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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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If you receive a phone call from someone who asks for personal financial data and claims to be from a federal agency, such as the IRS, ask that person to put the request in writing.

Millions of taxpayers now file their tax returns via the Web, and the number is likely to grow. Should you join the crowd?

If you and other co-owners operate your business as a multimember LLC, you may already know to file a partnership return on Form 1065. Each owner is treated as a partner for federal income tax purposes, so each receives a Schedule K-1 with his or her share of the LLC's 2003 business income, deductions and credits. You report those figures on your 2003 personal return.

If you took out a home-equity loan last year and injected the resulting cash into your pass-through business (sole proprietorship, S corps, partnership or LLC), you can typically deduct the related in-terest expense. But don't report the interest as an itemized deduction on your Schedule A.

If you run your business as a husband/wife partnership, you're forced to fill out a complicated Form 1065 (U.S. Return of Partnership Income) every year. But if you live in one of the nine "community property" states (see list at left), we have good news for you

You've probably heard that hiring your children is a great tax-saving move. Their income is taxed in their low tax bracket, and as long as you handle things correctly, your company can deduct the compensation.

It will soon be springtime in Washington, and for the past three years, that has meant tax breaks spilling forth across the land. But not this year.

Sometime between now and April 15, you'll probably sit down with your tax adviser to pour over receipts, write-offs and changes to your personal tax situation. You can save on your tax bill—and your tax-preparation fees—by avoiding these common errors

Have you heard about the new, "creative" way to shift assets from your business to a Roth IRA to skirt the IRA contribution limits? Well, forget that advice and heed this:

The IRS came out swinging last month, issuing formal notice that such transactions would be listed as "abusive tax shelters" and trigger stiff penalties. (IRS Notice 2004-8)

With the stock market heating up, you may have borrowed cash in 2003 for investment purposes or to buy stock on margin.

Of course, you'll want to maximize the write-off for your investment interest. But usually your investment interest deduction is capped at the amount of your total investment income.

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