Q: I heard that the increased Section 179 allowance goes away in 2004. Is that true? V.C.R., Miami, Fla.
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.
Taxpayers pondering a question, searching for a form or seeking their refund can now go to one place on the IRS Web site: 1040 Central.
Q: I own a residential real estate building that I bought in 1995. The building is 40 years old and needs a new roof. If I have a new roof installed this year, can I deduct the entire cost in 2004? M.S., Raleigh, N.C.
Did you receive a state or local tax refund in 2003?
If you're renewing your business insurance or changing carriers soon, do some smart, advance planning to earn a good inspection rating. Don't fear such an inspection; it can reduce your premiums 5 to 10 percent.
If you're like most married taxpayers, you'll sit down to your 1040 this year and dutifully check off the "Married filing jointly" box without a moment's thought.
Tap into your IRA without penalty pain
Give boost to house-buying child
Unlock tax break for Roth IRAs
An S corporation operates a "pass-through" entity, meaning all corporate income and deduction items pass through to shareholders, who then report those amounts on their personal returns. Result: You owe personal income tax on your share of S corp profits.
Tax-free is always better than tax deferred. So if you stashed your retirement funds in a Roth IRA account, you can collect tax-free cash while enjoying your retirement.
Q: My C corporation sold a long-term gain property this past summer. The gain amounted to $24,000 (rounded off). Do we benefit from the reduction in capital gains rates? O.T., Cincinnati, Ohio