Nobody's getting any younger. But if you own a small business and you're older than most of your employees, you may be able to max out on your retirement plan and jump-start your nest egg. That's especially true if your company doesn't have a retirement plan in place or you haven't been able to max out on plan contributions.
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.
Q: In a recent Mail Call answer, you said a person can deduct donations to some charities in Canada, Mexico and Israel. (5/30/05 issue) Do you have authority for that statement? M.L.
Q: I've been working for a company that is rapidly losing money. I've heard through the grapevine that the owners haven't paid the employment taxes for the past year. Could that cause me trouble personally with the IRS? E.L.C., Cleveland
Risk: Such "buddy punching" can cost companies thousands in wasted payroll dollars.
Action: Stop ...
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.
Hurricane season has begun, summer brush fires have plagued the West and other parts of the country are likely to be hit by other natural disasters this summer.
Normally, you can't deduct the cost of traveling back and forth from work every day. The IRS considers this a nondeductible commuting expense. But that tax story may change if you're working at a location that's different from your regular workplace.
Q: My mother has extensive medical expenses that aren't fully covered by insurance. But the tax deduction doesn't do her much good because her income is low. Can I deduct the expenses if I pay them for her? L.L., Bangor, Maine