Small Business Tax Strategies

Q  I’ve started a new business venture with some friends. To attract clients, we plan to entertain people at a nearby country club. If I pay the annual club dues out of my own pocket, can I deduct the cost on my personal return?

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Q  An article earlier this year advised about claiming the child care credit if you pay your parents to baby-sit. We have a 14-year-old who is watching our two younger children this summer. Can we take the credit for paying her?

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Starting with 2006 tax returns, you’ll have more “direct deposit” options if you’re entitled to a refund.

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The IRS has launched a public-education program meant to address the growing federal tax gap—the difference between the amount taxpayers voluntarily pay and the amount actually owed.

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Q  Please settle a bet: My friend says that LLCs are taxed like partnerships; I say they’re taxed as corporations.
Who’s right?

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Q  I’m having a home built in Florida that includes a swimming pool, which my doctor prescribed for a heart ailment. Can I deduct the pool’s cost over time?

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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.

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On June 20, Pennsylvania became the latest state to set stiff penalties for any business found guilty of mishandling sensitive employee information. That makes 45 states and the District of Columbia that have passed similar identity-protection laws over the past four years.

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Dependent care credit is not available for a caretaker under 19.

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Claiming casualty losses for trees in a landscaped yard lost to insects

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