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 Roth IRA balance has dropped since I converted last year. Can I still reconvert the account back into a regular IRA?
Is it OK to cheat on your income taxes? No, say the vast majority of taxpayers participating in a new survey by the IRS Oversight Board.
Despite predictions early in tax-return season about furloughs and reduced services for taxpayers, IRS Commissioner John Koskinen now says those measures won’t be necessary.
The preferential federal income tax treatment for qualified dividends is well known. But many taxpayers believe that the tax benefits are limited to dividends received from U.S. companies. Expand your investment horizons. This tax break also includes dividends received from qualified foreign corporations.
Q. I paid fees for the first time for e-filing federal and state tax returns. Is this cost deductible on next year’s return?
Are you a casual gambler? Go ahead and enjoy yourself as long as you gamble within reason and only risk what you can afford to lose. And don’t forget about the tax consequences.
Q. Can I reduce my estate by giving gifts of stock from my company?
Q. Is there a penalty for withdrawing funds early from a Section 529 plan?

The tax extenders law passed in 2014—the Tax Increase Prevention Act (TIPA)—generated new life for a tax break for homeowners. Strategy: Cash in on energy credits for qualified expenses. The credit is available for qualified expenses paid in 2014.

Would you pass up a chance to pocket a half million dollars in tax-free profits? Not likely. Keep records to protect the generous home sale exclusion.

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