Q: My company is being investigated for making illegal kickbacks. (I wasn't involved in the allegations.) If we are found guilty, are the payments at least tax deductible? No name, via e-mail
Small Business Tax
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Q: I just started a new business where I work from home. For business travel, I'm using a car I bought in 2001 for $32,000. Can I deduct depreciation based on the original cost? D.J., Spring Valley, N.Y.
Q: I still do some work as a consultant, but I must start taking distributions from my IRA before April 1 of next year. If I convert to a Roth IRA this year, can I avoid taking the distribution (and the resulting tax)? R.A., Duluth, Minn.
Q: We took out a $320,000 mortgage to buy our home several years ago. We recently used inheritance money to pay off the $220,000 balance on the mortgage. Our house is now worth around $700,000. If we take out a new mortgage for $400,000, can we deduct all of the mortgage interest we'd pay? L.M.S., Montvale, N.J.
The Senate approved a long-stalled bill on May 11 that would end a trade dispute with Europe and shower U.S. corporations with several new tax breaks, including reduced income taxes for manufacturers.
Taxpayers are receiving better and faster service at IRS offices around the country, according to a study by the Treasury Department's inspector general.
IRS bigwigs are predicting increased audit activity of employer retirement plans.
Take home more pay. If your teen works a summer job, taxes can put a dent in his or her take-home pay.
Think you're immune from the alternative minimum tax? A new case shows how even low-income taxpayers are being hit.