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: 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.

Relax; take an automatic extension.

 

Buy extra time for hardship situations.

 

Postpone payments when living abroad.

 

Military taxpayers earn extra time to file.

Q: As always, I mailed my 2003 tax return as soon as possible. But soon after I mailed it, my broker sent me a corrected Form 1099 that restated dividend income. Do I have to file an amended return, even though it was the brokerage firm's error? K.R., Crawfordsville, Ind.

Section 529 plans are the best way to save for college. Withdrawals are totally free from federal income taxes. But if you've been dragging your feet about launching a Section 529 plan, you have new incentive to act quickly

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.

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).

The IRS offers several ways to find out.

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.

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