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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Now that the IRS registration and continuing education program for tax return preparers has been shut down in court, its proposed voluntary program is under attack.
Q. My son is paying off about $22,000 in student loans. Can he deduct all the interest?

Although the real estate market nationwide hasn’t returned to the “glory days” property taxes are still going through the roof. Strategy: Appeal a property tax assessment when you have reasonable grounds.

Q. Is it really true that a portion of your capital gains may be taxed at the 0% rate?
Responding to calls for action, including an impassioned plea from National Taxpayer Advocate Nina Olson in her annual address to Congress, the IRS has crafted a new “Taxpayer Bill of Rights.”

Normally, when the assets of a business are transferred, the transfer of goodwill from the original owner to the new owner constitutes a taxable event. However, it’s often difficult to quantify the value of goodwill or even establish that goodwill has been transferred. Take a new Tax Court decision, for example.

Q. I’m getting married this year (second marriage). Can we sell her home and get the full home sale exclusion for a couple?
Q. If I retire this year, can I make a contribution to a traditional IRA and then to a Roth after retirement?
You might view life insurance strictly as an income replacement vehicle for your family should you die unexpectedly. So, now that the kids are grown, you may no longer perceive a need for a sizable whole life policy.

It’s bad enough that corporate tax rates in the United States are among the highest in the world, but some companies have it even worse. Strategy: If possible, avoid being tagged a personal service corporation (PSC).

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