Small Business Tax Strategies

The tax law enacted late in 2014—the Tax Increase Prevention Act of 2014—gives away tax breaks with one hand and takes them away with the other.

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Q. I’m helping a nonprofit build a structure, and I’m paying some of the cost. Is this deductible? C.B., Santa Fe, N.M.

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A new tax law tacked onto the Tax Increase Pre­­­ven­­tion Act of 2014 is designed to provide new tax benefits to disabled individuals.

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Of course, taxes aren’t everything, but some highly taxed U.S. citizens are relocating abroad.

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It’s your company, after all, so you deserve the lion’s share of the retirement plan benefits. But it doesn’t always work out that way. Stringent anti-discrimination rules limit the amounts you can salt away in your own account even if you had to skimp in earlier years while you were building up the business. Strategy: Add an age-weighted component to a profit-sharing plan.

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The tax law allows you to deduct job-related moving expenses as long as you meet this two-part test.

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Q. I’m retiring later this year. Can I contribute to a Roth IRA in addition to my 401(k)? D.A., Baltimore

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Q. I picked up $12,000 of my mother’s medical rehab expenses that weren’t covered by insurance. Can I deduct those? M.T.G., Van Nuys, Calif.

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If you’re selling a prime piece of real estate, you can probably get top dollar in today’s market. But it may be worthwhile to structure the deal so you receive payments over several years.

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After the S&P Municipal Bond Index posted an annual return of 9.26% in 2014, most investment gurus predicted a fallback in 2015, and early results bear this out. Strategy: Don’t count out municipal bonds (commonly called “munis”).

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