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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.

In this current economic crisis, you might have to turn to your IRA to pay the mortgage, a child’s college tuition or other essential expenses. Generally, early distributions (before age 59½) from an IRA will trigger a 10% federal penalty tax, on top of the regular income tax. Strategy: Arrange to receive “substantially equal periodic payments” (SEPPs).

The Tax Relief and Health Care Act of 2006 provided a once-in-a-lifetime opportunity to shift money into a Health Savings Account.

Q. I’m running close to the 60-day deadline for an IRA rollover. Does the period begin when I requested the payout?

If you bought a hybrid car last year, or if you’re searching for a new car this year, consider this valuable tax break. You may be entitled to a $3,000 credit for a 2008 model or one of the newer ’09 models.

Plenty has been written and said about the alternative minimum tax (AMT) that ensnares millions of individual taxpayers each year. But individuals aren’t the only ones who might be victimized by an onerous “stealth tax.” Watch out for the corporate AMT.

Don’t think that the like-kind exchange rules are just for real estate. They also apply to tangible business property.

Once resistant to the money-saving practice of getting paid through direct deposit, employees now say they favor electronic payments over traditional paychecks.

Some retirees will have to pay more for Medicare Part B premiums in 2009. The basic Part B premium remains at $96.40, but certain high-income individuals must pay a greater amount than they did last year.

Times are tough, but here's a win-win-win situation that's sure to please everyone.

Watch out for deductions that fall through the cracks. Here’s a list of out-of-the-ordinary deductible business expenses you might overlook.