Small Business Tax Strategies

Q. I work for a nonprofit organization. Can I deduct home office expenses?

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Q. I’ve just received an offer for prepaid funeral expenses. Can I deduct the cost?

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In a recent case, a retired police detective claimed that a portion of his vacation time pay had accrued under a workers’ compensation law while he was on temporary disability leave, so it should be tax free. But the Tax Court had other ideas.

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Q. My son was just downsized from his job. If he rolls over his 401(k) into a Roth IRA, is it taxable?

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The IRS has announced that individual taxpayers will get a few extra days to file their 2015 federal income tax returns in 2016.

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Are you looking for a tax-favored investment that serves a valuable public need? Strategy: Investigate real estate that generates low-income housing credits.

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Q. We pay a live-in to help my elderly mom with daily living. Can we claim her as a dependent?

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Q. I elected early Social Security benefits. If I withdraw money from my IRA, will this reduce my benefits? 

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Crazy as it seems, you may fare better in 2015 if your corporation forgoes a deduction for certain amounts.

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It’s summertime and the tax livin’ is easy. By making timely tax moves for your business and personal life, you can reduce your 2015 tax bill on both fronts.

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