Nobody's getting any younger. But if you own a small business and you're older than most of your employees, you may be able to max out on your retirement plan and jump-start your nest egg. That's especially true if your company doesn't have a retirement plan in place or you haven't been able to max out on plan contributions.
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.
With the rapid growth of e-filing and online assistance, the IRS will close 68 taxpayer assistance centers in 29 states by year-end.
Starting June 27, if you set up a charitable remainder trust (CRT), you'll need to jump through new IRS hoops.
In a recent article, we discussed several ways to chop down the rising property taxes on your personal residence. (5/30/05 issue) But escalating property taxes aren't limited to homeowners. Small business owners are getting socked lately as the value of their business property has gone up, too.
Risk: Such "buddy punching" can cost companies thousands in wasted payroll dollars.
Action: Stop ...
Q: My mother has extensive medical expenses that aren't fully covered by insurance. But the tax deduction doesn't do her much good because her income is low. Can I deduct the expenses if I pay them for her? L.L., Bangor, Maine
Q: I'm retiring soon and would like to move to a low-tax state. Do you know where I can find this information? J.B., Jericho, N.Y.
Q: I know that I must pay tax when converting my regular IRA to a Roth IRA. But do I have to pay tax on the full amount if I couldn't deduct some of the past IRA contributions? V.M., Phoenix
Q: I'm 73 and have three IRAs. Due to investment losses (a long story) in one of the IRAs, I have less in the account than the 33 percent required distribution. Will I still be penalized if I don't withdraw the entire amount? L.A.S., Dearborn, Mich.
Estate planning isn't a one-way street. Sometimes, you're on the receiving end of the dollars, instead of the giving end. Example: You may be in line for a hefty inheritance when a parent passes away.