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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The IRS has announced a nationwide rollout of its “fast track settlement” (FTS) program. Strategy: Use the FTS program to settle differences with the IRS.

Have you acquired gold as an investment hedge the past few years? Strategy: Watch out for a tax whammy. Gold is subject to a special long-term capital gains rate, significantly higher than the usual rate.

As a small business owner, you may show your appreciation to clients by giving them gifts. Strategy: Learn the “ins” and “outs” of the tax rules. By planning ahead, you can get the most tax-saving bang for your bucks.
Did your company overpay its estimated tax in 2013 due to a slowdown in holiday sales or fluctuating income throughout the year? You can recoup the overpayment even before you file the corporate tax return due on March 15 (or apply for the six-month extension).
The IRS will begin knocking on the doors of hundreds of tax preparers in the next few months. It has launched a program for agents to investigate faulty claims for the earned income credit (EIC).
The DOL has announced the final list of states where em­­ployers will owe extra FUTA for 2013.
The IRS has already announced that the government’s shutdown in October will delay tax filing season by a week or two. Strategy: If you use a pro to handle your return, make things easier with these five steps.
Q. Can my wife and I both claim a home office de­­duc­­tion for the same space? N.R., Chester, N.J.
Due to the federal estate tax ex­­emp­­tion “portability” provision for married couples, some estate planners say that the bypass trust, previously a staple of estate planning, has been rendered obsolete. Portability was permanently extended by ATRA. Strategy: Don’t junk the bypass trust concept just yet.
The Social Security wage base for 2014 is $117,000, up $3,300 from 2013. But the tax rate for both employers and employees is scheduled to remain at 7.65% on wages up to the base and 1.45% above that.
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