Archive for December, 2010
Charitable contribution reminders
Posted by brumley in Deductions, Tax on December 28, 2010
Are thoughts of charitable contributions dancing in your head this holiday season? If you itemize, you may also be thinking of tax deductions. Here are tips to make the most of your generosity. Choose a qualified charity. To be eligible for a deduction, the organization you contribute to must be qualified. In general, that means [...]
Cancelled debt can result in taxable income
Are you talking to your lender about restructuring or forgiving all or part of your business debt? You may be surprised to learn the outcome of your negotiations could lead to taxable income. Why? When you no longer have to repay a business debt because it’s been reduced or forgiven, cancellation of debt (COD) income [...]
Tax Relief Act of 2010
Posted by brumley in Tax, Tax Law Changes on December 23, 2010
Legislation signed by President Obama on December 17, 2010, will give all taxpayers a two-year extension of 2010 tax rates plus a number of other tax breaks for both individuals and businesses. The law also extends unemployment benefits for an additional 13 months. Here’s an overview of the provisions included in the law. Individual income [...]
IRS Announces 2011 Standard Mileage Rates
Posted by brumley in Deductions, Tax on December 8, 2010
The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 51 cents per [...]
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T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
