If you need cash in a hurry and can’t afford to pay much tax, you may have more options than you think. Strategy: Consider a withdrawal from a Roth IRA. Despite the common perception, nonqualified distributions from a Roth aren’t fully taxable. In fact, they might not be taxable at all!
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.
Q. My friend told me he submitted a blank tax return to the IRS. Is this even possible?
Q. You have advised readers to sell stock this year to realize capital gains. But won’t this trigger an estimated tax penalty for investors?
Where do you stand statistically in comparison to other taxpayers? Find out in the spring 2012 issue of the Statistics of Income Bulletin, which the IRS recently released to the public.
If you want to make a large donation to your favorite charity, you don’t necessarily have to give cash. Instead, you might donate shares of stock in your portfolio. Strategy: All other things being equal, give away stock with a low tax basis. Conversely, you should generally hold onto stock with a high basis.
Q. My husband and I are getting a divorce. If we sell our home afterward, can we still claim the home sale exclusion?
The IRS has issued new guidance on an important change for flexible spending accounts (FSAs) beginning in 2013. A $2,500 cap will apply to contributions made to health care FSAs. The limit on FSAs for dependent care expenses remains at $5,000.
If your child will be entering or returning to college this fall, he or she may prefer off-campus housing to living in a dorm. At the same time, you could be looking to acquire real estate property for the investment and tax benefits. Fortunately, there’s a way you can kill two birds with one stone.