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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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Q: I am the 50 percent owner of an S corporation. Can I deduct company-paid health insurance premiums on my personal return without forfeiting the expense due to the reduction in itemized deductions? J.L., via e-mail

Yes, the new 15 percent top rate on capital gains is good news for real estate investors. But if you sell investment property, your actual tax bill can be much higher than 15 percent of your gains, due to earlier depreciation deductions. (Gains from prior depreciation write-offs are taxed at a 25 percent maximum federal rate.)

Q: A friend of mine filed his 1996 return as a single status. He now realizes that he could have filed as a head of household status, making him eligible for the EITC. Can he amend his return? O.D., New York, N.Y.

Q: My company pays a flat 30 cents a mile rate for car expenses. Can I deduct the difference between my costs and 30 cents per mile? A.Z., Atlanta, Ga.

Q: I've invested in several stocks and mutual funds. I could swear that the closing prices I see on TV news programs at night are different than the ones in the morning paper the next day. Is this possible? D.D.K., Richmond, Va.

Many employees forget—or don't realize—that employer-provided benefits make up a big portion of their compensation.

Q: In the past, I twice rolled over employer plan account balances into two separate traditional IRAs. Now that I'm retiring for good, I'll once again be doing a rollover from my 401(k). Can I combine all three IRA rollover accounts into one account? C.T., Poughkeepsie, N.Y.

Suppose you've been holding raw land that you bought years ago as an investment. Now you figure it's time to cash in on the building boom in your area.

Q: Our company offers a flexible spending account (FSA) for health expenses. Does the firm have to provide the FSA feature under COBRA? J.B.K., New York, N.Y.

If your company wants to sell into the rapidly expanding Hispanic market, include Spanish-language media in your advertising plans. You'll pay cheaper rates for highly targeted ads.

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