The first shot in Washington's tax reform battle was fired earlier this month when the President's Advisory Panel on Tax Reform issued its long-awaited list of tax-simplification suggestions.
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.
If you own a vacation home or a boat, you may not be using it as much now that the summer is over.
Q: I'm interested in the strategy you wrote about regarding collecting rent when you lease personal assets to your company. (See 10/17/05 issue.) If I rent assets to the company, am I then subject to Social Security tax on the net income? J.C.K., Hood River, Ore.
Suppose a regular customer is experiencing economic difficulties. You've let that customer slide on several invoices, but now you're concerned you may never be paid. Should you aggressively pursue collection efforts or continue to gently remind the customer about the unpaid bills?
Q: I took out loans for college and grad school several years ago that I'm still paying off. My accountant says the interest isn't deductible in my situation. Is that true? L.G., New York
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.
Benefit/risk: Such plans can fill gaps left by medical coverage cutbacks, but the strategy can ...