Despite the recent talk in Congress about alternative minimum tax (AMT) reform (see page 3), the "stealth tax" is still expected to hit millions of unsuspecting taxpayers this year ... maybe even you.
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.
Are you a rabid fan of your alma mater's sports teams or the local college powerhouse? There's a way you can pocket a nifty tax break while showing support for your favorite athletes.
If you plan to use an increasingly popular estate-planning tool—a charitable remainder trust (CRT)—be aware that you'll need to jump through some new hoops to preserve the trust's tax benefits.
So-called "donor-advised" funds have become immensely popular with wealthy charitable donors. But that tax strategy is now under the gun. The IRS is trying to ferret out which funds benefit donors themselves rather than fulfilling charitable intentions.
Conservation easements, in which landowners can earn tax deductions for preserving their open land, are rife with abuse, the IRS says. That's why the IRS is cracking down on these tax goodies for wealthy landowners. The IRS has already fingered 240 taxpayers for audits relating to this tactic, with another potential 100 donors on the hit list.
The tax law gives you plenty of leeway to deduct contributions within generous limits. In fact, if you're like most donors, you probably aren't even aware that any limits exist.
We can't overemphasize the need to keep the required records for charitable donations, especially because the IRS is turning up the heat on donation deductions.
If you donate intellectual property (such as patents) to charity, you can claim a tax deduction for your generosity. But the 2004 tax law restricts what you can deduct.
Are you ready for a computer upgrade? If the answer is "yes," don't just toss out your old equipment.
The IRS just pulled the strings tighter on a tax loophole that it virtually closed last year. The agency issued a ruling that explains the tough new rules limiting deductions for charitable car donations. (IRS Notice 2005-44, Internal Revenue Bulletin 2005-25)