It's already Memorial Day, so summer is right around the corner. While you're enjoying the warmer weather, heat up your tax savings with some timely tax techniques.
Small Business Tax Deduction Strategies
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.
In many U.S. cities, houses bought just a few years ago have more than doubled in value. But unless you plan to move soon, such a "paper windfall" means nothing other than a soaring property tax bill.
Heads up: The IRS plans to ratchet up the audit pressure on small businesses in the coming months.
Suppose you want to add the new guaranteed minimum withdrawal feature (see above) to an existing variable annuity, but the issuer doesn't allow that option. Are you out of luck? Not necessarily.
Can't get enough of a good thing? To hoard even more money for retirement than the tax law allows for qualified plans (such as 401(k)s or pension plans), arrange things so your company makes contributions on your behalf to a nonqualified deferred compensation plan.
Do you run a business through two or more related companies? These days, it's not unusual for people to own multiple operations. But you could be inadvertently paying more employment tax than required if some of your employees are "shared" by more than one company.
Q: I bought a car this year that I used for my sales rep job. My company reimburses me for travel but not the interest I'm paying on a car loan. Can I deduct the interest as a business interest expense? E.L., Islip, N.Y.
If you're like most people, you finally put your 2004 tax return to bed a few short weeks ago. But then comes a sinking realization that you missed a tax deduction or credit opportunity on your return. Or maybe you accidentally failed to report income, miscalculated a capital gain or forgot a business deduction. Should you file an amended return or not? That is the question.
Sooner or later, you may decide to sell off your S corporation and retire. If you run a family shop, you may plan to sell your stock to younger family members who are already working in the business.
If you're shopping around for a new business vehicle, take into account the just-released IRS depreciation limits for cars placed in service in 2005.