Small Business Tax Strategies

The standard mileage rates announced for 2014 by the IRS are slightly lower than they were in 2013.

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In a new private ruling, the IRS says that reimbursements given to employees as part of a bike-sharing program aren’t tax-free.

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When you donate money to a qualified charity at the end of the year, you can generally deduct the entire contribution. Just be sure to stick to the letter of the law, particularly all the recordkeeping requirements.

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Suppose the only other employee in your sole proprietorship is your spouse who does the bookkeeping and billing. After a few lean years, business is booming and you want to sock away as much for retirement as you possibly can. Strategy: Set up a solo 401(k) plan.

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Q. My 14-year-old daughter was paid about $500 for doing part-time work for a family friend’s company. Will she get a W-2? R.H.A., Cortland, N.Y.

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Q. My business partner and I are splitting up. If I sell my interest to him, will it be taxed as capital gain?

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Q. My accountant says that part of my capital gains qualify for a 0% federal tax rate this year. Is that possible?

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The myriad of choices of retirement plans currently available to small business owners can be confusing. Now a top official for the American Institute of CPAs says Congress should consolidate the rules.

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Generally, a calendar-year company deducts employee bonuses in the year they are paid, while the bonuses are taxable to the employees in the year received. For instance, in order to deduct year-end bonuses in 2013, you must pay them before Jan. 1, 2014. But there’s a special rule for accrual-basis companies.

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In the usual course of events, a C corporation will try to shift taxable income into 2014 while accelerating deductions into 2013. But that’s not always the best approach.

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