Small Business Tax

Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?

Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.

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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”).

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.

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

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.

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