Small Business Tax Strategies

Q. We’re paying my adult younger sister to watch our children while we work. Can we claim the child care credit?

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According to IRS data, taxpayers reported $9.1 trillion in adjusted gross income for 2012.

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The IRS recently indicated that college athletes won’t be taxed on scholarships if they are treated as employees. But it doesn’t mean that tax-free treatment is automatic for scholarship recipients.

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At this point, no one knows whether Congress will raise the Section 179 deduction or revive bonus depreciation for 2014. Strategy: Make a safe harbor election under the tangible property capitalization regulations.

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Q. My father passed away with about a half million each in his 401(k) and IRAs. Can we convert these to a Roth?

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A new Tax Court decision may give business people more room to maneuver on home office deductions.

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Suppose you converted funds in a traditional IRA to a Roth IRA last year, but now you realize that you made a mistake. Strategy: Undo the Roth conversion. The IRS allows you to “recharacterize” a Roth back into a traditional IRA as long as you meet the timing requirements.

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Despite the broad reach of the “kiddie tax,” income-splitting with family members is still a good tax idea for wealthy individuals.

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Travel and entertainment deductions remain a top audit target because this area is considered ripe for abuse by taxpayers.

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Q. If I donate blood to a nonprofit, can I take a charitable deduction for its value?

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