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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: My husband died in an accident, and we received an accidental death benefit from his company's insurance plan. Is this benefit subject to estate tax? I'm receiving conflicting advice. J.S., via e-mail

Q: About 10 years ago, I paid $750 to an attorney to prepare a living trust. Recently, I asked him to update the trust to reflect a change in real estate properties. He charged me $350—almost half the original cost!—so I sent him a check for only $100. He returned the check with a note suggesting I find another attorney. Was I wrong? L.S.C., via e-mail

Q: My son is a high school senior who will graduate in June. Is it too late to set up a Section 529 plan for him? N.R., Bordentown, N.J.

Q: You've mentioned U.S. Savings Bonds in recent articles. Is there one place where I can find out the changing interest rates and maturity dates for bonds that I own (without going to a bank)? R.J., Birmingham, Ala.

Small businesses think they need every customer they can get. Not true.

You're better off applying the "PIN," or pain-in-the-neck, test to identify customers who actually

damage

your bottom line.

Rebates allow you to promote a lower "after rebate" price. But at least half of rebates are never claimed because consumers lose or throw away the rebate form, or they never bother to complete the paperwork and mail it, according to the FTC.

With the top individual federal income tax rate falling to 35 percent last year (down from 38.6 percent), now is a great time to consider converting your existing C corporation to an S corporation. In addition to taking advantage of the lower rates, such a switch lets you avoid double taxation of future corporate income and gains. This Special Report explains how a conversion would work and whether you should make the switch.

After you retire and the paychecks stop, you'll probably need to depend on your investments for cash flow. If you have a mix of investments, inside and outside a tax-deferred retirement plan, know which to tap into first.

For nonbusiness assets, you can deduct casualty losses from sudden usual events (storms, fires, etc.) once those losses exceed 10 percent of your adjusted gross income (AGI). Also, you can't write off the first $100 per event. Here are some tips to expand your write-off

Limited liability companies (LLCs) have become the entity of choice for many businesses. That's largely because LLCs combine the S corporation benefits of flow-through taxation and limited liability along with partnership-type flexibility for distributions and ownership interests.

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