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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It’s a common situation: As the beneficiary of your parent’s 401(k) plan, you’re to receive a big lump-sum distribution from the plan. The 401(k) requires you to take the payout within a year of the plan participant’s death.
If you don’t like clutter, throw away those old telephone bills.
Your company is generally required to pay tax into a state unemployment-insurance fund. Although the figures vary from state to state, the pay-in is usually determined by the ratio of your payroll to the reserve in your account.
Common situation: As the beneficiary of a parent’s 401(k) plan, you’re entitled to receive a big lump-sum distribution from the plan. The 401(k) requires you to take the payout within a year of the plan participant’s death.
One of the tax laws passed this year—the Tax Increase Prevention and Reconciliation Act (TIPRA)—has caused a lot of grumbling among tax-savvy parents. Reason: TIPRA generally extends the “kiddie tax” an extra four years for every child.
The IRS has announced a new system for allowing people who owe back taxes to apply online for a payment agreement.
After numerous split-offs and mergers: Computing your basis for taxable gains and/or losses can turn into a nightmare.
Maybe it’s your dream to give up your white-collar job to run a farm or raise horses in the country.You’re not alone: Many professionals living in the city are drawn by the lure of the “simple life.” But it’s not so simple from a tax perspective.
Q.  My wife earns $50,000 a year and I earn about $100,000 annually. Now, I’m trying to start a sideline business. If the business has no income in 2006, can I still use the Section 179 write-off?
Q.  I work out of my house as a sole proprietor. If I have the house painted and have other repairs made, can I deduct any part of the cost?
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