Q: I own a residential real estate building that I bought in 1995. The building is 40 years old and needs a new roof. If I have a new roof installed this year, can I deduct the entire cost in 2004? M.S., Raleigh, N.C.
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.
If you're like most married taxpayers, you'll sit down to your 1040 this year and dutifully check off the "Married filing jointly" box without a moment's thought.
If you're renewing your business insurance or changing carriers soon, do some smart, advance planning to earn a good inspection rating. Don't fear such an inspection; it can reduce your premiums 5 to 10 percent.
Tap into your IRA without penalty pain
Give boost to house-buying child
Unlock tax break for Roth IRAs
Q: My elderly father has a significant amount of credit card debt. I am his only living heir. Will I be responsible for those debts when he dies? J.W., Paramus, N.J.
Q: I received shares of Prudential stock a few years ago because I had converted a group policy to a personal policy. If I sell the shares now, do I have to pay tax on the full value, even though I still own the insurance policy? A.P., Santa Clara, Calif.
Q: I experienced unusually high medical expenses in 2003. In addition to my out-of-pocket costs, I contributed $2,500 to my company flexible spending account (FSA) and used up all the funds. Can I count those FSA expenses as deductible medical expenses? J.B., Winslow, Ariz.
C corporations offer better tax treatment for fringe benefits than S corporations. But don't avoid an S corporation election simply because of fringe benefits.
The 2003 tax law spawned dozens of great tax strategies, plus a couple of duds.
One lame concept gaining traction these days: Reduced individual income tax rates make your tax-deferred retirement plan an inferior retirement savings vehicle. Instead, the story goes, you should stash your retirement money in a taxable account at your friendly brokerage firm.
The next time you order checks, have them imprinted with your first initial instead of your first name (e.g., G. Bush), suggests Commercial Law Bulletin.