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.

If your company owns a weekend retreat where you like to enjoy the great outdoors, you probably know that the IRS's "entertainment facility" rules typically prevent you from deducting depreciation and related expenses for the place, even if you entertain clients there.

Q: My tax preparer said I didn't need to enter my Roth IRA contribution on my tax return. It seems odd that I wouldn't have to tell the IRS about this. Is he right? E.M., Madison, Wis.

Are you ready to knock down a deteriorating investment property or business building and construct a new building in its place?

Q: In a recent article, you said people could deduct mortgage interest on a refinanced loan up to the amount of the original loan balance. (See 2/7/05 issue.) Isn't the limit the outstanding amount of the loan before the refinancing? M.L., New York

Did you set up a charitable remainder trust (CRT) at the height of the bull market? If so, your returns may have slipped lately as the market fluctuates. You may be rethinking your idea of setting up a CRT in the first place.

Q: I bought Intel shares at different times and prices during the past few years. At the end of February and the first few weeks in March, I sold all those shares (and incurred some losses). All the stock sales occurred within 30 days. Can I still claim the losses? Norristown, Pa.

1. Keep receipts, not a list 2. No deduction for 'common' products

While you can still claim top-dollar deductions for your charitable donations, the massive new tax law signed last October—the American Jobs Creation Act of 2004—imposed new limits on certain donations. Now that the dust has settled, this much is clear: It's more important than ever to keep proper donation records. If you don't, you could lose all or part of your deductions.

Don't trip over the tricky tax rules for property-tax rebates.

Real estate remains rock-solid in this economy. If you bought property years ago, you may be sitting on a gold mine. Of course, when you finally sell, you could face a whopping tax bill, too.