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Are You a Business Owner or Hobbyist? Don't Forget About Required IRA Distributions Enhanced Qualified Conservation Contribution Deduction Available |
Are You a Business Owner or Hobbyist? Many of us would like to turn our hobby into a regular business. That's fine as long as the business turns a profit. And, it may be fine as well if the business produces a loss and you enjoy the activity; even better if the loss can offset income from your day job. Don't Forget About Required IRA Distributions As you are probably aware, when you reach age 70 1/2, you must begin taking minimum required distributions (MRDs) from your IRA or IRAs. Enhanced Qualified Conservation Contribution Deduction Available A qualified conservation contribution is the donation of a qualified real property interest (i.e., an easement) to an organization that uses it exclusively for conservation purposes. Favorable Depreciation Rules for Business Vehicles Unless you have been like Rip Van Winkle and slept for the last twenty years, you are acutely aware that the cost to business owners for fuel, both gasoline and diesel, to operate their vehicles has vacillated at record levels recently. So, it is essential that business owners take advantage of every tax break possible to help offset their increased fuel costs. Compiling Your Vital Records As your personal, financial, and legal records have grown in volume and importance over the years, the task of organizing such documents may seem overwhelming. And yet the importance of having your vital records readily accessible cannot be over-emphasized. |
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to this month's edition of the Tax and Business Alert. Our goal
is to provide you with current articles on various tax and business
topics. The articles are intended to keep you up to date on trends and
issues that may impact your business and personal financial affairs.
Please contact us if you have questions about any of the issues
discussed.
