Tip 1:
Donations by cash or check to religious, charitable, educational, scientific, literary, or philanthropic organizations may be deducted. CAUTION: A cancelled check is not sufficient proof for donations over $250. You must get a written receipt from the charity.
Tip 2:
Fees for lawyers, accountants, and licenses are deductible. CONDITION: These are fees which are directly related to the business. NOTE: Legal fees paid to acquire business assets are added to the basis of the property and recovered using depreciation or amortization.
Click HERE to view additional IRS tax tips for 2009.
