Money Buzz 01/05
The American dream, losing on outsourcing and more
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Filing a tax return just got a lot easier for manysmall-business owners. A change in IRS regulations recently doubledthe dollar limit on expenses allowable on Schedule C-EZ, a simplerversion of the Schedule C form ("Profit or Loss FromBusiness"), for the 2004 tax year.
Raised from $2,500 to $5,000, the new limit will enable somehalf a million more small businesses to use the simpler form,reports the IRS. "With the C-EZ, you don't have to itemizeexpenses-you can put a single figure for all your expenses upto $5,000," explains , CPA, certified financial planner and president at BartL. Fooden & Associates in Woodbury, New York. He says the formis significantly easier to prepare. "Insurance interest,office expenses and rent can all be lumped together. The onlyexpenses you need to itemize are meals, entertainment and carexpenses."
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