It's not too often that we advise you to turn up your nose at a tax break. But if you're selling real estate this year, you may want to pay more tax than required up-front. Why? Because you'll end up ahead of the game in the end.
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.
Does your teenage child have a summer job? Even though the pay may be paltry, the job is a valuable life experience. Now, you can teach your child another lesson ... about tax savings.
Just before Congress ran home for August recess, it passed a major energy bill that includes a few tax breaks aimed at consumers, manufacturers and home builders. President Bush signed the bill on Aug. 8.
Q: I retired earlier this year, but I'm starting a consulting business as a sole proprietor. In my line of work, I'll need to use subcontractors. But won't I be taxed in full on the 1099s that I receive from my customers? L.L., Pittsburgh
Q: I've been a hands-on owner in a machine shop for the past 30 years. Because of the noise in the shop, I had to buy a hearing aid that cost me about $5,500. Can I deduct that as a business expense? R.M.A., Grand Rapids, Mich.
Q: We just got married and are looking to buy a house. If we buy at the end of the year, we may not have enough expenses to itemize our deductions for 2005. Can we still deduct any points we might have to pay on a mortgage? J.V., Leesburg, Va.
Q: I bought stock years ago in a company that recently merged into another company. The shares I received back are worth less than my original cost. Can I deduct that as a capital loss? J.S., Park City, Utah
This finally may be the year Congress authorizes association health plans, a move that could lower health insurance premium costs for small business owners.
Unfortunately, you can't deduct the value of your time and effort devoted to charity. But that doesn't mean your charitable deductions are limited to gifts of cash, stock or other assets.
Are you a rabid fan of your alma mater's sports teams or the local college powerhouse? There's a way you can pocket a nifty tax break while showing support for your favorite athletes.