Alimony paid by a taxpayer is deductible while child support is not. Conversely, alimony payments are taxable to the recipient, while amounts paid for child support are tax free. Be aware of these tax ramifications if you’re negotiating a divorce. Then make sure the decree properly reflects your tax expectations.
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.
Suppose your recently graduated child is looking to buy a starter home. You’d like to help out but you don’t have enough liquidity. Strategy: Take some money out of your IRA.
Suppose your main place of business is your principal residence and you store valuables in a home office or a separate structure. Strategy: Install a home security system for the business part of the home.
Are you and your employees adequately protected in the event of a long-term illness? Strategy: Provide long-term care (LTC) insurance as a company-paid fringe benefit for employees (including yourself).