Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for February 1st, 2008

Celebrity Tax Cheats

Posted by taxguru on February 1, 2008


Richard Hatch’s tax conviction upheld

Actor Wesley Snipes Acquitted of Tax Fraud, but Convicted of Failing to File a Tax Return – This seems to be one more example of the stupidity of people in Florida.  Maybe we we’ll later discover how they determined what Snipes had done wasn’t fraud.

 

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Section 179 Changes?

Posted by taxguru on February 1, 2008

Q:

Subject: section 179

Hi,
Was just inquiring, as far as you know, is the deductions for the above section still in effect? There was speculaion about it being cancelled by congress this year.If not can it still be used?

A:

If anything will be changed about the Section 179 deduction this year, it will be to raise the maximum amount that can be claimed; not lower it.

If our rulers in DC are serious about attacking what they perceive as an upcoming economic recession, they will encourage more spending on equipment by small businesses by making Section 179 more generous. Historically, that has been done many more times as a means of kick-starting the economy than has the ridiculous rebate program that is receiving more of the publicity right now.

Be sure to work closely with your own personal professional tax advisor to keep abreast of how the Section 179 can be utilized most efficiently for your unique circumstances.

Kerry Kerstetter

TaxCoach Software: Are you giving your clients what they really want?

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