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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Q: I am the executor of my parents' estates. My father passed away two years ago and my mother this February. Can I redirect part of my inheritance from my mother to a charity? S.J.P., Longmont, Colo.

Q: You said retirement plan participants must pay a 10 percent penalty tax for withdrawals before 55 (see 4/18/05 issue). Isn't the correct age 59 1/2? C.F., via e-mail

Q: I'm switching my business from a C corporation to an S corporation. I understand that S corporations don't pay any tax. Will I need to make quarterly tax payments? A.P., Cincinnati

Don't count on the IRS to increase the standard mileage deduction rate.

If you're challenging the IRS on a tax-return issue, pay the tax you owe now. Don't wait until the dispute is settled.

Heads up: The IRS plans to ratchet up the audit pressure on small businesses in the coming months.

Suppose you want to add the new guaranteed minimum withdrawal feature (see above) to an existing variable annuity, but the issuer doesn't allow that option. Are you out of luck? Not necessarily.

Can't get enough of a good thing? To hoard even more money for retirement than the tax law allows for qualified plans (such as 401(k)s or pension plans), arrange things so your company makes contributions on your behalf to a nonqualified deferred compensation plan.

Q: We own several acres of land in a rural area. The land includes a small house that will become our principal residence. If we sell off part of the land (but hang on to the house indefinitely), can we avoid gains taxes under the home-sale-gain exclusion rules? B.M., Burlington, Vt.

Q: I'm 60 years old and have a traditional IRA with $250,000 in it. I also have a Roth IRA in its third year. Can I roll over the traditional IRA to a Roth and use $150,000 of NOLs to offset any tax that must be paid? B.W.