Small Business Tax Strategies

Counting gifts towards medical expenses.

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Do you own a personal home that you rent out most of the year? If so, you can deduct expenses attributable to the rental property, including depreciation, maintenance, mortgage interest, property taxes and insurance.

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For parents and grandparents, a basic tax strategy is to transfer income-producing assets (e.g., cash, stock, real estate) to the young ones. The subsequent income is generally taxed at the child’s low tax rate, rather than the elder’s higher one.

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How can you give your struggling
company a shot in the arm to generate a much-needed growth spurt? It
takes money to make money, but things often aren’t that simple.

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Sometimes, you come out ahead in the tax world by going against the grain. Take depreciation deductions, for example.

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If you’re a high-end taxpayer with a low tolerance for tax pain, you’d be wise to check out a new mutual fund product from Wall Street.

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How would you like to leave your grandchildren a legacy that will make them millionaires several times over? It can be done relatively easily, and you don’t have to be in the class of Donald Trump or Bill Gates, either.

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It happens more often than you may think: A bank notifies a small business owner that the IRS or the state is levying his bank account in connection with a corporate entity he stopped using years ago. How can that be?

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If your company is among the 80 percent of U.S. businesses that lease office equipment and furniture rather than buy it, you already know the benefits of leasing. But do you know the hidden pitfalls that can drive up your leasing costs?

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They are rampant, according to the Better Business Bureau.

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