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'm interested in the strategy you wrote about regarding collecting rent when you lease personal assets to your company. (See 10/17/05 issue.) If I rent assets to the company, am I then subject to Social Security tax on the net income? J.C.K., Hood River, Ore.

Suppose a regular customer is experiencing economic difficulties. You've let that customer slide on several invoices, but now you're concerned you may never be paid. Should you aggressively pursue collection efforts or continue to gently remind the customer about the unpaid bills?

Q: I took out loans for college and grad school several years ago that I'm still paying off. My accountant says the interest isn't deductible in my situation. Is that true? L.G., New York

Q: I expect to receive a settlement from a securities firm relating to my IRA investments. Can I transfer the funds back into my IRA? K.H., Montclair, N.J.

Q: You recently said that miscellaneous itemized deductions include gambling losses. (See 10/17/05 issue.) But isn't that true only if the losses exceed the winnings? R.B.

The IRS just launched a new online information service that can help you comply with the complex tax rules and regulations for private foundations. (IRS internal release 2005-121)

Estimated-tax penalties are equivalent to the interest you'd pay on tax underpayments.

For too many people, the tax season is a February-to-April affair. But trying to plan your tax strategies after Dec. 31 is as futile as a football team drawing up its game plan with two minutes left in the fourth quarter: You can't do much to affect the score.

Issue: More employers are offering voluntary supplemental medical insurance, and insurers are offering more products.
Benefit/risk: Such plans can fill gaps left by medical coverage cutbacks, but the strategy can ...

Q: My husband passed away last year. Now, I'm preparing to sell the house we've owned for 25 years. Can I still shelter $500,000 of the home-sale gain from taxes? I know that $500,000 is the joint-filers amount, but I think I read that I would still qualify? No name, Springfield, Ohio

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