Small Business Tax Strategies

Now that the IRS registration and continuing education program for tax return preparers has been shut down in court, its proposed voluntary program is under attack.

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Q. My son is paying off about $22,000 in student loans. Can he deduct all the interest?

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Although the real estate market nationwide hasn’t returned to the “glory days” property taxes are still going through the roof. Strategy: Appeal a property tax assessment when you have reasonable grounds.

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Q. Is it really true that a portion of your capital gains may be taxed at the 0% rate?

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Responding to calls for action, including an impassioned plea from National Taxpayer Advocate Nina Olson in her annual address to Congress, the IRS has crafted a new “Taxpayer Bill of Rights.”

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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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