Higher-income families who filed for an extension on their individual returns may still be able to slip through a newly discovered, unintended tax loophole to trim even more taxes. (Or, if the extra tax savings are worth it, you may want to file an amended return to secure those savings.)
Employees who are more physically fit are often more productive and less of a burden on your health-insurance plan.
Small business owners now have more time to bring their SIMPLE IRA plans up
The new IRS tables for business vehicles placed in service in 2006 set
the depreciation limits…
IRS audit rate continues to climb, especially for taxpayers earning
more than $100,000.
If you’ve invested a lot of your retirement plan funds in your employer
company stock (including a company you own), you may be in line for a
big future payday. When it comes time to retire, you can choose to cash
out by having your retirement account sell the stock, or you might
decide to simply take your payout in the form of company stock.
Q: I’m currently involved in an
acrimonious divorce proceeding. Both of our attorneys are advising us
to stay in the home. Since the house is in my name alone, can I claim
alimony deductions for the value of this benefit? Anonymous
Q: I am a contractor in the graphic
design business. One of my clients went broke and can’t pay me. I’ve
read that I can deduct bad business debts. But my accountant says I
can’t claim a loss. Who’s right? V.M., New Canaan, Conn.
Q: I recently inherited my deceased
father’s house. It’s located in an area where housing prices have
actually declined. If I sell it for less than he paid for it, can I
deduct the loss? J.L.S., Schenectady, N.Y.
We’re a construction company that specializes in fire- and
water-damaged homes. Typical jobs consist of gutting residential homes
and rebuilding. Our accountant told us that we wouldn’t qualify for the
new manufacturing deduction because it applies only to new
construction. Do you agree?