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: 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.

Q: In your article on amended returns, you said I have three years to file an amended return. (5/2/05 issue) But can't I technically go back even further? C.L., Holyoke, Mass.

For many parents, the day of reckoning is right around the corner: the time when you start paying those hefty college tuition bills for your children. Even if you've been preparing for this day your entire adult life, you (and/or your child) may be forced to seek loans or other financing to pick up the slack.

Hurricane season has begun, summer brush fires have plagued the West and other parts of the country are likely to be hit by other natural disasters this summer.

When you own an S corporation, the company's gains are your gains and its losses are your losses. All the income and expense are passed through to the company's shareholders. But the IRS limits the amount that you can claim as a loss to your basis in the stock, plus any outstanding loans directly from you to the corporation.