Just before Congress ran home for August recess, it passed a major energy bill that includes a few tax breaks aimed at consumers, manufacturers and home builders. President Bush signed the bill on Aug. 8.
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 retired earlier this year, but I'm starting a consulting business as a sole proprietor. In my line of work, I'll need to use subcontractors. But won't I be taxed in full on the 1099s that I receive from my customers? L.L., Pittsburgh
If you donate intellectual property (such as patents) to charity, you can claim a tax deduction for your generosity. But the 2004 tax law restricts what you can deduct.
Are you ready for a computer upgrade? If the answer is "yes," don't just toss out your old equipment.
The IRS just pulled the strings tighter on a tax loophole that it virtually closed last year. The agency issued a ruling that explains the tough new rules limiting deductions for charitable car donations. (IRS Notice 2005-44, Internal Revenue Bulletin 2005-25)
Instead of donating cash to charity, you might want to give away stock. Just remember to do things the right way.
If you plan to use an increasingly popular estate-planning tool—a charitable remainder trust (CRT)—be aware that you'll need to jump through some new hoops to preserve the trust's tax benefits.
Unfortunately, you can't deduct the value of your time and effort devoted to charity. But that doesn't mean your charitable deductions are limited to gifts of cash, stock or other assets.
So-called "donor-advised" funds have become immensely popular with wealthy charitable donors. But that tax strategy is now under the gun. The IRS is trying to ferret out which funds benefit donors themselves rather than fulfilling charitable intentions.
Are you a rabid fan of your alma mater's sports teams or the local college powerhouse? There's a way you can pocket a nifty tax break while showing support for your favorite athletes.