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.

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.

Issue: You're paying for time that employees aren't working because they punch each other's timecards.
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.

Q: In a recent article, you wrote about variable annuities with a guaranteed minimum withdrawal. (5/16/05 issue) Would a guaranteed minimum income benefit (GMIB) variable annuity be better? V.G.

Do you own rental property that's been producing a marginal profit or a loss the past few years? Short of raising the rent again, you're fighting an uphill battle as your expenses continue to grow.