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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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File more business tax forms electronically.

 

IRS shifting jobs from clerical to crackdown.

 

Educate yourself on Health Savings Accounts.

In a competitive business environment, your company may be hard-pressed to keep up with the Joneses. Often, that requires sinking extra cash into research that may or may not result in profitable products.

Q: A recent Mail Call question addressed whether a taxpayer would have to return the $400 advance child tax rebate if his income was too high for 2003. (See 10/06/03 issue.) While your answer indicated that he would not have to write a check to the IRS, I believe that the additional credit would still have to be added back to his 2003 tax liability on his return. Do you agree? J.W., via e-mail

Q: In 2003, I started a sideline business selling items on eBay. If my regular salary at work exceeds the Social Security tax wage base, do I have to pay self-employment tax on my eBay earnings? S.J.S., via e-mail

Q: I'm in the middle a dispute about a landscaping bill. The other day, someone from the landscaping company called my company and asked to speak to my boss. Is that legal? C.N., Glen Burnie, Md.

Q: You wrote a story that said any mortgage interest for periods of "personal use" of a rental property is deemed personal interest and therefore nondeductible. (See 10/6/03 issue.) But couldn't that personal portion be treated as "second residence" mortgage interest and therefore be deducted? J.W., via e-mail

The IRS turns a skeptical eye toward what it deems "unreasonable compensation" paid to C corp owner-executives. The taxman can decide your salary is too large and label part of it as a nondeductible dividend.

An S corporation operates a "pass-through" entity, meaning all corporate income and deduction items pass through to shareholders, who then report those amounts on their personal returns. Result: You owe personal income tax on your share of S corp profits.

Tax-free is always better than tax deferred. So if you stashed your retirement funds in a Roth IRA account, you can collect tax-free cash while enjoying your retirement.

Q: My C corporation sold a long-term gain property this past summer. The gain amounted to $24,000 (rounded off). Do we benefit from the reduction in capital gains rates? O.T., Cincinnati, Ohio

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