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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Using a Section 179 write-off for a sideline business
A new book by Washington, D.C.-based author Rick Rickertsen promises to help you avoid the pitfalls and come out on top when selling your company.
At one time, the blue-chip AT&T was the most widely owned stock in the country.
If you’ve spent years to build a successful business, it likely will comprise the bulk of your taxable estate. Naturally, you’d like to pass the company stock to the younger generation without a crippling tax hit.
The IRS isn’t totally heartless. If you’re stuck in a tax jam with no other options, you can use an “offer in compromise” as your get-out-of-jail-free card.
Normally, you can’t withdraw funds from a qualified plan or IRA prior to age 59 1/2 without paying a 10 percent tax penalty. But several exceptions exist, including one for disabled taxpayers.
Donating a damaged vehicle
It’s likely that you hold property jointly with your spouse. Unfortunately, that can lead to tax confusion when you sell, bequeath or transfer your property. Plus, seemingly innocuous withdrawals can cause tax complications if you’re not careful.
Are your employees in a rut? It’s easy for them to fall into the trap of going through the motions. Here’s a way you can lift their spirits without giving away the farm.
You receive no tax break for doing good deeds. So, you can't write off the cost of your personal endeavors on behalf of a charity. But that doesn't leave you empty-handed.
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