Q: One of my business associates says top-heavy requirements exist for employee group insurance plans as well as 401(k) plans. Is that true? J.A., Monterey, Calif.
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.
Changes to IRS Form 941, Employer's Federal Quarterly Tax Return, will make it easier for businesses to report federal payroll tax deposits and income tax withholding.
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.
Q: The "estimate of earnings" I recently received from the Social Security Administration showed that I had no income in a year I actually earned more than $100,000. I'm age 61. Is it worth going through the hassle to change this? And, if so, how do I do it? H.S., Wichita, Kan.
A recent IRS ruling on involuntary retirement plan cash-outs caught a lot of retirement plan administrators with their pants down. Now, the IRS is giving those plan administrators a break for the 2005 plan year.
Q: I've been encouraging both my children, now ages 24 and 21, to make contributions to an IRA. But is there any minimum deduction for lower-wage earners? C.M., Glen Burnie, Md.
While you can still claim top-dollar deductions for your charitable donations, the massive new tax law signed last October—the American Jobs Creation Act of 2004—imposed new limits on certain donations. Now that the dust has settled, this much is clear: It's more important than ever to keep proper donation records. If you don't, you could lose all or part of your deductions.