Small Business Tax Strategies

Q. I need to withdraw funds from my 401(k) to help pay my daughter’s last year in college. Is there a penalty?

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The controversy over “tax inversion” continues to brew. This is the process of moving a corporation’s headquarters to a foreign location to avoid higher U.S. corporate tax rates.

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If you take in a child under a foster care arrangement, the payments you receive from the government or other qualified agency are generally tax free. But the tax breaks don’t stop there for generous foster parents.

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According to a recent report by the Treasury Inspector General for Tax Administration (TIGTA), severe budget cuts are hurting the IRS, but individual taxpayers may be the ones who are really suffering.

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Q. Can you take a goodwill deduction when you buy an existing business?

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Are state and local taxes taking a bigger bite out of your business revenue? A new study prepared by Ernst & Young, along with the Coun­­cil on State Taxation, reveals that businesses paid $671 billion in total state and local taxes in fiscal year 2013.

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Can you deduct the cost of fancy clothing you must wear to company events? Gen­erally, the answer is “no.” Deductions for work clothes are permitted only if the following two conditions are met.

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Do you own a vacation home you rent out during the winter months? The place could be a goldmine of tax deductions, but you may be hampered by the passive activity loss rules.

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A sharply divided Congress may be casting clouds of uncertainty over tax law changes, but that shouldn’t deter you from year-end planning.

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Q. What are the chances that the manufacturing deduction will be extended?

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