If you were thinking ahead, you may have established a Section 529 plan to help pay college expenses of your oldest child. But now that child is out of school and you still have money left in the 529 plan account set up for the child. Strategy: Roll over any unused funds into an account for another child.
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.
Although the real estate market nationwide hasn’t returned to the “glory days” property taxes are still going through the roof. Strategy: Appeal a property tax assessment when you have reasonable grounds.
Normally, when the assets of a business are transferred, the transfer of goodwill from the original owner to the new owner constitutes a taxable event. However, it’s often difficult to quantify the value of goodwill or even establish that goodwill has been transferred. Take a new Tax Court decision, for example.