The 2003 tax law spawned dozens of great tax strategies, plus a couple of duds.
One lame concept gaining traction these days: Reduced individual income tax rates make your tax-deferred retirement plan an inferior retirement savings vehicle. Instead, the story goes, you should stash your retirement money in a taxable account at your friendly brokerage firm.
If parking space is at a premium near your building, you may pay for employees to park their cars in a nearby garage or lot.
If you set up a qualified fringe benefit plan, your company can deduct those parking costs, and the benefit is tax-free to the employees. Unfortunately, your company may pay a pretty penny for its local parking privileges.
File more business tax forms electronically.
IRS shifting jobs from clerical to crackdown.
Educate yourself on Health Savings Accounts.
Q: I heard that the increased Section 179 allowance goes away in 2004. Is that true? V.C.R., Miami, Fla.
Q: I own a residential real estate building that I bought in 1995. The building is 40 years old and needs a new roof. If I have a new roof installed this year, can I deduct the entire cost in 2004? M.S., Raleigh, N.C.
In a competitive business environment, your company may be hard-pressed to keep up with the Joneses. Often, that requires sinking extra cash into research that may or may not result in profitable products.
Taxpayers pondering a question, searching for a form or seeking their refund can now go to one place on the IRS Web site: 1040 Central.
Did you receive a state or local tax refund in 2003?
If you’re like most married taxpayers, you’ll sit down to your 1040 this year and dutifully check off the "Married filing jointly" box without a moment’s thought.
Tap into your IRA without penalty pain
Give boost to house-buying child
Unlock tax break for Roth IRAs