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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It will soon be springtime in Washington, and for the past three years, that has meant tax breaks spilling forth across the land. But not this year.

Sometime between now and April 15, you'll probably sit down with your tax adviser to pour over receipts, write-offs and changes to your personal tax situation. You can save on your tax bill—and your tax-preparation fees—by avoiding these common errors

Have you heard about the new, "creative" way to shift assets from your business to a Roth IRA to skirt the IRA contribution limits? Well, forget that advice and heed this:

The IRS came out swinging last month, issuing formal notice that such transactions would be listed as "abusive tax shelters" and trigger stiff penalties. (IRS Notice 2004-8)

With the stock market heating up, you may have borrowed cash in 2003 for investment purposes or to buy stock on margin.

Of course, you'll want to maximize the write-off for your investment interest. But usually your investment interest deduction is capped at the amount of your total investment income.

You can file Form 4506, but it could take up to 60 days to receive a photocopy and cost you $39. Better option: Call the IRS to order a transcript that lists line items from your original return (only 1040s) for up to three previous years.

Q: In a recent item in your newsletter, you said that sole proprietors, partners and LLC members can use the per-diem method for reimbursing meals and incidental expenses on business travel. (See 11/3/03 issue.) Shouldn't that list also include S corporation shareholder/employees? P.D., CPA, Englewood, Colo.

Issue: How to avoid the often-overlooked liabilities of using interns in your workplace. Risk: Courts view interns the same as employees, as "agents" of your organization. Plus, you face extra ...

Q: I experienced unusually high medical expenses in 2003. In addition to my out-of-pocket costs, I contributed $2,500 to my company flexible spending account (FSA) and used up all the funds. Can I count those FSA expenses as deductible medical expenses? J.B., Winslow, Ariz.

C corporations offer better tax treatment for fringe benefits than S corporations. But don't avoid an S corporation election simply because of fringe benefits.

The 2003 tax law spawned dozens of great tax strategies, plus a couple of duds.

One lame concept gaining traction these days: Reduced individual income tax rates make your tax-deferred retirement plan an inferior retirement savings vehicle. Instead, the story goes, you should stash your retirement money in a taxable account at your friendly brokerage firm.

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