So today has been a rather hectic day around the office since the personal tax extension deadline is tomorrow. Couple that with all the tax changes (i.e. first time home buyers, new auto deductions and more) that will expire in the next month, there are a lot of last minute planning strategies many taxpayers are trying to implement. I did however get to take some time out to read my daily tax and accounting e-mails and the one that caught my attention the most was an article regarding changes that will limit the deductions of many sole proprietors (Sch. C filers). According to the article, there may be some changes in the coming years on the amount of deductions that Sch. C filers and the IRS has a few options how they will do it. Be sure to check out the article and let us know your thoughts.
Well back to the tax mines, happy last minute tax filing everyone.
B. N. S.
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