Small Business Tax Strategies

When one of your employees becomes seriously ill, you face two major challenges at once: understanding the emotions of the employee and other co-workers, while making sure that the necessary work still gets done.

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I am a contractor in the graphic design business.One of my clients went broke and can’t pay me. I’ve read that I can deduct bad business debts. But my accountant says I can’t claim a loss. Who’s right? V.M., New Canaan, Conn.

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I’m currently involved in an acrimonious divorce proceeding. Both of our attorneys are advising us to stay in the home. Since the house is in my name alone, can I claim alimony deductions for the value of this benefit? Anonymous

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I recently inherited my deceased father’s house. It’s located in an area where housing prices have actually declined. If I sell it for less than he paid for it, can I deduct the loss? J.L.S., Schenectady, N.Y.

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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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