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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If you take in a child under a foster care arrangement, the payments you receive from the government or other qualified agency are generally tax free. But the tax breaks don’t stop there for generous foster parents.
According to a recent report by the Treasury Inspector General for Tax Administration (TIGTA), severe budget cuts are hurting the IRS, but individual taxpayers may be the ones who are really suffering.
Q. Can you take a goodwill deduction when you buy an existing business?
Are state and local taxes taking a bigger bite out of your business revenue? A new study prepared by Ernst & Young, along with the Coun­­cil on State Taxation, reveals that businesses paid $671 billion in total state and local taxes in fiscal year 2013.

Can you deduct the cost of fancy clothing you must wear to company events? Gen­erally, the answer is “no.” Deductions for work clothes are permitted only if the following two conditions are met.

The 2015 taxable wage base for the Social Security portion of FICA is $118,500, a 1.28% hike over the 2014 wage base. The 6.2% Social Security tax is payable by both employers and employees; in 2015, the maximum tax is $7,347.
Do you own a vacation home you rent out during the winter months? The place could be a goldmine of tax deductions, but you may be hampered by the passive activity loss rules.
A sharply divided Congress may be casting clouds of uncertainty over tax law changes, but that shouldn’t deter you from year-end planning.
Q. What are the chances that the manufacturing deduction will be extended?
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.
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