With the economy awakening from its hibernation, you may be shaking the dust off business expansion plans.
If those plans include launching an entirely new business, you’ll like-ly incur out-of-pocket expenses before the operation is up and running.
Did you lose your laptop or leave your briefcase in a cab? Offer a reward.
Don’t get creative in your tax-reduction arguments. Filing a "frivolous" tax appeal merely to stall payment can earn you a stiff fine in court.
Tax-bill compromises are binding.
Beat back IRS challenge on company loans.
Don’t let compensation deduction slip away.
You never want your tax return to stick out like a sore thumb at the IRS. That’s why it’s good to know whether your deductions fall within the national averages.
If you’ve created a trust or are a trustee or beneficiary, you need to pay attention to the IRS’ newly revised definition of "income" for trusts.
Q. I retired earlier this year at 62 when I became eligible for Social Security benefits. During my career, I accumulated a big pension, which I rolled tax-free into an IRA. Now that the IRA’s value has fallen due to the stock market, my accountant advised me to convert the IRA into a Roth IRA. This doesn’t make sense to me because I’ll be stuck paying tax on an account that can still lose money. What do you think?
Q: We sold a residential rental property last year at a substantial gain. I know we can deduct the property taxes. Can we also deduct the selling fees and closing costs? L.C., Ormond Beach, Fla.
Q: In a recent issue, you wrote about the benefits of Health Savings Accounts. (12/29/03 issue) I am the owner of an S corporation. As the principal, can I use an HSA? J.L., via e-mail
Q: I am single and earned $79,040 from my regular job in 2003. But I also had $15,233 in self-employment (SE) income. The IRS says I have to pay the full self-employment tax on the additional earnings. Is this true? D.A., Needham, Mass.