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Small Business Tax Strategies
Q. I want to reward a good client with gifts to his staff. Can I give each one a tax-deductible business gift?
Why are Roth 401(k)s back in the public eye? Uncle Sam just announced they’re approved for millions of federal government workers. Private employers may be intrigued.
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One of the best fringe benefits around is the tax exclusion for employer-paid group-term life insurance. But the exclusion is limited to the first $50,000 of coverage, hardly enough for you and other top employees. Strategy: Adopt an informal death benefit plan for a select group of employees. If you handle things right, your company can provide extra life insurance coverage at no tax cost to the employees.
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If you gamble for fun, go ahead and enjoy yourself, as long as you stay within reason. Only gamble what you can afford to lose. And don’t forget about the tax consequences:
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The IRS has extended the deadline until Jan. 1, 2014, to implement the new basis reporting rules for bonds, other debt instruments and options.
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Unless something dramatic happens soon, a valuable tax credit for parents of college students, the American Opportunity Tax Credit, will be wiped off the books. So, pay tuition bills on time. Generally, tuition for the fall 2012 semester is due before Sept. 1, 2012, while the deadline for the spring 2013 semester is Dec. 31, 2012.
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The IRS is making it easier to realize tax benefits for temporary local lodging costs. New proposed regulations allow employees to deduct local lodging expenses that weren’t previously deductible.
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Every year, Bankrate publishes a list of “zany” tax deductions culled from the files of accountants around the country. Here are the highlights from this year’s list.
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Q. My wife and I have a spousal IRA. Can we contribute to a spousal Roth IRA?
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Taxes aren’t always about form over substance. In a new case, the IRS granted a dependency exemption for a child to a noncustodial parent even though the requisite tax form wasn’t signed by the custodial parent.
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