Small Business Tax Strategies

If you use (or plan to use) Section 529 college savings plans, take note: A few small changes buried in a new law could help you save even more in those tax-advantaged college-savings vehicles.

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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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