Quick Picks: Filing Accrual Accounting for Taxes
 
Sign In Sign Up — It's Free!

Filing Accrual Accounting for Taxes

Viewing videos requires the latest version of Adobe's Flash Player.
Get the latest Flash player.
Showing 1-5

Part of the video series: Tax Deduction Tips for Businesses

left_arrow right_arrow
Add to My Playlist What is a playlist?

Summary: Filing taxes can be hectic. Learn how to file taxes with accrual accounting history in this free video clip about small business tax tips.

Views: 534 | Tags: online, service, small, business, help, forms, laws, tax, accountant, deductions, deductibles

Get the latest Flash player.
Email Video Add to Favorites
About the Expert

Tom Choisnet Tom Choisnet was born, raised, and educated in San
Bernardino, California where he has his practice today. He has been in self-employed tax practice fo... read more

Hide Comments

Conversations About This Video

  • Comments
    (0 comments)
  • Questions & Answers
    (0 questions) (0 answers)
Be the first to comment on this video.
Have a question about this video topic? Ask our community members and let them share their knowledge with you!
Ask A Question

Video Transcript

Filing Accrual Accounting for Taxes

Hi, Tom Choisnet, enrolled agent. This particular segment is on vehicles and appraisals. It wasn't too long ago that people were deducting the full market value of the old beater that wouldn't run anymore by giving it to charity. The IRS has caught up to us on that. They've tightened it up quite a bit. You can only deduct what the charity sells the donated vehicle for. Many times we see that they default to the $500 limit that is part of the rule. We did find a little loop hole in it though. If the charity uses it for its own use or if in the normal scope of the charity it's used by a needy individual, you can take the fair market value. There are some other minor restrictions to it that bear some examination. But that's the basic rule so we might be able to get a little bit better that what they tightened it to. Certainly the record-keeping is paramount. Thank you.

Watch these related videos

Tax Information Ads

Community Members who...

  • Favorited this Video
  • Rated This Video

Top Tags

1040a 1040ez accountant aid audit booklet business deductibles deductions efile e-file federal file filing form forms help income income tax instruction internal internet irs laws line on online pay personal finances return revenue rules service small tax tax forms taxes virtual w-4
Check out what people are watching now
left_arrow right_arrow