Sometime between now and April 15, you'll probably sit down with your tax adviser to pour over receipts, write-offs and changes to your personal tax situation. You can save on your tax bill—and your tax-preparation fees—by avoiding these common errors
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.
Have you heard about the new, "creative" way to shift assets from your business to a Roth IRA to skirt the IRA contribution limits? Well, forget that advice and heed this:
The IRS came out swinging last month, issuing formal notice that such transactions would be listed as "abusive tax shelters" and trigger stiff penalties. (IRS Notice 2004-8)
With the stock market heating up, you may have borrowed cash in 2003 for investment purposes or to buy stock on margin.
Of course, you'll want to maximize the write-off for your investment interest. But usually your investment interest deduction is capped at the amount of your total investment income.
Q: In a recent item in your newsletter, you said that sole proprietors, partners and LLC members can use the per-diem method for reimbursing meals and incidental expenses on business travel. (See 11/3/03 issue.) Shouldn't that list also include S corporation shareholder/employees? P.D., CPA, Englewood, Colo.
Q: I own a residential real estate building that I bought in 1995. The building is 40 years old and needs a new roof. If I have a new roof installed this year, can I deduct the entire cost in 2004? M.S., Raleigh, N.C.
If you're renewing your business insurance or changing carriers soon, do some smart, advance planning to earn a good inspection rating. Don't fear such an inspection; it can reduce your premiums 5 to 10 percent.
C corporations offer better tax treatment for fringe benefits than S corporations. But don't avoid an S corporation election simply because of fringe benefits.
The 2003 tax law spawned dozens of great tax strategies, plus a couple of duds.
One lame concept gaining traction these days: Reduced individual income tax rates make your tax-deferred retirement plan an inferior retirement savings vehicle. Instead, the story goes, you should stash your retirement money in a taxable account at your friendly brokerage firm.
If parking space is at a premium near your building, you may pay for employees to park their cars in a nearby garage or lot.
If you set up a qualified fringe benefit plan, your company can deduct those parking costs, and the benefit is tax-free to the employees. Unfortunately, your company may pay a pretty penny for its local parking privileges.