Tips for Individuals TIPS FOR BUSINESSES: Is There A Deduction For Property That Is No Longer Used And Can Not Be Sold? YES! A business which owns a piece of equipment that is no longer used, and can not be sold, may be deducted as an abandonment loss for the undepreciated value. The equipment must be taken to the junkyard or otherwise disposed of in order to take the abandonment loss. Unused equipment sitting in the place of business can not receive this deduction. There should be some type of receipt to verify that the disposal did in fact occur.   Is There A Form That I Can File Less Often Than Quarterly If I Have Less Than $1,000 In Payroll Taxes Per Year?YES! In early 2006 the IRS will be introducing new Form 944, Employer's Annual Federal Tax Return. This form will take the place of Form 941, Employer's Quarterly Federal Tax Return, for small employers who meet certain filing requirements. This program is primarily targeted for employers who owe $1,000 or less in total employment tax per year. The first returns will be due on January 31, 2007.   Can I Include The Storage Space Used For Samples In The Home Office Deduction?YES! Home office deductions have been increased to allow space for storage of samples as well as inventory sold in the taxpayer's trade or business. The home must be the sole fixed location of the trade or business in order to receive the additional deductions.   Can I Deduct 100% of my Health Insurance?YES! A self-employed person may hire a spouse and deduct the cost of health insurance on that spouse as a business expense. Also, the employee's family is covered as well, which includes that employer/spouse, thus there is a 100% medical insurance deduction available for the entire family. The above deduction is for sole-propietorships only and the employee/spouse must be a legitimate employee covered by payroll taxes and workman's compensation insurance, etc.   Can I Be Sued For Wrong Information On W-2's And/Or 1099's?YES! If there are employees/payees working for you in your trade or business, make certain the amounts on their W-2's or 1099's are accurate. The employer may now be sued for fraudulent payment information that is on the forms cited above. Enclose a notice with the employee/payee W-2 or 1099 that the form be reviewed and any discrepacies be brought to your attention. The employee/payee can sue the employer for the greater of $5,000 or the actual damages.