Taxes Term Paper

This essay has a total of 782 words and 4 pages.

taxes


Planning for your disability or death can result in lower taxes for business owners. Gift,
estate and income taxes can be properly managed with a succession plan. Costs for life
insurance and professional fees may be lower under a plan. This strategy can also minimize
squabbling among family members and key business managers.


Income splitting is one type of planning tool - simply move income to a child or other
family member who will pay at a lower tax rate. The person must perform reasonable work
and their compensation may not be outrageous. Hiring parents requires that you review
their Social Security benefits and set their pay accordingly. A dependent child can earn
up to $4000 before paying income tax, but, if the child is over 18, you may have to cover
payroll tax and workers' compensation.


Poor record keeping often causes businesses to fail. The tax code requires that you keep
"records appropriate to your trade or business." While the code does not specify a
particular format, the records must be accurate. Proper records allow you to prepare tax
returns more quickly, and may alert you to problems earlier. The balance in your checkbook
plus the money you draw out of the business rarely is your taxable income.


Equipment purchases may qualify for an immediate deduction instead of being depreciated.
You may take up to $20,000 as "Section 179" deduction in 2000; that increases to $24,000
in 2001. Limitations exist for autos and small trucks. Review your equipment needs to
apply this deduction.


Recent changes in the tax code allow you to deduct the costs of maintaining a home office.
Generally, you must not have another business location. You can write off a portion of
your utilities, home insurance, pest control, and certain repairs. Depreciation must be
weighed against the tax consequences of selling your home. But, keep in mind that the tax
code says that depreciation is "allowed or allowable. " If you use your home for business,
you still have to consider depreciation in computing a gain on sale of business property
whether or not you took the depreciation deduction.


Clean out old equipment, office furniture and "dead" inventory and donate them to charity.
Keep careful records of the items and value donated. Charitable contributions are allowed
to any business entity.


Vehicle expense is usually a high deduction item on a business tax return. Higher gas
Continues for 2 more pages >>




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