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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We usually don’t advise adding to the staggering tax paperwork you’re already required to fill out. But sometimes, it makes sense to submit “extra” forms and schedules, just to be safe.
Most C corporations benefit from a graduated federal income-tax rate structure. But personal service corporations (PSCs) aren’t afforded that luxury. Their income is taxed at the highest corporate federal rate of 35 percent.
The feds have finally thrown in the towel: After suffering a string of losses in the appellate courts, the IRS concedes that long-distance phone services aren’t subject to federal excise tax.

Q  I’ve started a new business venture with some friends. To attract clients, we plan to entertain people at a nearby country club. If I pay the annual club dues out of my own pocket, can I deduct the cost on my personal return?
Q  An article earlier this year advised about claiming the child care credit if you pay your parents to baby-sit. We have a 14-year-old who is watching our two younger children this summer. Can we take the credit for paying her?
Starting with 2006 tax returns, you’ll have more “direct deposit” options if you’re entitled to a refund.
The IRS has launched a public-education program meant to address the growing federal tax gap—the difference between the amount taxpayers voluntarily pay and the amount actually owed.
Q  Please settle a bet: My friend says that LLCs are taxed like partnerships; I say they’re taxed as corporations.
Who’s right?
Q  I’m having a home built in Florida that includes a swimming pool, which my doctor prescribed for a heart ailment. Can I deduct the pool’s cost over time?
Good news: The IRS has just expanded the activities qualifying for Section 199 “manufacturing” deductions and liberalized other provisions starting in the 2006 tax year.
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