If you're an owner/executive of a C corporation, it's time to sit down with your tax adviser to see if your compensation passes IRS muster.
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.
One of the good things about owning a business is that you can give yourself some nice perks, like a company car. This Special Report explains strategies to: (1) minimize the tax hit on corporate-owned cars provided to you and other key employees and (2) maximize the tax savings for your corporation.
Uncle Sam often examines deductible travel expenses through a magnifying glass. So both employers and employees must meet strict recordkeeping rules—or face the consequences.
The IRS is holding more than $2.5 billion in unclaimed refunds for 2 million people who failed to file tax returns for the 2000 tax year.
Q: I thought I read in your publication recently that I would be entitled to certain tax deductions not normally allowed if I was a corporate officer living next door to my business. Is this correct? P.B.W., Grantville, Pa.
Looks like you'll pay for the financial sins of Martha Stewart and the rest of her corporate-scandal cohorts.
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: I'm investing in dividend-paying stocks in a foreign country. Because of withholding by the government, the dividends are substantially reduced. Do I have to pay tax on the full amount of the dividends? W.L., Braintree, Mass.
The numbers are deceiving: IRS gum-shoes audited only 0.57 percent of individual tax returns in fiscal year 2002. The rate isn't much higher (only 1.45 percent) for Schedule C filers with incomes above $100,000.