Small Business Tax Strategies

After the S&P Municipal Bond Index posted an annual return of 9.26% in 2014, most investment gurus predicted a fallback in 2015, and early results bear this out. Strategy: Don’t count out municipal bonds (commonly called “munis”).

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The IRS recently issued its Winter 2015 Statistics of Income Bulletin. It contains a wealth of valuable tax return income information relating to partnerships and sole proprietors.

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The maximum Section 179 deduction allowance of $500,000 expired at the end of 2014. For tax years beginning in 2015, the maximum deduction will be only $25,000 unless Congress takes action.

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The IRS generates this letter when its computers stop a suspicious tax return in its tracks and the agency needs more information to process it accurately.

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The IRS and the Free File Alliance will be in business together until 2020.

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Q. My business partner says an important new ruling was issued on deducting the cost of certain capital improvements. Do you know what he is talking about? J.J., Lodi, N.J.

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According to a news report from USA Today, in 2014 the odds of an individual taxpayer being audited dropped to its lowest level in a decade.

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Generally, damages compensating you for a physical injury or illness (other than punitive damages) are exempt from income tax, including amounts attributable to pain and suffering. For instance, if you receive a legal settlement arising from physical injuries ­suffered in a car accident, you don’t have to pay tax on the award. However, in a new case, the Tax Court ruled that the payments to an egg donor for pain and suffering were taxable.

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The IRS Large Business and International division has issued a directive listing several activities that don’t qualify for the Section 199 deduction.

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So far, the MyRA—the much ballyhooed retirement savings vehicle pitched by the Obama administration last year—has received at best a lukewarm response from the public.

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