IRS main website   http://www.irs.gov

TAXWISE - CCH  - updates Quarterly

http://Taxwise.com/Tax-Update/index.html

IRS Mileage Rates are 50.5 cents from Jan - Jun and 58.5 cents for Jul - Dec.

The Stimulus Package has a good piece of help for small business that is to give an extra 50% depreciation for property bought  in 2008 or 2009 that has a depreciation life of less than 20 years.   Don't   let your tax person overlook that if you  bought  a new/used vehicle this year. The IRS figures the life of a OTR Tractor as 7 years. That would mean about 64% depreciation the first year.  At a truck costing $120,000 this  would mean a standard deduction of  $8,400 and an additional $60,000 as part of Stimulus package.   A Total of  $68,000 the first year. Don't miss this big plus!  http://www.irs.gov/newsroom/article/0,,id=182005,00.html

Check out this site  and click on the article about standard mileage near the bottom of the page.  This tells  you what actual expenses are considered by the IRS  http://www.execusite.com/engine/update/jul2008/memberupdate.cfm

DAILY MEAL & ENTERTAINMENT ALLOWED EXPENSE BY CITY AND STATE   

http://www.gsa.gov/perdiem

The perdiem rate is set by the DESTINATION city.  Example if you are in Cut & Shoot, Tx and their perdeim rate is $39 and you are going to Washington, DC and the perdiem is $64 you get to use the $64 as your daily meal allowance.  More to track but it may be worth it if you usually take a standard meal deduction - just jot it down on a log. If it isn't worth it the first few months you have lost nothing and gained a knowledge of what the rates are where you normally travel.

Got a  PROBLEM WITH THE IRS call for information on the TaxPayer Advocacy Link that can provide the assistance you never thought the IRS would give you help for FREE.  Let the IRS help you if they can before spending a lot of money for maybe the same outcom.  This has nothing to do with my services except free help for filing out the form for my clients.

Call for links to these sites - no charge for calls all information is passed for free :

TAXPAYER ADVOCACY LINK    IF You owe the IRS and they have notified you of a bill, judgement or lien.   Try to let the system work for you - costs nothing to get them to help you  against the IRS they are actually an independant office within the IRS.  They are the people the people you hire go through.  Once you file with them all collections, and interest stop until you get a resolution.  If it isn't what you want then you can pay the big bucks to some organization.  I don't negotiate but do help my clients fill out the papers - no charge.  http://www.irs.gov/newsroom/article/0,,id=184555,00.html

Would you like a list of the deductions that the IRS has listed?  E-mail me and I will send you a copy via e-mail?   Or go to the link below  or the master link that has everthing from A - Z.  The link only operates off e-mail without passwords and special login id's.

Still have questions? Please contact us anytime! We look forward to hearing from you.

Call us at 540-984-4879  or e-mail at RKMS@shentel.net or rkms@rkmstaxservice.com

Questions are free  I only charge at tax time for  the return.  No hidden fees.