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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.

Unless you're a CPA or a tax nerd, the term MACRS can be daunting. It stands for Modified Accelerated Cost Recovery System, which is the standard federal-income tax method for depreciating the cost of your business assets.

It's not very often that the IRS lets you pull down tax-free income. So, take advantage of such opportunities when they pop up.

Q: My wife and I are getting divorced. I own mutual fund shares worth about $150,000, which are all in a taxable brokerage account in my name. If I transfer some of the shares to her as part of the divorce, do I have to pay tax on the gain over basis? A.R., Monsey, N.Y.

Q: I was interested in your special report on business education. (7/11/05 issue) Both of my kids work for me as employees and also attend college. I found a course on family business dynamics at a different college that I'd like my kids to take. If I pay for the course, can I deduct the cost? A.C.

Q: I have a carried-over capital loss of $6,500 from last year. Can I use this loss to offset some of my income from a required IRA distribution? S.B., Toms River, N.J.

By disclaiming an inherited IRA, you can pass the account along to someone else, free of gift tax.

If you shut down a business, you can't just lock the doors and turn out the lights. You must provide employees with W-2s by the due date of your final Form 941.

The proliferation of S corporations has not gone unnoticed by the IRS. S corporations are now the most common corporate entity, accounting for nearly 60 percent of all corporate returns filed.

Does your teenage child have a summer job? Even though the pay may be paltry, the job is a valuable life experience. Now, you can teach your child another lesson ... about tax savings.

Just before Congress ran home for August recess, it passed a major energy bill that includes a few tax breaks aimed at consumers, manufacturers and home builders. President Bush signed the bill on Aug. 8.