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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In a recent mailing to about 5,000 tax return preparers, the IRS cautioned tax practitioners about using Social Security numbers, expired taxpayer ID numbers or numbers obtained before September 2010.
The IRS issued new final capitalization regulations late last year. Generally, amounts paid to improve tangible property must be capitalized and depreciated over time, but the regulations provide a unique opportunity.
Earlier this year, the Tax Court determined that the once-a-year limit on tax-free rollovers applies to all of a taxpayer’s IRAs, not each one separately. This contradicted the previous taxpayer-friendly interpretation of the rules by the IRS.
If you own a small business operating on a calendar-year basis, now is the time to cash in on tax-saving opportunities while avoiding potential pitfalls.
Do you remember the gas-guzzler tax from years ago? It hasn’t disappeared completely.
Q. We’re paying my adult younger sister to watch our children while we work. Can we claim the child care credit?
According to IRS data, taxpayers reported $9.1 trillion in adjusted gross income for 2012.
The IRS recently indicated that college athletes won’t be taxed on scholarships if they are treated as employees. But it doesn’t mean that tax-free treatment is automatic for scholarship recipients.

At this point, no one knows whether Congress will raise the Section 179 deduction or revive bonus depreciation for 2014. Strategy: Make a safe harbor election under the tangible property capitalization regulations.

Q. My father passed away with about a half million each in his 401(k) and IRAs. Can we convert these to a Roth?
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