If you’re embroiled in a contentious legal dispute, taxes may be the last thing on your mind. But errors in the way you draft a settlement agreement could mean thousands of dollars going into Uncle Sam’s pocket—instead of yours. Strategy: Try to minimize the income tax consequences of a settlement. And do it before you sign the agreement. Once that occurs, you’re stuck with the deal you made.
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.
The new tax law signed by the president on Dec. 17 finally resolves the uncertainty over federal estate taxes … at least for the time being. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 increases the estate-tax exemption and lowers the top estate tax rate for a two-year period.
For business people, LinkedIn is the most important social media tool. Think of it as a business mixer where everyone displays their critical information on their chests. Like everything else in life, I will form an opinion of you and how seriously you regard this tool in about five seconds. For now, focus on these most influential parts of your profile:
Here’s a timely reminder for older business owners: Don’t forget to take required minimum distributions (RMDs) from company retirement plans and IRAs this year. You generally have until Dec. 31, 2010, to complete RMDs. Otherwise, you’ll be hit with a whopping tax penalty.