Q: I bought a car this year that I used for my sales rep job. My company reimburses me for travel but not the interest I'm paying on a car loan. Can I deduct the interest as a business interest expense? E.L., Islip, N.Y.
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.
For investors relying on variable annuities during their retirement years, it's no fun watching the stock market intermittently spike and then plummet. When the market is booming, so is your investment. But your return suffers when the market takes a nose dive.
While school is out this summer, your teenage child may work full time or part time. Of course, income taxes will be withheld from those wages, even if your child won't have any income tax liability for 2005.
With precious little fanfare, the Working Families Tax Relief Act of 2004 revamped the rules for dependency exemptions. It created a uniform definition of "child" and relaxed the requirements for certain taxpayers. But the old rules still apply in some situations, resulting in even greater confusion for taxpayers. Here's a quick primer on the old rules, plus how you can take advantage of the new rules.
Have you joined the millions of taxpayers who use computer software to complete their tax returns? For do-it-yourselfers, it's usually faster and easier than plowing through the paper version, and at a relatively low cost.
If you're shopping around for a new business vehicle, take into account the just-released IRS depreciation limits for cars placed in service in 2005.
Q: I'm confused about the gift-tax exclusion. My accountant told me I can give away $11,000 a year, but my brother says the actual exclusion is $1 million. Who is right? N.S., Memphis, Tenn.
Do you pay someone to watch your under-age-13 children while you and your spouse work? If so, you probably know that you can claim the dependent care credit, commonly called the "child care credit," for your qualified expenses. That includes your costs for day care centers, baby sitters and preschools.
First came the 401(k), which, in just a quarter-century, became the most popular retirement plan of all time. Then, Roth IRAs were born in 1998, allowing millions of Americans to build up retirement nest eggs that they could tap into tax-free.
Question: I am 62, married and plan to retire in June. I know that I can start collecting 80 percent of my Social Security benefits this year, but I'll also be taxed on those benefits. Should I hold off collecting benefits until I reach 65 or later to avoid the tax? Or should I start taking benefits now because of the new Social Security proposals? (I'm in the 28 percent tax bracket.) – J.H., Columbus, Ohio