Small Business Tax

Q. How can money taken out of a payroll check for Social Security benefits be a payroll tax reduction? Doesn’t this reduce the funds for my Social Security benefit plan?

It’s only been a short time since you put your 2011 tax return to bed. Now you’ve discovered that you made an error that cost you hundreds or even thousands of tax dollars. Strategy: File an amended return. Simply use Form 1040X.

Q. I have a SIMPLE-IRA, while my husband has a SEP-IRA and a traditional IRA. We’re both in our 50s. Can we consolidate these into traditional IRAs?

Instead of sitting back and waiting for events to unfold, you can take action now to protect yourself if the Buffett rule, or some variation of it, works its way into the tax law. Here are six steps that could minimize the tax fallout if Congress enacts the Buffett rule.

Q. My friend told me that the IRS has increased the standard mileage rate for 2012. Is that true?

Good fortune often breeds tax problems. Take the case of a lottery winner who literally had her winning ticket handed to her by someone else. The lucky recipient now owes an exorbitant gift tax on transfers designed to benefit family members.

You have until July 27, 2012, to request a refund relating to the long-distance telephone excise tax.

The new JOBS (Jumpstart Our Business Startups) Act signed into law April 5 designates a new category of emerging growth companies that could issue IPOs of stock, while exempted from certain financial disclosure requirements for up to five years.

Suppose your spouse’s car was damaged when he or she skidded on a wet road in April. It cost $3,000 out-of-pocket to repair. But you won’t be able to deduct any of this cost due to the casualty loss limits. Strategy: Start using your spouse’s car for business ...

Q. I have season tickets to the Boston Symphony. Can I deduct the cost as a charitable donation?