Small Business Tax Strategies

Is your child graduating from high school or entering senior year? A gifted student may qualify for a college scholarship based on a specific talent, experience or achievement. Strategy: Have your child aim for tax-free scholarships.

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With the sequester gripping Washington, D.C., all kinds of tax reforms are on the table. A new $3 million limit would apply to assets in IRAs and qualified retirement plans.

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The IRS is under fire for spending $60,000 on two videos spoofing the iconic TV shows “Star Trek” and “Gilligan’s Island.”

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Just because you use a tax pro to handle tax matters doesn’t absolve you from tax liability. In fact, you could still be hit with a penalty when you use a professional to prepare your federal tax return, unless you meet certain requirements.

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Are you looking to “go green” with your next vehicle purchase? Consider a plug-in electric vehicle. If the vehicle qualifies under the latest tax laws, you can claim a tax credit.

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Q. My accountant says there is a limit on the business deductions we can claim for leasing a car. Is this true?

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Q. I forgot to take my required IRA distribution for 2012. Is it too late to do it? 

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If your business is growing by leaps and bounds, you may be poised to gobble up one of your competitors. Naturally, this will increase your overall payroll tax bill. Just be careful that you don’t overpay.

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For years, retirement plan options for small business owners were limited. But not now. Strategy: Compare the Simplified Employee Pensions (SEP) with the Savings Incentive Match Plan for Employees (SIMPLE). Here’s a review of the key aspects of the two plans.

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Are you confident about having saved enough for retirement? Here are the results of the Employee Benefit Research Institute’s 23rd annual Retirement Confidence Survey.

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