Travel, Entertainment, and Potential Personal Use Property. What To Deduct?
A predominant theme running through tax law is the encouragement of business activity. Ordinary and necessary business expenses are generally tax deductible, while expenses incurred for personal reasons or pleasure are not. This distinction is particularly difficult to make in the area of travel, entertainment and business gift expenses because these expenses have both personal and business components. Learn more by reading and/or downloading information from WebsterRogers.
IRS Links and Other Contact Information
Internet
http://www.irs.gov
Information for small business owners and self-employed people at: http://www.irs.gov/smallbiz
Find all manner of info, from how to obtain a federal business tax ID to a free six-session streaming video presentation of the "IRS Small Business Workshop" (a.k.a., the Small Business Self-Employed Online Classroom): http://www.irs.gov/businesses/small/article/0,,id=97726,00.html
To attend an IRS small business workshop in person, check to see what's available in your state: http://www.irs.gov/businesses/small/article/0,,id=99202,00.html
Need tax forms and/or their instructions? Look no further than the IRS website: http://www.irs.gov/formspubs/index.html
Here you'll find a treasure trove of links to every tax form known to humankind, available as downloadable PDF files or in fill-in format. All form instructions can also be downloaded: http://www.irs.gov/formspubs/lists/0,,id=97817,00.html
The IRS has many free publications that explain virtually every major (and many minor) tax topics in great detail: http://www.irs.gov/formspubs/lists/0,,id=97819,00.html
Telephone
Toll-free numbers:
* To order forms publications: 800-829-3676
* To ask business tax questions: 800-829-4933
* To ask personal tax questions: 800-829-1040
* For help with long-standing problems: 877-777-4778
* Prerecorded messages on 140 topics: 800-829-4477
TaxFax Service
Most IRS forms instructions, via fax: 703-368-9694, from your fax machine.
CD-ROM for Small Business
"The Small Business Resource Guide CD-ROM," a.k.a., Publication 3207. It includes all the tax forms and publications needed to run a small business. Call 800-829-3676, to request a free copy.
Offices
For a complete list of IRS offices in all 50 states, including hours of operation and contact info: http://www.irs.gov/localcontacts
IRS Online Classroom
This extensive workshop is designed to help new and existing small business owners understand and meet their federal tax obligations: http://www.irs.gov/businesses/small/article/0,,id=97726,00.html
Reporting Capital Gains
In order to educate taxpayers about their filing obligations, this fact sheet, the twelfth in a series, provides information with regard to capital gains reporting. Incorrect reporting of capital gains accounts for part of an estimated $345 billion per year in unpaid taxes, according to Internal Revenue Service estimates.
What are your chances of being audited?
Phishing scams, frivolous arguments top the 2008 “Dirty Dozen” tax scams.
Disaster assistance and emergency relief
Common mistakes on tax returns
Depreciation and Section 179 expense
Track your tax refund
