Small Business Tax Strategies

Are you getting ready to hand over the reins of your corporate business to the younger generation? Typically, you might arrange to sell shares of company stock to your successors or simply give the stock to them. But take note: Each of these options can carry a heavy tax price.

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

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Serving as the executor of an estate is a weighty responsibility… perhaps even more so than you might think.

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No matter how far you travel on business, you can deduct auto expenses so long as the trip’s primary purpose is business- related. That’s true even if you derive secondary benefits from the trips.

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Do you need other employees behind you in order to open a Roth IRA

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Decreasing the tax withholding at your job to make up the difference of stock market losses

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Adjusting depreciation on a building you are expanding

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Calculating the year on home-sale exclusion based on principal residence

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The home-sale gain exclusion is probably the largest single federal
income tax break for individuals. If you qualify, you can pocket up to
a half-million dollars of tax-free profit from the sale of your home—no
strings attached.

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Higher-income families who filed for an extension on their individual returns may still be able to slip through a newly discovered, unintended tax loophole to trim even more taxes. (Or, if the extra tax savings are worth it, you may want to file an amended return to secure those savings.)

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