By month: July 2011

Tax Benefits for Thinking About and/or Starting a New Business

If you are thinking about a new business, you need to know the rules on how to deduct start-up costs right now. Why? Your deductible costs could start accumulating simultaneously with your thinking about this new business.

Home-Office Deduction Requires Exclusive Use

The home-office deduction requires exclusive business use of the residence area used as an office. Under this exclusive-use standard, how much and what types of personal use does the law allow?

Best Small-Business Retirement Plans: Part 5, the Defined Benefit Pension Plan Option

The defined benefit retirement plan might be your choice of retirement plans if you are age 50 or older and your business earns a healthy income.

Life Insurance Policy Loan Tax Nightmare

The inside buildup of cash value in your life insurance policy coupled with loans against the policy can create an unexpected taxable outlay on your part.

New: Big Bonus Depreciation Break Applies to Trade-Ins

The new 100 percent bonus depreciation enables new tax planning strategies, as it applies to both the carryover and boot basis on a trade-in or other Section 1031 exchange.

Tax Breaks Start When Business or Rental Activity Starts

You trigger business deductions once you start your business. Thus the question: Which triggers do you need to pull for the business to start?

Court Rules That This Independent Contractor Is a W-2 Employee

You are not self-employed for tax purposes just because your employer says so. This is true even when your employer is the British consulate general.


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