Small Business Tax Strategies

Sorry, but you can’t take a summer vacation from tax planning. Take your eye off the ball midway through the year, and you could miss out on valuable tax deductions and credits ripe for picking. Here are 11 summertime tax moves that could make you smile come tax-return time.

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The usual Work Opportunity Tax Credit (WOTC) is equal to 40 percent of the first $6,000 in wages paid to a qualified worker during the year. It’s a year-round proposition.

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Be prepared to pay a hefty surtax on Medicare Part B premiums. As opposed to Part A, which covers hospitalization, participation in the Part B program for doctor bills is voluntary. But you certainly didn’t volunteer for a tax hike!

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In addition to the Roth IRA and kiddie-tax changes described above, here are other key provisions of the new tax law passed last month:

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Sorry, but you can’t take a summer vacation from tax planning. Take your eye off the ball midway through the year, and you could miss out on valuable tax deductions and credits ripe for picking.

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How can you save for retirement while you’re operating your own business? At one time, small business owners were often left out in the cold. But saving for retirement isn’t just for the “big boys,” anymore.

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Strategy: Schedule your meals to coincide with business meetings. If you follow the tax rules carefully, you can convert some nondeductible meal expenses into deductible ones.

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If you travel extensively on business, you know the drill: Airlines may
offer lower rates if you stay over a Saturday night. The discount is
usually worth it if you’re wrapping up business on Friday.

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Q I plan to leave my organs to be used
for research at a hospital. Can I deduct this gift as a current
charitable donation or, at the very least, a gift at death? P.P., San
Antonio

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Q: I’m starting an Internet-based business with my brother. Since our
state of incorporation can be virtually anywhere, should we incorporate
in Delaware as our home state for income tax purposes? D.J., Boulder,
Colo.

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