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.
Are you waiting until the last minute to file your tax return? Maybe you’re putting things off because you figure you’ll have to pay Uncle Sam a tidy sum. At least you can still put a good-size dent in your tax bill at this late date. Here’s a sampling of seven prime-time opportunities for tax-return procrastinators.
I’ve been advised by an accountant to pass up a home-office deduction because of the audit risk. Also, he says I would owe tax on the home office when I sell my home. What do you think? G.P., Marietta, Ohio
Under pressure from Congress, the IRS now says it will notify people when their refunds are withheld due to fraud suspicion.
Last year, the IRS announced a new rule that would require people to gain their spouse’s written approval before establishing a charitable
Avoid audit by reading IRS “playbook.”
I gave away appreciated stock to charity to avoid tax on the gain. But now, I want to buy the same stock again. Does this violate the wash-sale rule? A.M.A., Lynbrook, N.Y.
I use a corporate credit card to pay
business expenses, including inventory items. I’ve racked up a lot of
reward points that I’ll use for both business travel and personal
travel. Do these points count as taxable income? J.W.
I headed up a freelance-consulting
project last year in which I subcontracted out part of the work. Now
I’ve received a 1099 for the full amount paid for the project. Do I
have to pay tax on the whole amount? L.W.C., Modesto, Calif.
If you’re a high-end taxpayer with a low tolerance for tax pain, you’d be wise to check out a new mutual fund product from Wall Street.
A major 2004 tax-law change put some real teeth into the “constructive receipt” rules for nonqualified deferred-compensation plans. In short, it set new requirements for employees to be able to postpone federal income tax on future payments earmarked for them under deferred-comp plans.