The following savings bonds are no longer earning interest.
SERIES........................ISSUE DATE
E.............................May 1941 through January 1980
EE............................January 1980
H.............................All issues
HH............................January 1980 through January 1990
Savings Notes.................All issues
A, B, C, D, F, G, J, K ...... All issues
How long bonds earn interest based on issue date:
SERIES........ISSUE DATE.........................NUMBER OF YEARS BONDS EARN INTEREST
E.............May 1941- November 1965............40 years
..............December 1965 - June 1980..........30 years
EE............All issues.........................30 years
H.............June 1952- January 1957............29 years, 8 months
..............February 1957- December 1979.......30 years
HH............All issues.........................20 years
I.............All issues.........................30 years
Savings Notes.All issues.........................30 years
A tax-savings strategy is to cash the non-earning bonds and invest the proceeds in a tax-favored investment.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Sooner implementation results in greater savings, so act now!
Showing posts with label tax deductions. Show all posts
Showing posts with label tax deductions. Show all posts
12/26/09
What documentation do you need, in order to deduct the business use of
- cell phones and similar telecommunications equipment?
- passenger automobiles and trucks?
- home computers and peripherals?
- cameras?
- audio-visual recorders and players?
- other property of a type generally used for entertainment, recreation or amusement?
The above are examples of "Listed Property," which means that the IRS finds them susceptible to non-deductible personal use. The business use of Listed Property is subject to stringent documentation requirements in order to be deductible. The personal use is not deductible.
The required documentation is 1) the amount of the expense, 2) the time and place of the use of the listed property, and 3) the business purposes of the use. In addition, the total non-business use must be identifiable, even if each personal use is not documented.
For cell phones, itemized call lists from the service provider, while not conclusive, are the beginning of the required documentation. These need to be expanded with notations that document the purpose of each business call.
Most of us are familiar with logging requirements for passenger autos and trucks and the mileage books that help document business use. A similar log for the business use of a camera or a/v equipment will meet the strict requirements.
Obviously, this process is burdensome. Nevertheless, Listed Property has been singled out by the IRS as needing special documentation to substantiate and defend a tax deduction for business use.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, but implementation at any time starts saving you money, so act now!
- cell phones and similar telecommunications equipment?
- passenger automobiles and trucks?
- home computers and peripherals?
- cameras?
- audio-visual recorders and players?
- other property of a type generally used for entertainment, recreation or amusement?
The above are examples of "Listed Property," which means that the IRS finds them susceptible to non-deductible personal use. The business use of Listed Property is subject to stringent documentation requirements in order to be deductible. The personal use is not deductible.
The required documentation is 1) the amount of the expense, 2) the time and place of the use of the listed property, and 3) the business purposes of the use. In addition, the total non-business use must be identifiable, even if each personal use is not documented.
For cell phones, itemized call lists from the service provider, while not conclusive, are the beginning of the required documentation. These need to be expanded with notations that document the purpose of each business call.
Most of us are familiar with logging requirements for passenger autos and trucks and the mileage books that help document business use. A similar log for the business use of a camera or a/v equipment will meet the strict requirements.
Obviously, this process is burdensome. Nevertheless, Listed Property has been singled out by the IRS as needing special documentation to substantiate and defend a tax deduction for business use.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, but implementation at any time starts saving you money, so act now!
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