Small Business Tax Strategies

The IRS has released new depreciation dollar limits for passenger business vehicles and light trucks and vans placed in service in 2015.

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You still may be able to cut your tax bill for 2014. We’ve got a couple of tax tricks left in the bag.

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Q. If I take a payout from my 401(k), do I qualify for 10-year averaging?

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The Achieving a Better Life Experience Act authorizes states to create tax-favored accounts for disabled individuals and allows Section 529 plan holders to change their investment decisions twice a year. But the new law comes with a price: certain revenue-raisers to offset these tax breaks.

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National Taxpayer Advocate Nina E. Olson delivered her annual report to Congress on Jan. 14, 2015. For the most part, the news wasn’t good.

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Q. My 401(k) plan permits hardship withdrawals. Are these exempt from early withdrawal penalties?

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New IRS statistics show the top 1% of all filers paid about 38.1% of all federal income tax in 2012, the last year the agency analyzed it.

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There’s some good news for Medicare participants. Part B premiums didn’t increase for 2015. The basic monthly premium remains at $104.90 a month (the same as it’s been since 2013).

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Taxes are a necessary evil. On the federal level, they can take one of two forms: the regular income tax and the alternative minimum tax. Run the AMT numbers on your 2014 return. If the result is higher than your regular income tax, you’ll have to pay the AMT.

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It’s back. The research credit, which had expired, was reinstated retroactive to Jan. 1, 2014, by the Tax Increase Prevention Act.

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