Small Business Tax Strategies

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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Q. My husband was a partner in a dry cleaning business when he died. Are payments from the partnership taxed to his estate?

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The 3.8% Medicare surtax on net investment income has grabbed headlines, but there’s another new Medicare surtax to worry about.

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