Small Business Tax Strategies

Although charitable remainder trusts (CRTs) can still provide big-time tax benefits for donors if they’re set up properly, proceed with caution, since the IRS has targeted CRTs that it considers “abusive.”

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Your kids are going back to school soon, so why not do the same? You can write off the cost of taking a course at a local college as a business expense, so long as it maintains or hones the skills that your job requires.

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Looking to get away at the end of the summer or early fall? Combine a little pleasure with your investment business.

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We usually don’t advise adding to the staggering tax paperwork you’re already required to fill out. But sometimes, it makes sense to submit “extra” forms and schedules, just to be safe.

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Most C corporations benefit from a graduated federal income-tax rate structure. But personal service corporations (PSCs) aren’t afforded that luxury. Their income is taxed at the highest corporate federal rate of 35 percent.

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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.

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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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