Tax Tips

Tax Tips

There are various tax credits for post-secondary education expenses. The American Opportunity Credit is available to taxpayers who incur tuition expenses for the first 4 years of qualified post-secondary education for themselves, their spouse, or their dependents.

The fastest way to depreciate your business’s fixed assets is by use to the Section 179 election. Section 179 property is tangible personal property used in the active conduct of your trade or business.

Over the last few years individuals who have had debt forgiven, have been receiving 1099’s for the amount of debt canceled, which is generally considered to be taxable income.

If you use your vehicle for business, you can deduct your auto miles based on the IRS rates. The new 2017 rate is $0.535 per mile.