The damage caused by tornadoes, floods and other catastrophes this year should give taxpayers cause for concern. What if vital tax records are destroyed by an act of nature? Strategy: Take precautions before disaster strikes. Although tax records may be “reconstructed,” a better approach is to safeguard them in a fire-resistant box or other secure location.
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.
Is converting a traditional IRA to a Roth this year a good idea? It depends on the situation. Weigh the pros and cons. Although taxpayers no longer can benefit from a special tax break for conversions in 2010, converting to a Roth still might be a smart tax move. Of course, the conversion is subject to current income tax.
The IRS is giving some taxpayers extra time to “come clean” about foreign bank accounts. In new guidelines posted on its web site, the IRS has said it will postpone for up to 90 days the deadline for participating in its offshore voluntary disclosure program. The initial deadline was Aug. 31, 2011.
Undoubtedly, the deduction for charitable donations is one of the biggest write-offs on your personal tax return. That’s why the IRS continues to scrutinize deductions claimed by high-income taxpayers. Strategy: Stick to the strict letter of the law. Be aware that recent tax law changes impose tough substantiation rules on cash and cash-equivalent donations.