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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As they near retirement, many business owners want to increase the annual amount they salt away in the company’s 401(k) plan. The problem: Due to strict nondiscrimination rules, the ability to contribute more to your account could be hampered.

There’s no question that recent tax law changes have made estate planning easier. But you’re not out of the woods quite yet.

If you’re having trouble selling your home, be aware that you can’t claim a tax loss on the sale of a principal residence.

If you’re the boss and still working hard at the job, you may be rewarded through your company retirement plan, like a 401(k). You can also supplement the plan with IRA contributions. But a nonworking spouse typically doesn’t have that luxury.

To add insult to injury, wayward taxpayers can also be assessed fraud penalties in addition to forfeiting unsubstantiated deductions.
Although the main objective for participating in a 401(k) plan is retirement saving, a plan may also provide a temporary solution if you’re short of funds.

It’s often important for business owners and managers to keep in touch with employees via cell phone (or similar mobile devices), especially when workers often go out on a job.

Usually, a married couple keeps “his” and “hers” automobiles. In other words, you drive your car, and your spouse drives a different car. This situation is even more common when one spouse uses a car mainly for business driving.
Sometimes it pays to be just “average.” Take your federal income tax return, for example.
Deducting medical bills ... Funeral expenses ... Home offices ... Write-offs for business cars
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