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. My 401(k) plan permits hardship withdrawals. Are these exempt from early withdrawal penalties?
New IRS statistics show the top 1% of all filers paid about 38.1% of all federal income tax in 2012, the last year the agency analyzed it.
There’s some good news for Medicare participants. Part B premiums didn’t increase for 2015. The basic monthly premium remains at $104.90 a month (the same as it’s been since 2013).
Taxes are a necessary evil. On the federal level, they can take one of two forms: the regular income tax and the alternative minimum tax. Run the AMT numbers on your 2014 return. If the result is higher than your regular income tax, you’ll have to pay the AMT.
It’s back. The research credit, which had expired, was reinstated retroactive to Jan. 1, 2014, by the Tax Increase Prevention Act.
The IRS imposes strict substantiation rules for claiming charitable deductions for property donations. For instance, if you donated appreciated property last year, you must attach a qualified appraisal for a deduction exceeding $5,000. Generally, you can claim a deduction equal to the property’s fair market value.
Q. Our company bought used equipment for $35,000 in 2014. Can we depreciate it all?
Here are some of the major changes on 1040 schedules for 2014.
Another year, another series of changes on your federal tax return. Be prepared to deal with several new entries relating to the Patient Protection and Affordable Care Act, as well as a host of annual adjustments.
IRS Commissioner John Koskinen is on record as predicting that the 2015 tax filing season will be “a very complex one.”