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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The limited liability company (LLC) may seem like the new kid on the block, but it’s actually been around for almost 30 years.
In many parts of the country, the value of real estate is leveling off or declining. So, if you bought your main home within the past few years, it may actually be worth less now than what you paid for it.
The pension reform law passed in August restricts deductions for donations of tangible property such as artwork.
With October just a few weeks away, watch out for a tax trap that could reduce depreciation deductions claimed by a small business.
If you inherit an IRA from your spouse, you have several options at your disposal. For instance, you can roll over the funds to an IRA of your own. Unlike a non-spouse beneficiary, you’re not required to take distributions from the IRA until after you reach age 70 1/2.
The “other” new tax law passed this year—the Tax Increase Prevention and Reconciliation Act (TIPRA)—has caused a great deal of grumbling among tax-savvy parents. Reason: TIPRA generally extends the “kiddie tax” an extra four years for every child.
No taxes on money gifted from a foreign country
Setting up a trust avoids kiddie tax
Paying a penalty for reporting a big stock gain late
Using a Section 179 write-off for a sideline business
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