Do you own rental property that's been producing a marginal profit or a loss the past few years? Short of raising the rent again, you're fighting an uphill battle as your expenses continue to grow.
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.
Q: In your article on amended returns, you said I have three years to file an amended return. (5/2/05 issue) But can't I technically go back even further? C.L., Holyoke, Mass.
For many parents, the day of reckoning is right around the corner: the time when you start paying those hefty college tuition bills for your children. Even if you've been preparing for this day your entire adult life, you (and/or your child) may be forced to seek loans or other financing to pick up the slack.
Hurricane season has begun, summer brush fires have plagued the West and other parts of the country are likely to be hit by other natural disasters this summer.
Normally, you can't deduct the cost of traveling back and forth from work every day. The IRS considers this a nondeductible commuting expense. But that tax story may change if you're working at a location that's different from your regular workplace.
Q: My father is retired and living in a retirement community. He insists that he doesn't have to file a tax return anymore. Is there a maximum age for filing? J.W., Old Tappan, N.J.
Big tax cuts aren't coming in 2005; neither the money nor the political willpower is there. But look for Congress, at the very least, to extend several tax breaks that are scheduled to go off the books at the end of the year
Q: I opened a Roth IRA on March 15, 2001. Can I start taking tax-free withdrawals this year? D.D., Mission Viejo, Calif.
As mortgage rates fell, you may have refinanced your home several times over the last few years. You can generally still deduct all the mortgage interest on refinanced loans, up to the amount of outstanding principal. But if you were forced to pay the alternative minimum tax (AMT), you may forfeit the tax benefits on a second or third refinancing.
Q: We're confused about your item regarding a separated spouse who files as a "head of household" and claims the standard deduction (see 4/18/05 issue). You say that if the situation was "the other way around," the person would be required to itemize. Can you elaborate? P.B.S., via e-mail