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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The 2003 tax law slashed income taxes for most taxpayers. But what if you show a net operating loss (NOL) and no taxable income at year-end?

Q: The annuity I bought a couple of years ago charges high maintenance fees. Will I have to pay any penalties if I withdraw my funds and switch to a different investment with lower fees? C.R., Mt. Pocono, Pa.

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.

Gain fast tax relief from a NOL.

 

Pay no tax instead of low tax.

... older Americans

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?

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