Small Business Tax Strategies

On their 2006 returns, companies may deduct 3 percent of the lesser of their qualified production activity income (QPAI) or their taxable income. The deduction percentage will increase to 6 percent next year; then 9 percent in 2010.

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Congress continues to debate the fate of estate taxes. It’s anybody’s guess as to whether or not lawmakers will iron out a compromise.

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Good news: The IRS has just expanded the activities qualifying for Section 199 “manufacturing” deductions and liberalized other provisions starting in the 2006 tax year. The changes arrived in much-anticipated final IRS regulations released recently. (IRS Regulation-111578-06)

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“The HERO Act” creates retirement saving opportunities for armed forces members.

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The Tax Increase Prevention and Reconciliation Act offers parents great impetus to fund a child’s higher education through a Section 529 college savings plan.

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Are you a gold bug? You may think the time is right to invest in gold or other precious metals (such as silver) as a hedge against inflation or for greater purchasing power. Of course, the price of gold has been known to fluctuate widely, so you need to pay close attention to the ups and downs.

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The cost of sending children to college these days is daunting. If you’ve been successful financially, you may think that you can’t qualify for any need-based financial aid. Think again.

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If you’re a serious real estate investor, you may be gearing up to unload appreciated property so you can snap up other property with stronger growth potential. Boy, do we have a tax deal for you!

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If you’re planning to send your children to a baseball, soccer or other “specialty” camp this summer while you and your spouse work, save your receipts.

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The feds have finally thrown in the towel: After suffering a string of losses in the appellate courts, the IRS concedes that long-distance phone services aren’t subject to federal excise tax. (IRS Notice 2006-50)

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