Small Business Tax Strategies

There’s no question that recent tax law changes have made estate planning easier. But you’re not out of the woods quite yet.

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As they near retirement, many business owners want to increase the annual amount they salt away in the company’s 401(k) plan. The problem: Due to strict nondiscrimination rules, the ability to contribute more to your account could be hampered.

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If you’re having trouble selling your home, be aware that you can’t claim a tax loss on the sale of a principal residence.

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If you’re the boss and still working hard at the job, you may be rewarded through your company retirement plan, like a 401(k). You can also supplement the plan with IRA contributions. But a nonworking spouse typically doesn’t have that luxury.

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To add insult to injury, wayward taxpayers can also be assessed fraud penalties in addition to forfeiting unsubstantiated deductions.

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Although the main objective for participating in a 401(k) plan is retirement saving, a plan may also provide a temporary solution if you’re short of funds.

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It’s often important for business owners and managers to keep in touch with employees via cell phone (or similar mobile devices), especially when workers often go out on a job.

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Usually, a married couple keeps “his” and “hers” automobiles. In other words, you drive your car, and your spouse drives a different car. This situation is even more common when one spouse uses a car mainly for business driving.

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Deducting medical bills … Funeral expenses … Home offices … Write-offs for business cars

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Sometimes it pays to be just “average.” Take your federal income tax return, for example.

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