With gasoline prices shooting through the roof, the IRS took the unusual step last month of increasing the standard mileage rate deduction for the final four months of the 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.
Starting in 2006, taxpayers will be able to give cash gifts of up to $12,000 to each recipient without facing gift-tax issues. That's up from $11,000 this year. Married couples can give twice as much.
"Passive activity loss" (PAL) rules say that losses from passive activities are limited to annual passive activity income. In general, rental real estate is treated as a passive activity.
Q: My daughter is a college freshman and I bought her a new laptop through the school. Does that qualify for a tax-free withdrawal? C.K., Syracuse, N.Y.
The Internet is flooded with products, more than 400, according to a Business Insurance report, that help employees and job candidates cheat ...
Health insurance costs continue to skyrocket without any end in sight. As a result, companies both large and small are exploring alternate means to cover their employees.
Question: I'm retiring before the end of the year at age 64. My accountant says I've earned too much salary this year to receive any Social Security benefits. I thought the earnings test was eliminated years ago. If not, is there anything I can do now? Or do I have to work longer? — J.M.B., Boise, Idaho
As you thumb through the mail one day, an unassuming letter catches your eye. Return address: The IRS. You nervously tear open the envelope and your worst fears are confirmed: The IRS has chosen your return for a correspondence audit.
Q: I'm thinking about retiring early and moving to a foreign country to avoid U.S. income taxes. Will I still be taxed on retirement income from my pension plan and IRAs? J.L.S., Spokane, Wash.
Q: I bought a second home computer recently because my new job requires communication at all times, and my kids are always on our other computer. I use the new machine to interact with clients from home. Since my employer is all for it, can I deduct the computer's cost? M.L.P., New York