The steadily falling mortgage interest rates of the last couple years are now edging back up. But if you refinanced this year, you probably didn't realize that claiming a bigger interest deduction on your 2003 tax return is possible, even if your overall mortgage payment is less than before.
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.
Request an itemized invoice from your attorney when updating your will as part of your estate plan.
My husband and I divorced earlier this year. As part of the agreement, some of my ex-husband's IRA was transferred into my name. I was told that we both need to file a form that indicates a change of basis. But I thought this exchange was tax-free. How can I avoid the tax?
Next year's estate-tax exemption increase—from $1 million to $1.5 million—will prompt many people to tweak their estate plans. (See article above.) If you're meeting with your tax adviser about those topics, you should also review aspects of your estate plan that don't involve taxes.
Q: In a recent article, you said the Section 179 equipment write-off is available for used SUVs. (See 10/20/03 issue.) When I was car shopping, I mentioned that to a few dealers, but they said the tax break was available only for new vehicles. Was your article correct? G.S., St. Paul, Minn.
More reason to avoid tax protester groups.
Expect IRS to budge little on tax bill 'compromise.'
Q: I am a self-employed contractor and take in about $90,000 a year from my business. You said the new maximum expensing allowance is now $100,000, so can I write off the entire cost of a new $30,000 piece of equipment if I buy it in December? M.W., Lynbrook, N.Y.
Frequently, a divorcing couple can't agree on which of them should claim the dependency exemptions for the children. If you can't decide, the court will do it for you. And that could yield the worst possible result for you.
Q: My neighbor went to a retirement planning seminar and talks about a new concept called "split annuities." Are split annuities tax-deferred like regular annuities? J.Z., Mayo, Fla.
Risk: By following your state law, in some ...