It is that time of the year again. We need to file our income tax return. To make the process more affordable Accu-Tax and Accounting Co offers complete individual income tax preparation for only $99.00 Service includes federal and state returns (efiled).

A Bright Idea

Do you have an entrepreneurial spirit? Do you dream of being your own boss? Many peaople have the desire and solid ideas for starting a new business, but they either lack the courage to take the first step or they don't know where to start. Here's some infromation that may help quide you in taking those first steps.

Develop a Business Plan

How Is Rental Income Reported ?

For most taxpayers, the income collected from renting property is reported on Schedule E, Supplemental Income and Loss. If two or more people jointly own rental property, they can elect to form a partnership that holds the property and passes the income through to them.

Your automobile may provide you with several tax deductions that may lower your income tax. As with all deductions, it's important to maintain accurate records of your expenses.

Business

You cannot deduct commuting mileage - that is, mileage from your home to your regular job.
However, if you are self-employed and maintain an eligible office in your home, you can deduct the mileage to and from your client's or customer's place of business, as well as between jobs.

Donating to charitable organizations is a win/win activity for both the giver and the receiver.
Gifts help the organization and can provide a tax benefit for the giver.

Common Contributions

Many federal income taxes are paid from amounts that are withheld from payments to the taxpayer. For instance, amounts roughly equal to an employee's estimated tax liability are generally withheld from the employee's wages and paid over to the government by the employer. In contrast, estimated taxes are taxes that are paid throughout the year on income that is not subject to withholding.

If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year

Whether you are starting a business or running an existing business, it is important to choose to operate under the best entity structure for you. Pick the wrong one and you could pay more taxes than you need to or set yourself up for legal problems in the future.

 There are five different types of entity structures: