Small Business Links

Archive for the ‘Company Cars’ Category

PostHeaderIcon Tax Bits – 5/16/2011

You won’t see these every day but I’ll be doing Tax Bits when there are important due dates or rulings that I find.  On with the bits….

1)  If you’re a tax-exempt organization, your Form 990 is due today.  You can get a three month extension by filing Form 8868, which you can find here.

2)  If you’re looking ahead, the IRS put out the 2012 deduction limits on Health Savings Accounts (HSAs) in Rev. Proc 2011-32.  The annual limitation on your deduction if you’re single is $3,100 and it’s $6,250 with family coverage.

3)  The IRS recently put out their Audit Technique Guide on the wine industry.  There’s a lot of material in here but these ATG’s are worth the read if you’re dealing with the issue at hand.

4)  Taxgirl’s latest is on the pros and cons of another tax holiday for company’s to repatriate their earnings.

5)  The latest at the WSJ Tax Report blog has a discussion on new breaks for company cars.  Well worth the read if you own your business and you’re in the market for a new car.

6)  The Intuit Small Business Blog has a piece on how whether the IRS views your business as a hobby or not.  Check this out if you think you’re on the fence.

So lots of good stuff here.  If you want more frequent updates, be sure to follow me on Facebook or Twitter.