Small Business Tax Strategies

During the past few years, Congress has failed to agree on legislation that would derail a powerful estate planning technique for small business owners. Strategy: Set up a Grantor Retained Annuity Trust (GRAT) to “zero out.”

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Q. If my AGI for 2014 is $165,000, can I write off losses from an apartment building I own?

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The Government Accountability Office is urging the IRS to move up its W-2 filing deadline for employers to Jan. 31 and to raise the threshold for mandatory electronic filing of W-2s.

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If you’re paying pricey premiums for long-term care (LTC) insurance, don’t overlook the tax implications. Strategy: Add the allowable cost to other deductible medical expenses.

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Q. I need to withdraw funds from my 401(k) to help pay my daughter’s last year in college. Is there a penalty?

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The controversy over “tax inversion” continues to brew. This is the process of moving a corporation’s headquarters to a foreign location to avoid higher U.S. corporate tax rates.

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If you take in a child under a foster care arrangement, the payments you receive from the government or other qualified agency are generally tax free. But the tax breaks don’t stop there for generous foster parents.

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According to a recent report by the Treasury Inspector General for Tax Administration (TIGTA), severe budget cuts are hurting the IRS, but individual taxpayers may be the ones who are really suffering.

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Q. Can you take a goodwill deduction when you buy an existing business?

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Are state and local taxes taking a bigger bite out of your business revenue? A new study prepared by Ernst & Young, along with the Coun­­cil on State Taxation, reveals that businesses paid $671 billion in total state and local taxes in fiscal year 2013.

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