As a small business owner, your company's 401(k) plan is one of the best deals around. You can salt away part of your salary tax-free within generous limits, while the company matches all or part of your deferral.
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 you're one of the big wheels at your company, you may be in line to receive either qualified or nonqualified stock options. Qualified options (also known as "incentive stock options") have a tax edge.
If you own a vacation home or a boat, you may not be using it as much now that the summer is over.
For too many people, the tax season is a February-to-April affair. But trying to plan your tax strategies after Dec. 31 is as futile as a football team drawing up its game plan with two minutes left in the fourth quarter: You can't do much to affect the score.
Benefit/risk: Such plans can fill gaps left by medical coverage cutbacks, but the strategy can ...
Q: My husband passed away last year. Now, I'm preparing to sell the house we've owned for 25 years. Can I still shelter $500,000 of the home-sale gain from taxes? I know that $500,000 is the joint-filers amount, but I think I read that I would still qualify? No name, Springfield, Ohio
Question: My wife and I operate separate self-employed businesses. This year, I expect to show a big profit, so I plan on buying new machinery and tools before Jan. 1 that I can expense. My wife's business is likely to show a loss. Will her loss reduce the amount I can claim under Section 179? If so, what can I do about it? — C.S., Rochester, N.Y.
Q: I've heard that food expenses will be deductible beginning next year. Will itemizing be required? O.D., New York
Q: I own real estate that I plan to sell to my son through an installment sale. My CPA says this can't be done because we're related parties. Is this true? D.R.T., St. Petersburg, Fla.
The new bankruptcy law that took effect Oct. 17, protects funds held in a qualified retirement plan from outside creditors. There's no limit on the amount you can shield from creditors.