Small Business Tax Strategies

Small business owners have more time to bring their SIMPLE IRA plans up to date.

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The new IRS tables for business vehicles placed in service in 2006 set
the depreciation limits at a paltry $2,960 for the first year, $4,800
for the second year, $2,850 for the third year and $1,775 for each
succeeding year.

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The IRS audit rate continues to climb, especially for taxpayers earning more than $100,000.

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Surveys show that consumers believe business services are worse than ever. That makes it easier for a top-notch service guarantee to stand out as a drawing point for your product.

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If your promotion strategy includes rebates, make sure that they’re legally sound. Reason: Federal and state regulators are increasing the oversight of these incentive strategies and cracking down on misleading deals.

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You’ve spent years building up your C corporation business into a successful operation. But how can you take more cash out of the company now without facing a tax disaster?

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Let’s compare the tax results for leasing a business building to a C corporation as opposed to having the company own the property outright.

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You may suffer a severe case of sticker shock the next time you’re shopping for a car. However, the federal income tax depreciation deductions available to business drivers for vehicles placed in service in 2006 have barely increased or stayed the same.

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More audits are coming! More audits are coming!

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We’re a construction company that specializes in fire- and water-damaged homes. Typical jobs consist of gutting residential homes and rebuilding. Our accountant told us that we wouldn’t qualify for the new manufacturing deduction because it applies only to new construction. Do you agree? L.S., Cincinnati

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