Q: I was interested in your special report on business education. (7/11/05 issue) Both of my kids work for me as employees and also attend college. I found a course on family business dynamics at a different college that I'd like my kids to take. If I pay for the course, can I deduct the cost? A.C.
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: I have a carried-over capital loss of $6,500 from last year. Can I use this loss to offset some of my income from a required IRA distribution? S.B., Toms River, N.J.
By disclaiming an inherited IRA, you can pass the account along to someone else, free of gift tax.
If you shut down a business, you can't just lock the doors and turn out the lights. You must provide employees with W-2s by the due date of your final Form 941.
New legislation proposed by Sen. Connie Mack (R-Fla.) would allow children of any age to own a Roth IRA.
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.
Despite the recent talk in Congress about alternative minimum tax (AMT) reform (see page 3), the "stealth tax" is still expected to hit millions of unsuspecting taxpayers this year ... maybe even you.
All work and no play can make Jack (or Jill) a disgruntled employee or client. So, you may decide to treat some of your top customers or valued employees to an outing as the summer draws to a close. By knowing the tax-law rules for entertainment costs, you can double your pleasure with top-dollar write-offs.