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: A friend of mine filed his 1996 return as a single status. He now realizes that he could have filed as a head of household status, making him eligible for the EITC. Can he amend his return? O.D., New York, N.Y.

Q: My company pays a flat 30 cents a mile rate for car expenses. Can I deduct the difference between my costs and 30 cents per mile? A.Z., Atlanta, Ga.

Q: I've invested in several stocks and mutual funds. I could swear that the closing prices I see on TV news programs at night are different than the ones in the morning paper the next day. Is this possible? D.D.K., Richmond, Va.

Many employees forget—or don't realize—that employer-provided benefits make up a big portion of their compensation.

In colonial times, governments posted debtors' names in the town square to embarrass them into paying up. More states are doing the same thing, with a 21st century twist: They're launching Web sites that list companies and individuals who owe big back-tax bills.

Whether you received a big refund this year or owed a bunch, now's the time to alter your salary withholding or estimated tax payments so you won't run into the same situation next year.

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.

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