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Small Business Tax Strategies

Normally, when the assets of a business are transferred, the transfer of goodwill from the original owner to the new owner constitutes a taxable event. However, it’s often difficult to quantify the value of goodwill or even establish that goodwill has been transferred. Take a new Tax Court decision, for example.

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Q. I’m getting married this year (second marriage). Can we sell her home and get the full home sale exclusion for a couple?

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Q. If I retire this year, can I make a contribution to a traditional IRA and then to a Roth after retirement?

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You might view life insurance strictly as an income replacement vehicle for your family should you die unexpectedly. So, now that the kids are grown, you may no longer perceive a need for a sizable whole life policy.

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It’s bad enough that corporate tax rates in the United States are among the highest in the world, but some companies have it even worse. Strategy: If possible, avoid being tagged a personal service corporation (PSC).

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While legislative efforts to extend a six-­figure Section 179 deduction seem to have stalled in Congress, business owners are left in a quandary. Should you buy new equipment this year if the cost puts you over the current first-year deduction limit?

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The IRS has an­­nounced changes in its offshore voluntary compliance program. The changes are designed to encourage U.S. citizens living abroad to confess about tax transgressions involving foreign accounts.

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The U.S. Supreme Court has unanimously ruled that a taxpayer has the right to confront IRS officials about their reasons for issuing a summons when there is a reasonable indication of bad faith.

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If you’re a corporate employee, you may not qualify for home office deductions, even though you frequently work from home. Strategy: Have your company rent the home office.

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As a high-ranking official of your company, if not the top dog, you might want to set up a deferred compensation (“deferred comp”) arrangement so you can defer taxes.

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