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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Questions about deathbed gifts, medical exceptions for the elderly, IRA contributions and vanpools.
Perhaps you and one or more of your siblings support an elderly parent. But the problem is that none of you give enough on your own to qualify for a dependency exemption deduction. Set up a multiple support agreement.
Say you bought your home when prices in your neighborhood were sky-high, and now you’re trying to sell it. Unfortunately, there’s no tax break for a home sold at a loss. Convert the home into a rental property. If home prices in your area rebound, you can sell the home and pocket a gain. In the meantime, you can benefit from some relatively generous tax breaks for rental properties.
Thanks to a new IRS ruling, it’s going to be easier and faster for small business owners to write off tangible property.
There’s a way that your company can provide extra benefits to higher-ups like yourself without bumping up against the usual limits for qualified retirement plans.
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.
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