Don Brooks & Associates Inc

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Tax Tips Personal
American Recovery and Reinvestment Act of 2009

Be sure to deduct every legitimate expense
Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.

Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2009, you can deduct 55 cents for each business mile you drive.

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New Legislation Concerning Business and Payroll

Legislation signed into law earlier this year makes two new credits available to employers.

IRS Proposes New Registration, Testing and Continuing Education Requirements for Tax Return Preparers Not Already Subject to Oversight

What is an Enrolled Agent and why should I care?

In most cases, an inheritance is not taxable to you, but there are exceptions
At some point, you may inherit money or property that, in most cases, is not taxable to you. Life insurance proceeds are included in the deceased person's estate, but are not taxable to the beneficiaries. Bank accounts and other income-producing assets such as stocks are not taxable to you when received, but the income these assets generate is taxable to you.

Beginning January 1, 2010, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are:

50cents per mile for business miles driven;
16.5cents per mile for all miles driven for medical or moving purposes; and
14 cents per mile for all miles drive for charitable purposes.