Roberts & Co., CPAs PSC

LaGrange CPA

502-222-7260

Tax Tips

Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.

MARCH 2010 TAX TIPS
[Previous Tax Tips]

How to Choose Your Business Successor

Practical ideas for picking the next leader Say you have spent most of your adult life building a small start-up business into a thriving company. At long last, you may be preparing to step away from the business or at least scale back your heavy workload. After all, you deserve it. [continue]

Joining Together to Support a Relative

Use a special agreement for tax benefits When does the sum of the parts equal more than the whole? One time is when using a "multiple support agreement" to salvage a dependency exemption. [continue]

Do You Qualify for Hobby Loss Deductions?

Analyze tax factors for sideline activities For many individuals, a personal passion can turn into a money-making endeavor. It makes a big tax difference if the activity is treated as a business or a hobby. [continue]

New Turns in Standard Mileage Rates

The IRS recently announced the standard mileage rates drivers may use in 2010 instead of keeping all the detailed records required for deductible travel. The rates either declined or stayed the same. [continue]

A Complete View of Homeowners Insurance

When you may need supplemental coverage To protect yourself financially against catastrophes to your house, you may rely on coverage from your homeowners insurance policy. But don't think that a bare-bones policy is sufficient in every case. You may be surprised to learn that damage from certain events is not covered under your policy. Or, even if a particular event is not excluded, you still may have to pay for some losses on your own. [continue]

Facts and Figures

Timely points of particular interest *No Apology--In a prior case, the Tax Court ruled that a taxpayer could deduct the full amount of alimony claimed on his 2004 return. [continue]

TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.

502-222-7260