Q. I’ve operated a home-based business for years. My wife recently semi-retired, and she also wants to establish a consulting business at home. Can we both claim home-office deductions?
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
If your income is high, it’s unlikely you can deduct medical expenses—
these expenses are deductible only to the extent they exceed 7.5% of your AGI. Strategy: Figure out whether your best shot at a deduction is this year or next year. Then schedule nonemergency medical and dental visits accordingly.
Now that President-elect Obama’s administration is taking shape, what can taxpayers expect in the next year? Here are a few key proposals made by Obama late in his campaign.
Q. I bought a new computer through my self-employed business. Can I deduct the full cost if I use it at home?
The small biz tax law enacted last year imposed tougher standards on professional tax return preparers. It also increased the penalties that paid preparers face for tax understatements. So what does this have to do with you? Plenty.
Business is bad for many businesses. Worst of all, you may have difficulty collecting payment for products delivered or services already performed. Strategy: Step up your collection efforts. If you don’t receive payment before year-end, you may be able to deduct the amount as a “bad business debt” on your 2008 return.
The new housing law authorizes a tax credit for purchases by “first-time homebuyers.” For instance, a recently married child may qualify for the credit. Strategy: Help your child buy a home. The child can claim a credit equal to the lesser of $7,500 or 10% of the purchase price.
Q. We switched from a C corporation to an S corp. Now, my accountant says we owe a passive tax. Can this be right?
Q. We need to fix up the warehouse for our supply business or relocate. Does the disabled access credit apply to new buildings?
The alternative minimum tax (AMT) continues to expand its reach below the upper crust of taxpayers. If you’re going to be victimized this year, you might reduce or eliminate the tax hit by postponing tax preferences to 2009 or avoiding them altogether ...