The tax law gives you plenty of leeway to deduct contributions within generous limits. In fact, if you're like most donors, you probably aren't even aware that any limits exist.
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.
We can't overemphasize the need to keep the required records for charitable donations, especially because the IRS is turning up the heat on donation deductions.
If you donate intellectual property (such as patents) to charity, you can claim a tax deduction for your generosity. But the 2004 tax law restricts what you can deduct.
Are you ready for a computer upgrade? If the answer is "yes," don't just toss out your old equipment.
Risk: By linking such programs too closely to your organization, they could fall under ...
Congress often tinkers with the tax code, but rarely does it throw business owners a brand-new deduction. That's why last year's tax law—the American Jobs Creation Act— created such a stir. Starting in 2005, the law authorizes a new write-off for qualified manufacturers that could eventually amount to a 3 percent rate cut.
As an S corporation owner, you can avoid the double taxation that plagues income earned by a regular C corporation. Instead of being taxed twice—once on the corporation level and once personally—income flows through to the S corporation shareholders. So, it's only taxed once at your personal level.
Do your aging parents live in a home that's soared in value? Chances are, they've paid off the house, so they're not claiming mortgage interest deductions anymore. Even if they still deduct mortgage interest, they're probably in a low tax bracket now, so those deductions don't do much good anyway.
Suppose business is booming and you've been able to gobble up one or more of your competitors. Your work force is growing, but that means you'll need to shell out more in payroll taxes.
Starting June 27, if you set up a charitable remainder trust (CRT), you'll need to jump through new IRS hoops.