You never want your tax return to stick out like a sore thumb at the IRS. That's why it's good to know whether your deductions fall within the national averages.
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.
If you've created a trust or are a trustee or beneficiary, you need to pay attention to the IRS' newly revised definition of "income" for trusts.
If you're required to file your payroll taxes electronically, don't quibble with the IRS, even if you're more comfortable walking a check to the bank.
Q. I retired earlier this year at 62 when I became eligible for Social Security benefits. During my career, I accumulated a big pension, which I rolled tax-free into an IRA. Now that the IRA's value has fallen due to the stock market, my accountant advised me to convert the IRA into a Roth IRA. This doesn't make sense to me because I'll be stuck paying tax on an account that can still lose money. What do you think?
The cost of gas continues to skyrocket in many parts of the country, reaching a record national average of $1.75 per gallon at the start of April. Most expensive state: California. Least expensive: Georgia and South Carolina.
Q: We sold a residential rental property last year at a substantial gain. I know we can deduct the property taxes. Can we also deduct the selling fees and closing costs? L.C., Ormond Beach, Fla.
Q: In a recent issue, you wrote about the benefits of Health Savings Accounts. (12/29/03 issue) I am the owner of an S corporation. As the principal, can I use an HSA? J.L., via e-mail
Q: I am single and earned $79,040 from my regular job in 2003. But I also had $15,233 in self-employment (SE) income. The IRS says I have to pay the full self-employment tax on the additional earnings. Is this true? D.A., Needham, Mass.
With the economy awakening from its hibernation, you may be shaking the dust off business expansion plans.
If those plans include launching an entirely new business, you'll like-ly incur out-of-pocket expenses before the operation is up and running.
Q: Our small company does not have a retirement plan. Can the company contribute to a Roth IRA on my behalf if I'm one of the company principals? P.H., Columbia, Md.