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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 tax preparer said I didn't need to enter my Roth IRA contribution on my tax return. It seems odd that I wouldn't have to tell the IRS about this. Is he right? E.M., Madison, Wis.

Are you ready to knock down a deteriorating investment property or business building and construct a new building in its place?

Q: In a recent article, you said people could deduct mortgage interest on a refinanced loan up to the amount of the original loan balance. (See 2/7/05 issue.) Isn't the limit the outstanding amount of the loan before the refinancing? M.L., New York

Did you set up a charitable remainder trust (CRT) at the height of the bull market? If so, your returns may have slipped lately as the market fluctuates. You may be rethinking your idea of setting up a CRT in the first place.

Q: I bought Intel shares at different times and prices during the past few years. At the end of February and the first few weeks in March, I sold all those shares (and incurred some losses). All the stock sales occurred within 30 days. Can I still claim the losses? Norristown, Pa.

1. Keep receipts, not a list 2. No deduction for 'common' products

As you grow older, it's critical to save as much as possible for retirement. As the person who calls the shots at your company, you can be even more creative than others in saving for retirement.

If you're selling your share of the family-owned business, you have plenty of reasons to offer relatives, who are current owners, first shot at buying your portion.

Question: My elderly mother needs help a few hours a day to shop, work around the house, etc. My wife and I live in another state. We pay a neighborhood woman $15 an hour for assistance, but she isn't a nurse. We also pay $500 a month toward my mother's rent, about half the bill. Are we entitled to any tax benefits? – R.P., Vermont

For some people, waiting until mid-April to file their individual income tax returns simply represents a bad case of procrastination. Others hold out so they can keep their money until the last possible moment. Whatever your reason, if you haven't filed yet, you can still cut your 2004 tax bill with a few timely tactics and tax-smart choices.