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Small Business Tax Strategies

Those lengthy disclaimers usually added to client communication from tax pros will be going the way of the five-and-dime store.

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According to the “smart money” the research credit will likely be extended again by Congress, retroactive to the beginning of the year.

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Are you looking to downsize your principal residence now that the kids are out of school and the mortgage is paid off? You might sell the place, collect a bundle of tax-free cash under the home sale exclusion and move temporarily to a second home you’ve been using as a vacation home. Strategy: Keep the “second home” as your main home for at least two years.

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Q. My husband was a partner in a dry cleaning business when he died. Are payments from the partnership taxed to his estate?

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The 3.8% Medicare surtax on net investment income has grabbed headlines, but there’s another new Medicare surtax to worry about.

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A business owner with just a handful of employees has several qualified retirement plans to choose from. But you may need to salt away more later in life than a typical defined contribution plan—like a Simplified Employee Pension or Savings Incentive Match Plan for Employees—will allow. Strategy: Set up a Section 412(i) plan.

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According to a new report by the Treasury Inspector General for Tax Administration, the IRS should delay tax refunds to improve taxpayer compliance.

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Generally, it is better for taxpayers to label an activity a “business” than a “hobby.” But there’s more than semantics involved.

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Congress has huffed and puffed, but it has yet to blow away a unique tax break for investing in your own company through your retirement plan. Strategy: With retirement account investments in company stock, keep the stock until you’re ready to retire. Don’t convert this nest egg to cash or other securities.

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Under a separate tax provision for qualified small business stock, you can exclude 100% of the gain on the sale of the stock held more than five years. However, as the tax law currently reads, the 100% gain exclusion does not apply to stock issued after 12/31/13. Instead, a 50% gain exclusion applies.

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