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.
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.
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.
Taxpayer use of the Telefile system, which allows you to use a touch-tone phone to file simple IRS forms, has dropped due to other electronic-filing options.
A new IRS audit guide points out fringe-benefit issues that are ripe for abuse by execs, including club memberships, no-cost or low-cost loans and employer-paid vacations.
Big tax cuts aren't coming in 2005; neither the money nor the political willpower is there. But look for Congress, at the very least, to extend several tax breaks that are scheduled to go off the books at the end of the year
As mortgage rates fell, you may have refinanced your home several times over the last few years. You can generally still deduct all the mortgage interest on refinanced loans, up to the amount of outstanding principal. But if you were forced to pay the alternative minimum tax (AMT), you may forfeit the tax benefits on a second or third refinancing.
The bonus-depreciation deduction was great while it lasted, but it's gone for 2005. Still, you can generate top-dollar deductions this year when buying equipment and other business assets. That's because your not-so-secret weapon—the Section 179 expensing allowance—lets you write off most or all of the cost of most business assets in the very first year of ownership! Here's the lowdown on the rules and four ways to maximize your deductions.
Divorce isn't a pleasant undertaking. But at least you can minimize the tax fallout by taking a few key proactive steps.