Small Business Tax Strategies

Suppose your business has patented various processes or products that are vital to its existence. Now, you have to obtain another company’s proprietary information in order to expand your operation.

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It’s been going on for years: Business owners frequently clash with the IRS over worker classifications.

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Are you the proud parent of a soon-to-be college graduate? You might want to give your child a large cash gift to celebrate the occasion. But if the money isn’t used for the child’s “support,” the gift won’t help you secure a dependency exemption for the child on your 2006 return.

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Are you waiting until the last minute to file your tax return? Maybe you’re putting things off because you figure you’ll have to pay Uncle Sam a tidy sum. At least you can still put a good-size dent in your tax bill at this late date. Here’s a sampling of seven prime-time opportunities for tax-return procrastinators.

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I’ve been advised by an accountant to pass up a  home-office deduction because of the audit risk.  Also, he says I would owe tax on the home office when I  sell my home. What do you think? G.P., Marietta, Ohio

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Under pressure from Congress, the  IRS now says it will notify people when their refunds are  withheld due to fraud suspicion.

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Last year, the IRS announced a new rule that would require people to gain their spouse’s written approval before establishing a charitable
remainder trust.

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Avoid audit by reading IRS  “playbook.”

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I gave away appreciated stock to charity to avoid tax on the gain. But now, I want to buy the same  stock again. Does this violate the wash-sale rule?   A.M.A., Lynbrook, N.Y.

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I use a corporate credit card to pay
business expenses, including inventory items. I’ve racked up a lot of
reward points that I’ll use for both business travel and personal
travel. Do these points count as taxable income? J.W
.

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