The IRS plans to give you even more time to complete your 2005 individual Form 1040 next year.
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.
For busy businesspeople, cell phones, laptops, PDAs and other portable devices are essential. Usually, the company buys such devices and gives them to higher-ups and other employees who need them.
Do you need extra cash to pay for your child's (or your own) college tuition? When you've exhausted other conventional sources, you can turn to your IRA in a pinch, even if you're younger than the age generally required for penalty-free distributions.
Normally, you must depreciate the cost of business or commercial real estate over 39 years. In comparison, you can depreciate residential rental property much faster over 27.5 years.
Unless you're a CPA or a tax nerd, the term MACRS can be daunting. It stands for Modified Accelerated Cost Recovery System, which is the standard federal-income tax method for depreciating the cost of your business assets.
Pity the late Albert Strangi. He tried to save his family from estate taxes by transferring the bulk of his assets into a family limited partnership (FLP). But the IRS stepped in and nixed the tax benefits.
Despite the recent talk in Congress about alternative minimum tax (AMT) reform (see page 3), the "stealth tax" is still expected to hit millions of unsuspecting taxpayers this year ... maybe even you.
Q: We just got married and are looking to buy a house. If we buy at the end of the year, we may not have enough expenses to itemize our deductions for 2005. Can we still deduct any points we might have to pay on a mortgage? J.V., Leesburg, Va.
All work and no play can make Jack (or Jill) a disgruntled employee or client. So, you may decide to treat some of your top customers or valued employees to an outing as the summer draws to a close. By knowing the tax-law rules for entertainment costs, you can double your pleasure with top-dollar write-offs.