Q: A friend of mine filed his 1996 return as a single status. He now realizes that he could have filed as a head of household status, making him eligible for the EITC. Can he amend his return? O.D., New York, 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.
Q: My company pays a flat 30 cents a mile rate for car expenses. Can I deduct the difference between my costs and 30 cents per mile? A.Z., Atlanta, Ga.
Q: I've invested in several stocks and mutual funds. I could swear that the closing prices I see on TV news programs at night are different than the ones in the morning paper the next day. Is this possible? D.D.K., Richmond, Va.
Many employees forget—or don't realize—that employer-provided benefits make up a big portion of their compensation.
With the top individual federal income tax rate falling to 35 percent last year (down from 38.6 percent), now is a great time to consider converting your existing C corporation to an S corporation. In addition to taking advantage of the lower rates, such a switch lets you avoid double taxation of future corporate income and gains. This Special Report explains how a conversion would work and whether you should make the switch.
After you retire and the paychecks stop, you'll probably need to depend on your investments for cash flow. If you have a mix of investments, inside and outside a tax-deferred retirement plan, know which to tap into first.
For nonbusiness assets, you can deduct casualty losses from sudden usual events (storms, fires, etc.) once those losses exceed 10 percent of your adjusted gross income (AGI). Also, you can't write off the first $100 per event. Here are some tips to expand your write-off
Limited liability companies (LLCs) have become the entity of choice for many businesses. That's largely because LLCs combine the S corporation benefits of flow-through taxation and limited liability along with partnership-type flexibility for distributions and ownership interests.
Q: In the past, I twice rolled over employer plan account balances into two separate traditional IRAs. Now that I'm retiring for good, I'll once again be doing a rollover from my 401(k). Can I combine all three IRA rollover accounts into one account? C.T., Poughkeepsie, N.Y.
Suppose you've been holding raw land that you bought years ago as an investment. Now you figure it's time to cash in on the building boom in your area.