Starting June 27, if you set up a charitable remainder trust (CRT), you'll need to jump through new IRS hoops.
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.
Before you know it, summer will be over and another school year will be under way. In our last special report, we focused on deducting your child's education costs. But what if you are the one going back to school or enhancing your learning in conferences or seminars? As long as you make the tax grade, you can deduct the work-related education cost as a business expense. But it's easy to flunk out when you file your return. Read on to learn the rules.
Risk: Such "buddy punching" can cost companies thousands in wasted payroll dollars.
Action: Stop ...
Estate planning isn't a one-way street. Sometimes, you're on the receiving end of the dollars, instead of the giving end. Example: You may be in line for a hefty inheritance when a parent passes away.
Do you own rental property that's been producing a marginal profit or a loss the past few years? Short of raising the rent again, you're fighting an uphill battle as your expenses continue to grow.
For many parents, the day of reckoning is right around the corner: the time when you start paying those hefty college tuition bills for your children. Even if you've been preparing for this day your entire adult life, you (and/or your child) may be forced to seek loans or other financing to pick up the slack.
Hurricane season has begun, summer brush fires have plagued the West and other parts of the country are likely to be hit by other natural disasters this summer.
Normally, you can't deduct the cost of traveling back and forth from work every day. The IRS considers this a nondeductible commuting expense. But that tax story may change if you're working at a location that's different from your regular workplace.
Q: My mother has extensive medical expenses that aren't fully covered by insurance. But the tax deduction doesn't do her much good because her income is low. Can I deduct the expenses if I pay them for her? L.L., Bangor, Maine
Big tax cuts aren't coming in 2005; neither the money nor the political willpower is there. But look for Congress, at the very least, to extend several tax breaks that are scheduled to go off the books at the end of the year