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? L.S., Cincinnati

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Suppose you slip on your basement steps and severely injure your back. You’re forced to stay home and can’t fend for yourself.

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If property values have declined in the area of your recently-inherited loan, can you deduct the loss after you sell it?

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Can you claim expenses for a non-dependent relative?

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Can we regain S corp status for tax reasons?

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The IRS continues to be inundated with tax-return claims that are ill-advised or flat out bogus.

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One of the best fringe benefits around today is one of the oldest: the
tax exclusion for employer-paid group term life insurance.

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The IRS has addressed the tax consequences of environmental cleanup costs in several rulings. Although the details differ, the basic thrust is the same: Cleanup costs generally must be capitalized, which means your business earns no current tax benefit for the expenses.

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How are your children ever going to buy a nice home in a desirable area? One solution: Enter into an equity-sharing arrangement with your child.

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With the alternative minimum tax (AMT) becoming a maximum nuisance for many taxpayers, it’s smart to recognize the AMT danger zones early. But the AMT “stealth tax” can also blindside investors who normally don’t face AMT problems.

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