If you would
like to have further information on any of these
articles, let us know. We would appreciate
receiving your comments and/or suggestions,
anytime!
acarroll@pmcpa.com
1. Keep Good
Records of Your Business Driving Costs
If you use your car
or truck for business, you'll want to deduct your
business driving costs. Generally you'll have a
choice of two methods.
The standard
mileage rate is an "all in" deduction which covers
the total costs of running your vehicle, including
gasoline, service, repairs, and depreciation. To
use this method, you multiply the business miles
driven by the standard rate. This gives your
total deduction for business use of your vehicle.
For 2006, the standard rate for business use is
44.5 cents per mile.
If you use actual
costs, you must keep records of all your actual
expenses for gasoline, service, repairs,
insurance, etc. You'll also calculate the
depreciation on your car. Then you allocate these
costs between business and personal use of your
vehicle, based on the miles you drive for each
purpose. You'll need to keep more detailed
records of your expenses if you use the actual
costs method. Whichever method you choose, it's
important to keep good records of the business
miles you drive. In fact the IRS requires you to
keep timely records of each business use.
The simplest way is
to use a mileage log book, available from office
supply stores. Note your mileage before and after
each business use, and jot down where you went and
why. This will make it easy to calculate your
business use at the end of the year, and you'll be
well-prepared if the IRS ever questions your
deduction.
You can't use the
standard mileage method in all circumstances, and
the rules for business use can be complicated. If
you have questions, please check with our office.
We can advise you on the best method for your
specific circumstances.
2. Tech Tip
Weekly:
View MS Excel
Worksheets Side-by-Side
In MS Excel, you
can work on two sheets -- from different
workbooks -- by placing them in vertical,
side-by-side windows. When you have two workbooks
open at the same time, choose Window, Compare Side
by Side With. (You can also use this feature with
more than two windows, but the data become
difficult to read.)
As soon as you choose this command, MS Excel
automatically opens a floating Compare Side by
Side toolbar. The toolbar includes the Close Side
by Side button, which you can use to close the
windows as soon as you're done comparing or
transferring data between the two.
While the two
workbook windows are in open in MS Excel, you can
select different worksheets and scroll to
different regions in either one by using its sheet
tabs and scroll bars that appear at the edge of
the window. Just make sure the workbook is active,
either by clicking the window's title bar or one
of the cells of its worksheets.
3.
Compliance Calendar
September
1
-Employers deposit Social Security, Medicare and
withheld income tax for August 26, 27, 28, and
29.
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