Small Business Tax Strategies

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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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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