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Supporting Small Businesses &
Small Biz Tax Tips (Below)
February 25, 2011
Dear Friends,
If we are to truly win the future and out-innovate and out-build our competitors, supporting small business is a critical first step. While the Republicans are trying to cut federal funding for vital programs that support middle class working families -- many who are small business owners -- my Democratic colleagues and I are working hard with President Obama to help them thrive.
Below are tips for small business owners to assist you in preparing for 2010 taxes. Throughout this tax season I am sending out important updates to help you file your 2010 taxes. Please forward this email to your friends and encourage them to sign up for my newsletter to keep informed. Also, don't forget that this year's tax filing date deadline is April 18, 2011.
| NEWS FROM THE WEEK |
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INTERACT WITH ME
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Rangel Continues to Fight the Good Fight, Despite Adversity
By James Wright, Washington Informer
"...he will forge ahead with his agenda for speaking out on behalf of people of color in light of disciplinary action taken against him and the recent change of political power"...more
Guest Blog:
Dr. John M. Palmer
Executive Director, Harlem Health Center
On American Heart Month and Heart Health
"Through, access, education, persistence and practice we’ll have more than enough tools to combat heart disease one Harlem at a time"...more
Why African Americans Should Care About Social Security
By E.R. Shipp, The Root
"[Rep. Rangel] said in an interview that the 2012 budget is the priority and warned that to rashly link it to Social Security reform 'would weigh the budget talks so far down that we would never be able to reach a compromise"...more
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Rangel Urges Constituents to Use Free Online Tax Preparation & Filing Available From the IRS
Congressman Charles Rangel [D-NY] today encouraged constituents to take advantage of free tax preparation services available through the IRS' Volunteer Assistance (VITA) program and online through the IRS Free File program...more
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Rangel: Federal Program Helps Create Jobs in Northern Manhattan
"There is no doubt that in these rough economic times, government must do a better job of making sure that each dollar is spent carefully. However, we cannot let our drive to control spending stop us from investing in our future"...more
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Rangel Blast Republican Plan to Shut Down Social Security
"...Rather than protecting people’s right to receive their Social Security on time and in the right amount, the Republican plan for this year (H.R. 1) would put timely benefit payment at risk and hurt the economy by closing the Social Security office for up to four weeks out of the seven months remaining in 2011"…more
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CHARLIE ON TV
FOX Business Freedom Watch
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Click above to watch Congressman Rangel's interview
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Let's Get Ready to Rangel!
Feb 22, 2011
Rep. Charlie Rangel, (D-NY) sits down with Judge Napolitano about the public sector union battles.
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Small Business Expenses and Tax Deductions Guidance for the Self-Employed and Sole Proprietors
(Filing Deadline is April 18, 2011) |
Deducting Business Expenses
- Personal vs. Business Expenses
- Home Office Deductions If you use part of your home for business, you may be able to deduct expenses for the business use of your home. Two basic requirements:
- Regular and Exclusive Use. You must regularly use part of your home exclusively for conducting business. (ie. if you use an extra bedroom to run your online business.)
- Principal Place of Your Business. You must show that you use your home as your principal place of business. If you conduct business at a location outside of your home, but also use your home substantially and regularly to conduct business, you may qualify for a home office deduction.
- Travel, Entertainment, Gifts and Car Expenses Generally, you can deduct all of your travel expenses if your trip was entirely business-related.
- Business Use of Your Car If you use your car in your business, you can deduct car expenses. For a list of current and prior year mileage rates see the Standard Mileage Rates. Also, be sure to read Tax Deductions for Personal Vehicles Used for Business Purposes.
- Other Types of Deductible Business Expenses
- Employees' Pay. You can generally deduct the pay you give your employees for the services they perform for your business.
- Interest. Business interest expense is an amount charged for the use of money you borrowed for business activities.
- Retirement Plans. Retirement plans are savings plans that offer you tax advantages to set aside money for your own, and your employees', retirement.
- Rent Expense. Rent is any amount you pay for the use of property you do not own. In general, you can deduct rent as an expense only if the rent is for property you use in your trade or business. If you have or will receive equity in or title to the property, the rent is not deductible.
- Taxes. You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses.
- Insurance. Generally, you can deduct the ordinary and necessary cost of insurance as a business expense, if it is for your trade, business, or profession.
- Business-Related Education. Such as seminars, classes, educational tapes or CDs and conventions.
For a clear and complete explanation of business expense deductions, refer to Business Expenses (IRS Publication 535).
Deducting Capital Expenses
There are two ways to deduct capital expenses. You can "depreciate" them by deducting a portion of the total cost each year over an asset's useful life; or you might be able to deduct the cost in one year as a Section 179 deduction. -
Depreciation. If property you acquire to use in your business is expected to last more than one year, you generally cannot deduct the entire cost as a business expense in the year you acquire it. See How to Depreciate Property (IRS Publication 946).
- Section 179 Deduction. Purchasing such things as office equipment and computer software would seem like ordinary and necessary expenses, however, the IRS considers these costs to be capital expenses. Section 179 of the U.S. Internal Revenue Service Code gives you the option to deduct the costs assets acquired for business use as expenses in the year you purchased the assets, instead of requiring them to be capitalized and depreciated. See Electing the Section 179 Deduction.
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To hear more about what I'm doing for you in Washington and around the District, please go to my website at www.rangel.house.gov. I also encourage you to engage with me on my Government Facebook, Twitter, YouTube, and Flickr pages.
Best regards,
Charles B. Rangel
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- Office Locations - |
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Washington, D.C. Office
2354 Rayburn House Office Building
Washington, DC 20515
Office: (202) 225-4365
Fax: (202) 225-0816
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New York Office
163 West 125th Street, Suite #737
New York, NY 10027
Office: (212) 663-3900
Fax: (212) 663-4277
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