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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Q. I have both a regular IRA and a Roth. Can I contribute to each one in 2014?
Q. Can our business claim a fast tax deduction for computer software placed in service in 2014?
Congress has passed new legislation retroactively extending more than 50 tax breaks that technically expired after 2013. The president was expected to sign the Tax Increase Prevention Act of 2014 into law.

The IRS often questions whether a particular hobby constitutes a business or if it’s just a hobby. Under the “hobby loss rule,” you can’t deduct expenses in excess of income, so no loss is allowed. In the latest example, a collector of sports memorabilia claimed losses for his activity, only to strike out in the Tax Court.

Q. We are paying our housekeeper to watch our children. Do we have to pay an extra nanny tax?
The IRS has announced the following inflation-based adjustments for qualified retirement plans in 2015.
Q. Are there any tax breaks for installing solar panels on a personal residence?
The Treasury Inspector General for Tax Administration has released a new report on 2014 tax filing.
The tax rules for substantiating business travel expenses are a major hassle, but there’s a way to avoid some of the headaches. Rely on this record-keeping shortcut for lodging and meals and incidental expenses.
It’s still unclear whether the tuition deduction, which expired after 2013, will be reinstated for 2014. But that doesn’t mean that parents can’t claim any tax benefits for children in college.
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