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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.

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Uncle Sam often examines deductible travel expenses through a magnifying glass. So both employers and employees must meet strict recordkeeping rules—or face the consequences.

Looks like you'll pay for the financial sins of Martha Stewart and the rest of her corporate-scandal cohorts.

Q: I thought I read in your publication recently that I would be entitled to certain tax deductions not normally allowed if I was a corporate officer living next door to my business. Is this correct? P.B.W., Grantville, Pa.

Relax; take an automatic extension.

 

Buy extra time for hardship situations.

 

Postpone payments when living abroad.

 

Military taxpayers earn extra time to file.

Q: Our small company does not have a retirement plan. Can the company contribute to a Roth IRA on my behalf if I'm one of the company principals? P.H., Columbia, Md.

Q: I'm investing in dividend-paying stocks in a foreign country. Because of withholding by the government, the dividends are substantially reduced. Do I have to pay tax on the full amount of the dividends? W.L., Braintree, Mass.

The numbers are deceiving: IRS gum-shoes audited only 0.57 percent of individual tax returns in fiscal year 2002. The rate isn't much higher (only 1.45 percent) for Schedule C filers with incomes above $100,000.

Double your tax credits for children.

 

Go 'back to school' for extra credit.

 

Clean up on your tax return.

 

Make the credit child's play.

If you've already run the numbers on your 2003 return, you may have gotten an ugly surprise on Line 42. If you haven't completed your Form 1040 yet, look out.

The IRS offers several ways to find out.

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