Listed Property

/Tag:Listed Property

Glossary: MACRS

By | October 6th, 2015|Categories: Glossary|Tags: , , |

MACRS refers to "modified accelerated cost recovery system," which is the default depreciation method used for tax purposes.

Extreme Couponers; Charitable Deduction Issues; Summer Camp; Cell Phones as Listed Property — Ask Jason

By | January 27th, 2012|Categories: Potpourri of Tax Topics|Tags: , , , |

DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. All of these questions have come from web visitors recently: Q: Do "extreme couponers" pay tax? A: Depends on what you mean by "tax." Sales [...]

Comments Off on Extreme Couponers; Charitable Deduction Issues; Summer Camp; Cell Phones as Listed Property — Ask Jason

Cell Phones are Not Listed Property, Part 2

By | January 21st, 2011|Categories: Small Businesses Taxes|Tags: , |

I wanted to follow-up on previous blog post where I wrote about cell phones no longer being "listed property."  Listed property is property covered under Section 274 of the Internal Revenue Code and includes "entertainment" property such as computers and cameras.  Vehicles are also considered to be listed property.  Section 274 requires strict documentation of the [...]

Comments Off on Cell Phones are Not Listed Property, Part 2

Cell Phone Tax Rules Relaxed

By | November 24th, 2010|Categories: Small Businesses Taxes|Tags: |

The Small Business Jobs Act of 2010, signed into law in September, removes employer-provided cell phones from the category of "listed property."  This means employers can take a deduction for the cost of the cell phones without having to collect burdensome documentation of business vs. personal use from employees.  In the past, employees would be taxed [...]

Comments Off on Cell Phone Tax Rules Relaxed