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.
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.
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.
Did you set up a charitable remainder trust (CRT) at the height of the bull market? If so, your returns may have slipped lately as the market fluctuates. You may be rethinking your idea of setting up a CRT in the first place.
1. Keep receipts, not a list 2. No deduction for 'common' products
If you're like most small business owners, your spouse does odds and ends around the office and pitches in when you need help. This is particularly true in the summer months when other employees take vacation leave.
If you're planning to hire your spouse, he or she (and your company) still must pay federal employment taxes on the wages. But don't let that scare you away from putting your spouse on the payroll. By shifting salary from your pocket to your spouse's pocket, you can successfully pay less in employment taxes than if you earned all the income yourself.
The sheer complexity of the tax code causes many people to put their faith in anyone who promises tax-reduction magic. That's why the IRS rings its warning bell each spring, identifying the top tax scams being pitched by unscrupulous tax promoters.
If your company owns a weekend retreat where you like to enjoy the great outdoors, you probably know that the IRS's "entertainment facility" rules typically prevent you from deducting depreciation and related expenses for the place, even if you entertain clients there.
Are you ready to knock down a deteriorating investment property or business building and construct a new building in its place?