Small Business Tax Strategies

We’ve discussed age-weighted profit-sharing plans designed to provide older business owners with the lion’s share of the firm’s retirement plan benefits. But there’s another alternative.

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The tax law offers special benefits to active duty personnel, reservists and vets. Here’s a brief summary of the best.

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This point can’t be emphasized enough: You must keep the detailed records required by the tax law to back up claims for charitable donations of property.

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A new bill, entitled the Personal Health Investment Today Act, would change the definition of “medical care” to allow a deduction of up to $1,000 ($2,000 for joint filers) for qualified sports and fitness expenses.

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Although you might have just put your 2014 tax return to bed, you could get a wake-up call: uncovering an error that cost you hundreds or even thousands of tax dollars. Strategy: File an amended return with Uncle Sam.

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A Section 529 plan allows parents to set aside funds for a child’s college education on a tax-free basis. But it’s not without its perils.

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A spotlight on recent developments at the IRS and elsewhere.

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If your teenage child needs a job for the summer, the perfect solution might be right in front of you.

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According to a preliminary report by the Treasury Inspector General of Tax Administration, callers to the IRS toll-free hotline through March 7, 2015, were unsuccessful 38.5% of the time.

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Suppose your home is burglarized while you’re away. Of course, you have to promptly notify the local authorities and your insurance company. But is that the end of the matter? Not as far as taxes are concerned.

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