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Small Business Tax Strategies

It’s tough for a child just starting out to buy a home in today’s pricey real estate market. Strategy: Consider an “equity sharing” arrangement.

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Suppose you hire several “outsiders” to do some “inside” work. Are they employees or independent contractors? It can make a big tax difference.

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There’s no place like home Q. Can the sale of a vacation home qualify for the exclusion if you’ve moved into it full-time? N.S., Vienna, Va. A. Yes, with a caveat. To exclude the tax on a gain from a home sale—up to $250,000 for single filers and $500,000 for joint filers—you must have owned […]

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Although dividends paid by C corporations are taxable to the extent of the company’s earnings and profits (a tax term of art), they generally are eligible for preferential federal income tax treatment, just like long-term capital gains.

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Does your company own a retreat in the woods or by the water? Unfortunately, you usually can’t deduct the costs of maintaining this “entertainment facility,” even if you use it to entertain business clients. Strategy: If it suits your needs, allow rank-and-file employees to use the place, too.

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Fantasy sports is sweeping the nation. It can range from casual leagues just for fun to heavy betting for high stakes. Strategy: Learn the tax consequences. If you don’t, you could land in hot water with the IRS.

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Are you ready to hand over the business reins to the younger generation? If you’re like many small business owners, you may stick around in an advisory role. Strategy: Max out on your 401(k). This will help you accumulate even more savings for retirement.

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Gold remains a popular hedge for sophisticated investors. Strategy: Watch out for a unique tax whammy. Unlike most other investments, gold is subject to a special long-term capital gains rate that is significantly higher than the usual rate.

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With all the hubbub surrounding the Affordable Care Act (ACA), and legis­lative efforts to repeal or modify the ACA, it’s easy
to forget about other significant health care provisions.

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Will you be sending your child to college soon? Even if you’re a successful business owner, don’t assume that you won’t qualify for need-based financial aid.

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