Small Business Tax Strategies

Do you provide a company cafeteria or other on-site meals for employees? This can be a valuable tax-free fringe benefit to employees and a way to attract and retain good workers.

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Watch out for a new tax scam making the rounds…

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Can you avoid tax penalties if you rely on advice from a professional? It depends on the particular facts and circumstances.

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In a new case, a taxpayer who used 500 “thank you points” for opening a bank account at Citibank to buy a round-trip airline ticket was taxed on the $668 value of the ticket.

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During the past few years, Congress has failed to agree on legislation that would derail a powerful estate planning technique for small business owners. Strategy: Set up a Grantor Retained Annuity Trust (GRAT) to “zero out.”

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Q. If my AGI for 2014 is $165,000, can I write off losses from an apartment building I own?

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The Government Accountability Office is urging the IRS to move up its W-2 filing deadline for employers to Jan. 31 and to raise the threshold for mandatory electronic filing of W-2s.

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If you’re paying pricey premiums for long-term care (LTC) insurance, don’t overlook the tax implications. Strategy: Add the allowable cost to other deductible medical expenses.

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Q. I need to withdraw funds from my 401(k) to help pay my daughter’s last year in college. Is there a penalty?

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The controversy over “tax inversion” continues to brew. This is the process of moving a corporation’s headquarters to a foreign location to avoid higher U.S. corporate tax rates.

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