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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. I set up a Roth IRA in late 1999. I'm turning 59 in May, so I'm wondering when I can start taking tax-free distributions from the Roth. Do I have to wait until the account has been open exactly five years or can I begin distributions any time this year?

Double your tax credits for children.

 

Go 'back to school' for extra credit.

 

Clean up on your tax return.

 

Make the credit child's play.

If you've already run the numbers on your 2003 return, you may have gotten an ugly surprise on Line 42. If you haven't completed your Form 1040 yet, look out.

The IRS offers several ways to find out.

Many people thought their estate-tax worries were over once President Bush signed estate-tax relief in 2001. The law gradually increases the amount of your estate that's exempt from federal estate taxes, then eliminates the tax in 2010, before the tax comes roaring back to life in 2011 (unless Congress extends the relief law).

After sending off your return, you'll probably trash old documents and files. Beware: Scam artists can steal your identity by rummaging through your garbage bags.

If you're like most high-income taxpayers, you probably use your home PC to help manage your investments. But unless you're a highly active trader and your investment activity constitutes a bona fide business, your depreciation deductions for the machine are severely limited.

Do you plan to raid your retirement plan early? If you use the money for medical payments, you can avoid the usual 10 percent penalty tax on early withdrawals.

As the economy heats up, you'll need to work harder to retain good employees. One good tactic: Set up an employee-achievement-award program. If you handle things the right way, they are tax-free to employees and fully deductible by your company.

Q: I operate a small relocation company with 10 full-time employees and a few part-timers. We don't have a retirement plan. I remember reading something recently about a tax break for setting up a plan. Is there such a break? E.R.M., Chicago, Ill.

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