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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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?
A new Tax Court decision may give business people more room to maneuver on home office deductions.

Suppose you converted funds in a traditional IRA to a Roth IRA last year, but now you realize that you made a mistake. Strategy: Undo the Roth conversion. The IRS allows you to “recharacterize” a Roth back into a traditional IRA as long as you meet the timing requirements.

Despite the broad reach of the “kiddie tax,” income-splitting with family members is still a good tax idea for wealthy individuals.
Travel and entertainment deductions remain a top audit target because this area is considered ripe for abuse by taxpayers.
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