Are you looking to downsize your principal residence now that the kids are out of school and the mortgage is paid off? You might sell the place, collect a bundle of tax-free cash under the home sale exclusion and move temporarily to a second home you’ve been using as a vacation home. Strategy: Keep the “second home” as your main home for at least two years.
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.
A business owner with just a handful of employees has several qualified retirement plans to choose from. But you may need to salt away more later in life than a typical defined contribution plan—like a Simplified Employee Pension or Savings Incentive Match Plan for Employees—will allow. Strategy: Set up a Section 412(i) plan.
Congress has huffed and puffed, but it has yet to blow away a unique tax break for investing in your own company through your retirement plan. Strategy: With retirement account investments in company stock, keep the stock until you’re ready to retire. Don’t convert this nest egg to cash or other securities.
Perhaps someone in your family is contemplating the adoption of a child. It’s an expensive undertaking, but the adopting parents may qualify for some tax relief.