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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Q: In a recent Mail Call answer, you said a person can deduct donations to some charities in Canada, Mexico and Israel. (5/30/05 issue) Do you have authority for that statement? M.L.

Q: I've been working for a company that is rapidly losing money. I've heard through the grapevine that the owners haven't paid the employment taxes for the past year. Could that cause me trouble personally with the IRS? E.L.C., Cleveland

Issue: You're paying for time that employees aren't working because they punch each other's timecards.
Risk: Such "buddy punching" can cost companies thousands in wasted payroll dollars.
Action: Stop ...

Hurricane season has begun, summer brush fires have plagued the West and other parts of the country are likely to be hit by other natural disasters this summer.

Normally, you can't deduct the cost of traveling back and forth from work every day. The IRS considers this a nondeductible commuting expense. But that tax story may change if you're working at a location that's different from your regular workplace.

Q: My mother has extensive medical expenses that aren't fully covered by insurance. But the tax deduction doesn't do her much good because her income is low. Can I deduct the expenses if I pay them for her? L.L., Bangor, Maine

Q: I'm retiring soon and would like to move to a low-tax state. Do you know where I can find this information? J.B., Jericho, N.Y.

Q: I know that I must pay tax when converting my regular IRA to a Roth IRA. But do I have to pay tax on the full amount if I couldn't deduct some of the past IRA contributions? V.M., Phoenix

Q: I'm 73 and have three IRAs. Due to investment losses (a long story) in one of the IRAs, I have less in the account than the 33 percent required distribution. Will I still be penalized if I don't withdraw the entire amount? L.A.S., Dearborn, Mich.

Q: In a recent article, you wrote about variable annuities with a guaranteed minimum withdrawal. (5/16/05 issue) Would a guaranteed minimum income benefit (GMIB) variable annuity be better? V.G.