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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Treasury Department honchos have revived an idea that seemed dead just six months ago: consolidating many tax-preferred savings plans under two basic savings vehicles, lifetime savings accounts and retirement savings accounts.

Many business owners enter into "split-dollar" life insurance arrangements, in which the employer and employee share the cost of life insurance. But the IRS recently changed the rules, making those plans less attractive.

One added reason that it's hard to watch your children leave the nest is that you lose a coveted dependency exemption. In 2003, the exemption equals a $3,050 subtraction from your taxable income.

With interest rates near historic lows, your company may want to take advantage of the low cost of capital by issuing debt.

Q: We are building a home that's nearly completed and have contracted to sell our current home. But now, our plans have changed. If we sell the home we're building, will we owe capital gains tax? B.L., Myrtle Beach, S.C.

In 2001, President Bush's tax cuts increased the amount of your estate that is exempt from federal estate taxes to an even $1 million. As part of that law, the estate-tax exemption level will jump again, this time to $1.5 million, starting Jan. 1, 2004.

With Jan. 1 approaching, you need to once again adjust your estate plan to reflect the higher exemption level. The first three pages of this issue provide strategies to help you take full advantage of the new law. It lays out different strategies for people with medium-size estates, larger estates and valuable homes. Read on, then meet with your estate-planning professional.

Using a payroll service can streamline your business, but you (the employer) are ultimately responsible for paying federal taxes.

If your company creates a side business, you'll definitely want to consider structuring it as a limited liability company (LLC) owned by you.

If you plan to pack up and move after retirement, you'll probably weigh various factors when eyeing a landing spot, including climate, crime rate and recreational opportunities.

But here's another to put on the list: the state's tax structure.

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.

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