Q: I received shares of Prudential stock a few years ago because I had converted a group policy to a personal policy. If I sell the shares now, do I have to pay tax on the full value, even though I still own the insurance policy? A.P., Santa Clara, Calif.
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.
File more business tax forms electronically.
IRS shifting jobs from clerical to crackdown.
Educate yourself on Health Savings Accounts.
Q: I experienced unusually high medical expenses in 2003. In addition to my out-of-pocket costs, I contributed $2,500 to my company flexible spending account (FSA) and used up all the funds. Can I count those FSA expenses as deductible medical expenses? J.B., Winslow, Ariz.
The next time you order checks, have them imprinted with your first initial instead of your first name (e.g., G. Bush), suggests Commercial Law Bulletin.
Q: I heard that the increased Section 179 allowance goes away in 2004. Is that true? V.C.R., Miami, Fla.
Q: I own a residential real estate building that I bought in 1995. The building is 40 years old and needs a new roof. If I have a new roof installed this year, can I deduct the entire cost in 2004? M.S., Raleigh, N.C.
If you're renewing your business insurance or changing carriers soon, do some smart, advance planning to earn a good inspection rating. Don't fear such an inspection; it can reduce your premiums 5 to 10 percent.
In a competitive business environment, your company may be hard-pressed to keep up with the Joneses. Often, that requires sinking extra cash into research that may or may not result in profitable products.
Taxpayers pondering a question, searching for a form or seeking their refund can now go to one place on the IRS Web site: 1040 Central.
Donations to charities offer tax savings as well as the chance to support your favorite cause. But don't let a charity use your money for causes you don't support. A bit of advance planning can make sure your dollars go where you want.
