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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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If you conduct administrative duties at home and you have no other fixed location where you conduct such activities, you can qualify for home office deductions. The rules in this area were changed by the Tax­­payer Relief Act of 1997 in the wake of a land­­mark Supreme Court case. Now it’s easier for self-employed individuals to take write-offs.
The recent Supreme Court ruling striking down the Defense of Marriage Act (DOMA) will have wide-ranging federal tax implications. Significantly, same-sex married couples will generally be eligible to file joint returns.
Usually, a small business owner works long hours at his or her trade. But you might own a significant interest in another business operation, or perhaps your main business, where you mostly sit on the sidelines. Strategy: Turn your “passive” busi­­ness interest into an “active” one.
The tax law says that you can deduct the cost of traveling between two business locations. But no deduction is generally allowed for “commuting” between your home and workplace. Accordingly, in a new case, the Tax Court denied a deduction to a taxpayer, even though he traveled a great distance to work each day.
In response to the scandal involving tax-exempt applications by conservative groups, acting IRS Commissioner Daniel Werfel has released a new report outlining several ways the IRS can correct its flaws.
An article in the June 2013 issue of Forbes magazine certainly raised a few eyebrows in tax circles. According to the writer, William Baldwin, affluent retirees earning hundreds of thousands of dollars a year may actually pay zero federal income tax this year.
The IRS is giving some business entities more time to apply for a tax refund involving severance pay. Alert: The IRS says it will sign Form 907, Agree­­ment to Extend the Time to Bring Suit, for certain taxpayers who had a FICA tax refund claim disallowed based on a controversial 6th Cir­­cuit court ruling.
The IRS has reported that as of May 10 more than 43.6 million people e-filed returns from their homes in 2013, an increase of more than 4% at the same point in 2012 when 41.7 million tax­payers self-prepared e-filings.
Estate planning has been muddled for the past decade or so as professionals and taxpayers alike grappled with an ever-changing tax environment. At long last, the fog has lifted, thanks to the American Taxpayer Relief Act.
Generally, the amount received in a lawsuit settlement is taxable, unless a specific tax law exclusion applies.
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