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.

Page 271 of 278« First...102030270271272...Last »

Tap into your IRA without penalty pain


Give boost to house-buying child

 

Unlock tax break for Roth IRAs

Q: My elderly father has a significant amount of credit card debt. I am his only living heir. Will I be responsible for those debts when he dies? J.W., Paramus, N.J.

Q: I received shares of Prudential stock a few years ago because I had converted a group policy to a personal policy. If I sell the shares now, do I have to pay tax on the full value, even though I still own the insurance policy? A.P., Santa Clara, Calif.

Q: My son just started a new job where he's required to wear a suit and tie. Since he had to buy several new suits for this position, can he deduct the cost. G.R., Islip, N.Y.

Donations to charities offer tax savings as well as the chance to support your favorite cause. But don't let a charity use your money for causes you don't support. A bit of advance planning can make sure your dollars go where you want.

Check your stockpile of Series EE Savings Bonds. Time is running short on a great tax-deferral strategy.

An S corporation operates a "pass-through" entity, meaning all corporate income and deduction items pass through to shareholders, who then report those amounts on their personal returns. Result: You owe personal income tax on your share of S corp profits.

When my son was born, relatives gave him Savings Bonds. Now that he's going to college, we want to use some of those bonds to help pay tuition. Do we have to pay tax on the income?

Q: A recent Mail Call question addressed whether a taxpayer would have to return the $400 advance child tax rebate if his income was too high for 2003. (See 10/06/03 issue.) While your answer indicated that he would not have to write a check to the IRS, I believe that the additional credit would still have to be added back to his 2003 tax liability on his return. Do you agree? J.W., via e-mail

Q: In 2003, I started a sideline business selling items on eBay. If my regular salary at work exceeds the Social Security tax wage base, do I have to pay self-employment tax on my eBay earnings? S.J.S., via e-mail

Page 271 of 278« First...102030270271272...Last »