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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The IRS will begin knocking on the doors of hundreds of tax preparers in the next few months. It has launched a program for agents to investigate faulty claims for the earned income credit (EIC).
The DOL has announced the final list of states where em­­ployers will owe extra FUTA for 2013.
The IRS has already announced that the government’s shutdown in October will delay tax filing season by a week or two. Strategy: If you use a pro to handle your return, make things easier with these five steps.
Q. Can my wife and I both claim a home office de­­duc­­tion for the same space? N.R., Chester, N.J.
Due to the federal estate tax ex­­emp­­tion “portability” provision for married couples, some estate planners say that the bypass trust, previously a staple of estate planning, has been rendered obsolete. Portability was permanently extended by ATRA. Strategy: Don’t junk the bypass trust concept just yet.
The Social Security wage base for 2014 is $117,000, up $3,300 from 2013. But the tax rate for both employers and employees is scheduled to remain at 7.65% on wages up to the base and 1.45% above that.
Tax reform is still on the table. But what are the chances it will ever be served to the taxpaying public?
If you’re responsible for willfully failing to deposit federal employment taxes withheld from employee wages with the IRS in a timely fashion, you may be held personally liable for 100% of the unpaid amount. In the latest example, a sole shareholder was found personally liable, despite her limited involvement with the company.
Q. Can my company legally set up a scholarship program rewarding my kids? M.A., Anchorage, Alaska

How much of your budget is allocated to fringe benefits? In the past, this may have represented just a sliver, but now employee benefits frequently take a much larger piece of the pie. Strategy: Set up a Section 125 “cafeteria plan” that provides a menu of tax-favored fringe benefits to choose from.

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