| |
It’s yearend again, time to plan for the 2009 tax year
that’s ending December 31.
Deductible Expenses
Be sure and pay all deductible business and personal
expenses, including property taxes, before year end so you
can get those deductions.
Also, if you plan to make any charitable contributions
anytime soon, try to do it before year end also.
Standard Mileage Rates
New Standard Mileage rates for 2010 have been released by
IRS:
• Business
Miles driven, 50 cents per mile.
• Medical
or moving purposes, 16.5 cents per mile.
• Service
for charitable organizations, 14 cents per mile.
Meal Per Diem Rates
Meal per diem rates through September 30, 2009,
were $45 per day
for low cost localities and $58 for high cost localities.
For October 1, 2009, through December 31, 2009, the meal per
diem rates are $52 for low cost localities and $65 for high
end localities.
You will, therefore, need to separate the number of eligible
meal per diems you can deduct into two periods (1-1-09 to
9-30-09) and (10-1-09 to 12-31-09).
Remember, to be eligible for a meal per diem deduction you
must be out of town on a trip requiring an overnight stay.
If you leave town on a Friday to attend a function and
return on Sunday, you would be entitled to two meal per
diems.
Joe
Learn more about
Joe DePetris, Jr., and IBO tax return preparation
and tax issues at
IBO Bookkeeping 101.
Find more
Tax Tips for IBOs from Joe DePetris, Jr., CPA.
This article is provided as an
educational resource for your guidance, and is
strictly informational. It does not constitute
legal, accounting, or other professional
counsel. Nothing included herein implies a
recommendation by the author, the
IBOA International, or
Amway Global, of any course or method of
regulatory compliance. Readers and users who
intend to take, or refrain from taking, any
action based on information contained herein
should first consult with their qualified tax
advisor, preferably a C.P.A., or appropriate
regulatory authorities.
|
|
