Maximize Your Company’s Purchase Power – Take Advantage of the HUGE Tax Deduction Limit Increase for Business Equipment!

 Taxes to the Rescue:

The Case of the Stolen Laptop

If your company is a C-Corp, S-Corp or Partnership and you have been granted an extension to file your return, the following must be filed by September 15, 2011: 

C-Corporation: Form 1120 

S-Corporations: Form 1120-S

Partnerships: Form 1065

Please remember an extension is an extension to file, not to pay.

Are you one of the myriad of businesses paying personal property taxes on items you no longer possess?  I recently visited with a company and they had a substantial amount of obsolete items on their balance sheet which they had disposed of several years before. 

 The IRS has extended the deadline for filing federal taxes until April 18, 2011.  Please note, the extended filing deadline are for those filers with a traditional tax deadline of April 15th.  Those required to file in March are unaffected by this extension.

 The Small Business Jobs Act of 2010 (HR 5297) was signed into law on Monday September 27, 2010, which expands loan programs through the Small Business Administration and offers a variety of small business tax breaks and some revenue raisers.

On June 24, 2009 the President signed into law the “cash for clunkers” provision aimed at removing older gas guzzling vehicles for more fuel efficient ones.  The “new” vehicle must be purchased between July 1 and November 1, 2009 and various rules apply if you are considering a light truck or a passenger car.