Small Business Tax Strategies

Was your company forced to downsize its staff the past few years while the economy struggled? Strategy: If your company paid Social Security and Medicare taxes on severance payments to discharged employees, consider filing a protective refund claim before April 15.

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The April 15 deadline for filing your 2013 individual federal income tax return is fast approaching. Pay close attention to details. In particular, be prepared to deal with some new twists and turns.

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Q. My father passed away in 2013 with all his property going to my mother. Do I have to file an estate tax return?

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Latest development: The IRS has launched a pilot program in Florida, Georgia and the District of Columbia where some individual filers can apply for a protected personal identification number.

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On Feb. 26, House Ways & Means Committee Chairman Dave Camp, R-Mich., released his long-awaited draft of new tax reform legislation.

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Ty Warner, founder of the Beanie Babies, was found to have evaded taxes of more than $3.3 million by hiding funds in foreign accounts.

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Q. I’m taking an RMD from an IRA. Can I contribute it to a Roth IRA?

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The IRS recently announced that the 2013 audit rate for individual returns dropped to 0.96%, or one out of every 104 returns that were filed, down from roughly 1% in 2012.

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Are you planning to go to school to sharpen your business skills or chart a new career path? Depending on your situation, you may be able to deduct the cost of your course load. 

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A key “Obamacare” provision was scheduled to take effect in 2014, but now the U.S. Department of the Treasury says penalties won’t be assessed before it issues comprehensive guidance on the new rules.

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