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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In a competitive business environment, your company may be hard-pressed to keep up with the Joneses. Often, that requires sinking extra cash into research that may or may not result in profitable products.

Q: I heard that the increased Section 179 allowance goes away in 2004. Is that true? V.C.R., Miami, Fla.

Taxpayers pondering a question, searching for a form or seeking their refund can now go to one place on the IRS Web site: 1040 Central.

Q: I'm in the middle a dispute about a landscaping bill. The other day, someone from the landscaping company called my company and asked to speak to my boss. Is that legal? C.N., Glen Burnie, Md.

Q: You wrote a story that said any mortgage interest for periods of "personal use" of a rental property is deemed personal interest and therefore nondeductible. (See 10/6/03 issue.) But couldn't that personal portion be treated as "second residence" mortgage interest and therefore be deducted? J.W., via e-mail

The IRS turns a skeptical eye toward what it deems "unreasonable compensation" paid to C corp owner-executives. The taxman can decide your salary is too large and label part of it as a nondeductible dividend.

Tax-free is always better than tax deferred. So if you stashed your retirement funds in a Roth IRA account, you can collect tax-free cash while enjoying your retirement.

Q: My C corporation sold a long-term gain property this past summer. The gain amounted to $24,000 (rounded off). Do we benefit from the reduction in capital gains rates? O.T., Cincinnati, Ohio

An S corporation operates a "pass-through" entity, meaning all corporate income and deduction items pass through to shareholders, who then report those amounts on their personal returns. Result: You owe personal income tax on your share of S corp profits.

Q: My son just started a new job where he's required to wear a suit and tie. Since he had to buy several new suits for this position, can he deduct the cost. G.R., Islip, N.Y.

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