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.
Q. I’m a 58-year-old self-employed person with a SEP and my 55-year-old wife contributed to her IRA. Am I an active participant for IRA purposes?
Although you don’t qualify for tax deductions, you may still stuff money into your traditional IRA each year. After all, the IRA still provides tax-deferred earnings, while the part of any distribution representing nondeductible contributions is tax-free. Strategy: Stop it and switch to a Roth.
It’s a common scenario: You’ve carved a subsidiary out of your main operation, so now you officially are the owner of two business entities. But that means you could be overpaying Social Security taxes if some of the employees work for both companies.
Q. I’m having my disabled mother’s mail sent to me. Should I send the IRS a change of address?
IRS efforts to drum up more tax revenue from foreign sources are yielding results.
Do you need to get away from the rat race? There’s a way you can enjoy some much-needed time off this summer while Uncle Sam picks up part of the tab.
Despite recent delays in enforcement of the health insurance mandate under “Obamacare”—officially titled the Patient Protection and Affordable Care Act—employers still must comply with other rules in the health insurance law. Alert: The Treasury Department recently issued new final regulations on the 90-day waiting-period rule for employers.
It seems simple enough, but one basic tax law principle is often ignored or misinterpreted by emotional taxpayers going through a divorce: Alimony payments are tax deductible while child support payments are not. Correspondingly, alimony payments are taxable to the recipient, while amounts paid for child support are tax free to the recipient.
Q. My husband is 62 and was laid off. Can he collect Social Security retirement and unemployment at the same time?
Q. I won $1,000 in a March Madness pool. Do I have to pay income tax on it?