The personal computer (PC) has become part of the average American household. But if you’re self-employed and you use your PC extensively for business, you can lose valuable depreciation deductions by allowing family members to use it.
In short, the first $5,250 of expenses you pay on behalf of each participating employee is tax free. It doesn’t matter whether you reimburse employees for their expenses or pay the fees directly to the school.
If your child will start college or return to high school for his or her senior year this fall, he or she may qualify for a scholarship award based on talent, experience or achievement.
The massive new Pension Protection Act of 2006 extends more than 20 retirement planning provisions, adds tough restrictions for charitable deductions and impacts literally dozens of vital tax rules.
More former business owners can rest easy in retirement. Here’s why: Congress is expected to protect ex-partners of former partnerships from having states pursue them for back taxes.
The IRS has admitted it goofed on tens of thousands of requests for filing extensions of 2005 returns.
Q My brother and I inherited a beach house from our mother three years ago. I moved into the house permanently two years ago. If we sell the house now, do we each qualify for tax-free gain? L.M., Belmar, N.J.
Q My small building-maintenance business is negotiating to buy a competitor in the area. The owner says that its reputation as a reliable business is worth something. If I add such a separate provision to the contract for this value, can I deduct it this year? R.P., Toledo, Ohio
Q I’m planning to contribute to a political candidate’s campaign this year. Do I have to report my gift to the IRS? J.A., Monterey, Calif.
Q I’m a significant shareholder in several prominent companies. If I show up at a stockholders meeting, can I deduct my travel expenses? T.H., Detroit