states require annual meetings and bylaws. Must elect S status through the IRS, additional filing required
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Required to file formation document with the State filing agency. Most states require annual meetings and bylaws
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