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.

No matter how far you travel on business, you can deduct auto expenses so long as the trip’s primary purpose is business- related. That’s true even if you derive secondary benefits from the trips.
Are you getting ready to hand over the reins of your corporate business to the younger generation? Typically, you might arrange to sell shares of company stock to your successors or simply give the stock to them. But take note: Each of these options can carry a heavy tax price.
Do you need other employees behind you in order to open a Roth IRA
How can you save for retirement while operating your business? At one time, small business owners were often left out in the cold. But retirement savings isn’t just for the “big boys,” anymore.
Decreasing the tax withholding at your job to make up the difference of stock market losses
Adjusting depreciation on a building you are expanding
Calculating the year on home-sale exclusion based on principal residence
The home-sale gain exclusion is probably the largest single federal income tax break for individuals. If you qualify, you can pocket up to a half-million dollars of tax-free profit from the sale of your home—no strings attached.
Higher-income families who filed for an extension on their individual returns may still be able to slip through a newly discovered, unintended tax loophole to trim even more taxes. (Or, if the extra tax savings are worth it, you may want to file an amended return to secure those savings.)
The IRS audit rate continues to climb, especially for taxpayers earning more than $100,000.