Q: My father passed away this year at age 69, and I am the sole beneficiary of his IRA. Do I have to take out all the money within five years? S.D., Massapequa, N.Y.
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.
Medical costs continue to skyrocket. What's a small business owner to do?
In most cases, fringe benefits provided to company bigwigs are exempt from tax only if they are offered to everyone.
If you run a small company, it's hard to squeeze in enough exercise time during the week.
Q: My wife was just laid off from her job. She was told she'd receive a package in the mail about COBRA health insurance. It's been more than a week, and it hasn't arrived. Is this breaking the law? K.B., Hillsborough, N.J.?
Size often matters in the corporate world.
It's bad enough that business owners worry about corporate income tax. But your company may also face alternative minimum tax (AMT) complications.
Investors in qualified "small business" stock held more than five years can exclude 50 percent of the sale's gain. But a 28 percent capital gains tax rate continues to apply to such sales—even after last year's reduction of the maximum capital gains rate to 15 percent. That means you'll earn just a 1 percent advantage—14 percent to 15 percent—for sales of small business stock.
Q: After my father passed away, investment property he owned was destroyed by fire. The insurance reimbursement didn't cover the actual loss. Can his estate deduct the difference? E.R., Fairfield, Calif.
Q: In a recent article, you said people must start taking IRA distributions after turning 70 1/2 (See 3/8/04 issue) Are the rules different for Roth IRAs? J.C., via e-mail
Q: My wife has taught in public schools for 30 years and participated in a 403(b) plan the entire time. Now she's thinking about opting for early retirement. Does she need to wait until she retires to roll over that money into an IRA? C.T., Sacramento, Calif.
Q: I am selling a vacation home. My daughter owns a lot where I can build a new house. Can I roll over the profit from the old home into the new home tax-free? R.C., Dunwoody, Calif.
With the economy heating up, the Federal Reserve has indicated it will increase interest rates soon. But how much, and when?
Small business owners like you often face diversification and liquidity problems because most of your wealth is tied up in the company. If your business experiences a serious reversal, your personal assets could be depleted.