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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Generally, your annual write-off for losses from passive activities is limited to your income from passive activities. In other words, you can’t claim an overall passive loss on your tax return.
There’s both good news and bad news for individuals who will be paying Medicare Part B premiums in 2016.
A family with a disabled child may choose to use one of the new ABLE (Achieving a Better Life Experience Act) accounts for the child. But ABLE accounts are restricted to individuals who experienced the onset of a significant disability before age 26, among other requirements. Set up a special needs trust, when warranted.

Now that you’re starting to prepare your federal income tax return for 2015, one of your first moves may be to elect to pay more tax on a real estate deal than you have to. But it’s hardly as crazy as it seems.

Due to plummeting gas prices, the IRS has lowered the standard mileage rate for business drivers in 2016.
Does your housekeeper watch your young kids while you and your spouse work? You could be in line for a special tax break.
It generally takes 39 years—nearly a half century—to completely re­­coup the cost of a commercial building through depreciation deductions. By that time, you or your business may no longer be around. But you can move faster by taking matters into your own hands.
Here's a roundup of happenings in payroll tax, social security and the IRS.
Common occurrence: A worker overpays FICA tax due to a change in jobs or other circumstances. It could easily happen to you or someone else in your family. Depending on the situation, you might use one of three techniques for recovering a FICA overpayment.
It may have made sense to start your small business as a C corporation, but now you’re getting hit with “double tax” each year—once at the corporate level and again on amounts distributed to you that are treated as taxable dividends.Elect S corporation status. Because there’s no corporate-level tax, you pay tax only once on business profits. This is often the best option for small business owners.
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