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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If you're still handling payroll yourself, you know it's time consuming and prone to errors. So here's some good news: A new crop of online payroll services are popping up and—no coincidence—the costs are dropping fast.

Q: We have a vacation home at the Jersey shore. We normally only use the house ourselves two weeks in September. But this year my teenage son and his friends spent a few weekends there in the fall. Do we have a tax problem? G.A., Mahwah, N.J.

You probably saw all the fanfare this month surrounding President Bush's signing of the Medicare reform law, the biggest rewrite of Medicare in its nearly 40 year history.

But, unless you're on Medicare, you probably thought the Medicare Prescription Drug and Modernization Act of 2003 contained nothing for you. Well, you were wrong.

Q: I have an outstanding loan for my oldest child's college tuition. I've received some credit card offers with lower rates than the existing college loan. Should I take one to pay off the college loan? K.H., Binghamton, N.Y.

Q: We own S corporation shares bought more than 12 months ago at $12 per share that now have a market value of $25 per share. If the shareholder dies, is the basis adjusted to market value at death? T.M., via e-mail

Q: I'm buying rental property with my brother for $425,000. Although we are joint owners with 50 percent ownership rights each, I'm putting $50,000 down, and he is putting down only $30,000. Will I be taxed on more of the rental income? S.S., via e-mail

Q: I liked your recent story on Section 529 college savings plans. (See 11/17/03 issue.) It made me wonder: I'm thinking about going to law school in a few years. Can I set up a Section 529 plan for myself? S.M.R., via e-mail

Parents on your staff face a big-time dilemma if they've got kids approaching the college years: How are they going to pay the ever-increasing tuition bills?

With precious few days remaining in 2003, do you still need to realize a tax loss?

Staying one step ahead of the IRS isn't easy for most small businesses. One wrong step—a forgotten form, a lost receipt—could invite Uncle Sam's wrath.

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