Category Archives: Business Owners

Depreciating Business Property

Depreciating Business Property.┬áDepreciation deductions can be extremely valuable for a business. For example, in a recent court case, a federal judge ruled a company could begin taking its depreciation deductions for two buildings housing retail stores at a point prior to when they were "open for business." The ruling allowed the company to show a…
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Business Auto Deductions

Business Auto Deductions Do you drive your car for business purposes? The costs of operating and maintaining your vehicle are potentially deductible. Here are some guidelines. Two Methods The IRS provides two basic methods for computing deductions for the business use of an automobile. Actual expense method. With the actual expense method, you deduct the…
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Small Business Retirement Plans

Does your business offer a retirement plan? Whether you've recently started a business or have been operating one for some time, setting up a retirement plan can be beneficial to both you and your employees. Besides providing strong tax incentives to defer income and save for retirement, retirement plans can help you reward and retain…
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Taking 529 Plan Withdrawals

Taking 529 Plan Withdrawals, to make the most of your Section 529 college savings plan, consider the following. Qualified expenses. Withdrawals from a 529 college savings plan are tax free, provided the withdrawals are not more than the account beneficiary's qualified higher education expenses for the year. Qualified expenses include tuition, fees, books, supplies, and…
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