ED DAMON JR, EA

CONTACT US | PROFILE | FAQ

 

 

 

 

FAQ

 

 

 

Q. Are you aware of the small business tax credits related to the "Hire Act"?

A. The Hiring Incentives to Restore Employment (HIRE) Act that was signed into law on March 18, 2010, provides financial incentives for employers who hire unemployed workers and retain those workers for at least one year. If you are hiring, you could benefit from two

provisions in the bill:

• Social Security Tax Exemption

• Business Tax Credit

Q. With all of the new depreciation rules, which depreciation do we use in our bookkeeping?

A. You can use the straight line method of depreciation or use the federal depreciation rates for bookkeeping. Separate tax depreciation schedules will have to be kept for each asset for federal and state.

 

Privacy Policy

©2004 Damon Accounting, PA