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.
Even some taxpayers with complex returns do the “shoebox drop” when meeting with their tax preparer during filing season. But simply handing your preparer a pile of receipts and records will cost you several ways.
If you’ve considered switching your business to an S corporation but have been ineligible in the past, it’s time to take another look. Why? A 2004 tax law opened up S corporation status to a whole truckload of previously disqualified small and midsize businesses, and it paves the way for your S corp’s future expansion without forfeiting any tax breaks.
tax-return preparer in the best position to help you. You’ll save time and money
by following these five steps before you meet with your preparer this year.
Paying estimated tax in regular installments can be a tricky proposition, especially for corporations. But now that the dust has settled for the 2005 tax year, you may have run the numbers and found that your company overpaid its estimated taxes.
Here’s the ultimate question for retirement-savers: Which type of plan is better— the traditional 401(k) plan or the new Roth 401(k) version?
Should we pay taxes on equipment purchased for a failed business?
Are you sitting on a potential small fortune in stocks or real estate? Or maybe you own a business interest that you’re planning to sell at a tidy sum. You’ll have to pay the tax piper one way or another through income tax, estate tax or gift tax … or some combination of all three.
Despite some huffing and puffing last year, Congress made no major changes in the federal estate-tax law. For now, the law remains the same, but it still includes important changes for 2006.
For the first time, U.S. businesses will be able to write off expenses
related to “qualified domestic production activities.” The so-called
“manufacturing deduction” (or Sect. 199 deduction) is available even to
many companies that wouldn’t normally consider themselves
“manufacturers,” maybe even yours.
Q: I'm interested in the strategy you wrote about regarding collecting rent when you lease personal assets to your company. (See 10/17/05 issue.) If I rent assets to the company, am I then subject to Social Security tax on the net income? J.C.K., Hood River, Ore.