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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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.
If you withdraw funds from an IRA before age 59½, you’re generally assessed a 10% penalty tax on the taxable portion of the early withdrawal, in addition to the regular income tax liability, unless a special exception applies. Currently, the threshold for deducting qualified medical expenses is 10% of adjusted gross income or 7.5% of AGI if you’re age 65 or older. The IRS interprets these rules narrowly, and it often prevails in the courts. 
Believe it or not, tax return filing season starts up in a matter of weeks (if not sooner). Here are six steps for getting ready to file your 2015 return.
“Oftentimes, businesses can get bogged down by incorrect information during reporting season, adding unnecessary confusion that can lead to penalties and fines due to unintentional noncompliance,” Bob Nault, CEO of Greatland says. “By understanding the deadlines, penalties and changing regulations, especially the new ACA regulations this year, reporting season can suddenly become a lot less stressful,” he says. Following is Greatland’s list for this tax season.
Employer-paid disability income insurance can be a valuable fringe benefit for employees, but it comes with a potential tax price. Depending on how you handle things, you may have to pay tax on the coverage sooner or later. Weigh your options. Then choose the tax route that’s best for your particular situation.
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