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 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)

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 ...

Question: My wife and I operate separate self-employed businesses. This year, I expect to show a big profit, so I plan on buying new machinery and tools before Jan. 1 that I can expense. My wife's business is likely to show a loss. Will her loss reduce the amount I can claim under Section 179? If so, what can I do about it? — C.S., Rochester, N.Y.

The new bankruptcy law that took effect Oct. 17, protects funds held in a qualified retirement plan from outside creditors. There's no limit on the amount you can shield from creditors.

Roth IRAs

by on October 31, 2005 12:00am
in Small Business Tax

Although Roth IRAs have been around for a few years, some taxpayers are still spooked by this newfangled version of the traditional IRA. As you'll see, 2005 may be an especially good year to look at different ways you can put money into a Roth IRA before year-end.

Should you contribute to a Roth IRA or a traditional IRA? You may be surprised to learn that the Roth IRA beats the traditional IRA almost all the time. Let's look at seven common scenarios. In all these examples, we've assumed you would leave an initial contribution in the Roth or regular IRA for a number of years and then pull out the money as a lump sum in retirement after age 591/2. For simplicity's sake, we'll assume a 10 percent before-tax rate of return for each example.

With gas prices soaring, the IRS threw business travelers a bone recently by allowing them to deduct 48.5 cents per driving mile for the final four months of 2005. But, at the time, the IRS didn't touch the standard deduction rate for charity-related driving, which remained at a paltry 14 cents per mile.

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