This week in tax news.
There’s a tax benefit to doing business the way you do. You may qualify for a section 179 deduction worth up to $139,000 for qualified business property placed in service in 2012. The section 179 deduction is for tangible personal property such as machinery and equipment instead of depreciating them over the useful life of the items. Section 179 can only be deducted in the year of purchase.
eSmart Tax FAQ: I found a lost tax form.
Competing online tax companies have recently made claims about “free” audit support with varying degrees of fine print. Some companies offer this service, but only for those customers who pay for their higher-tiered products. To give taxpayers even more confidence in the quality of its tax preparation services, eSmart Tax provides complimentary CPA Audit Assistance to every customer—regardless of which product they use—at no charge.
Instructions for filing your state return using eSmart Tax.
Social media contest preview. Click for details.
Information on puts, calls, straddles. Liberty Tax Service's Raymond D. Nations, EA, covers this topic in depth.
Reporting capital gains and losses can be a little tricky, depending on what type of property you have sold, how long you kept it, and whether or not you received all of the proceeds in the year of sale or not.