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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Nobody's getting any younger. But if you own a small business and you're older than most of your employees, you may be able to max out on your retirement plan and jump-start your nest egg. That's especially true if your company doesn't have a retirement plan in place or you haven't been able to max out on plan contributions.

The IRS recognizes that domestic abuse can cause financial, as well as physical and emotional, distress. It just issued Publication 3865, Tax Information for Survivors of Domestic Abuse.

Starting June 27, if you set up a charitable remainder trust (CRT), you'll need to jump through new IRS hoops.

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 ...

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.

Q: In your article on amended returns, you said I have three years to file an amended return. (5/2/05 issue) But can't I technically go back even further? C.L., Holyoke, Mass.

Estate planning isn't a one-way street. Sometimes, you're on the receiving end of the dollars, instead of the giving end. Example: You may be in line for a hefty inheritance when a parent passes away.

Do you own rental property that's been producing a marginal profit or a loss the past few years? Short of raising the rent again, you're fighting an uphill battle as your expenses continue to grow.

For many parents, the day of reckoning is right around the corner: the time when you start paying those hefty college tuition bills for your children. Even if you've been preparing for this day your entire adult life, you (and/or your child) may be forced to seek loans or other financing to pick up the slack.