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 own pristine land in the countryside that you would like to preserve for eternity? Strategy: Donate a “conservation easement” to a qualified charitable organization.
Although you can’t deduct the value of the services you provide on behalf of a charity, you can still claim tax write-offs relating to your activities. Here’s a rundown of several common examples.
Budget cuts at the IRS are being felt in several places. In addition to closing its doors for several extra days this summer, the agency has announced it is cutting back on private letter rulings.
Q. As the estate’s executor, can I deduct funeral expenses for a family member on his federal income tax return?
Q. I’m using the flat rate auto deduction for business travel. I had an accident costing me $3,000 out-of-pocket. Can I deduct it? K.U., Burlington, Vt.
The IRS is backing away from two e-filing services used by tax pros.
Do you own a life insurance policy? If so, the proceeds from the policy will be included in your taxable estate when you die. Strategy: Set up an irrevocable life insurance trust (ILIT). Then transfer ownership of the policy to the ILIT. Accordingly, the life insurance proceeds are removed from your estate.
The early bird often gets the worm. So you might not wait until the waning days of the year to harvest capital losses from selling securities held in taxable brokerage firm accounts.
Q. I’m getting divorced and won’t likely have any salary of my own this year. Can I still contribute to an IRA for 2013?
The SSA Office of the Chief Actuary projects that the Social Secu­­rity wage base will increase from $113,700 for 2013 to $115,500 for 2014.
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