Small Business Tax Strategies

The cost of gas continues to skyrocket in many parts of the country, reaching a record national average of $1.75 per gallon at the start of April. Most expensive state: California. Least expensive: Georgia and South Carolina.

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Q: My elderly father received a 1099-B Form (which I’ve never seen before) for about $1,000 in withdrawals last year from an American Express Certificate. He claims he has contributed more than that and does not have to pay any tax on the withdrawals. Does this seem right? M.R.R., Livingston, N.J.

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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.

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Did you lose your laptop or leave your briefcase in a cab? Offer a reward.

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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.

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Tax-bill compromises are binding.

 

Beat back IRS challenge on company loans.

 

Don’t let compensation deduction slip away.

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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.

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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.

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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?

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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.

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