Small Business Tax Strategies

We’re a construction company that specializes in fire- and
water-damaged homes. Typical jobs consist of gutting residential homes
and rebuilding. Our accountant told us that we wouldn’t qualify for the
new manufacturing deduction because it applies only to new
construction. Do you agree?

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Let’s compare the tax results of leasing a business building to a C
corporation as opposed to the company owning the property outright.

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Don’t close the books on the 2005 tax year just yet.

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If your S corporation doesn’t have a valid business reason for using a
fiscal year, it must pay the IRS a deposit based on its tax savings.

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The IRS thought its new program of hiring private debt collectors would be up and running by summer.

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When one of your employees becomes seriously ill, you face two major challenges at once: understanding the emotions of the employee and other co-workers, while making sure that the necessary work still gets done.

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I am a contractor in the graphic design business.One of my clients went broke and can’t pay me. I’ve read that I can deduct bad business debts. But my accountant says I can’t claim a loss. Who’s right? V.M., New Canaan, Conn.

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I’m currently involved in an acrimonious divorce proceeding. Both of our attorneys are advising us to stay in the home. Since the house is in my name alone, can I claim alimony deductions for the value of this benefit? Anonymous

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I recently inherited my deceased father’s house. It’s located in an area where housing prices have actually declined. If I sell it for less than he paid for it, can I deduct the loss? J.L.S., Schenectady, N.Y.

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Small business owners have more time to bring their SIMPLE IRA plans up to date.

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