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.

Q: I bought stock years ago in a company that recently merged into another company. The shares I received back are worth less than my original cost. Can I deduct that as a capital loss? J.S., Park City, Utah

A business that operates heavy-duty vehicles must pay a heavy tax when it hits the road: the heavy-duty vehicle use tax (also called the federal "highway use" tax).

This finally may be the year Congress authorizes association health plans, a move that could lower health insurance premium costs for small business owners.

If you operate a manufacturing company and need to clean up land contaminated with hazardous waste, how do you treat the cleanup costs for tax purposes? The IRS clarified that issue in a new ruling last month. (IRS Revenue Ruling 2005-42)

It's not too often that we advise you to turn up your nose at a tax break. But if you're selling real estate this year, you may want to pay more tax than required up-front. Why? Because you'll end up ahead of the game in the end.

So-called "donor-advised" funds have become immensely popular with wealthy charitable donors. But that tax strategy is now under the gun. The IRS is trying to ferret out which funds benefit donors themselves rather than fulfilling charitable intentions.

Are you a rabid fan of your alma mater's sports teams or the local college powerhouse? There's a way you can pocket a nifty tax break while showing support for your favorite athletes.

Conservation easements, in which landowners can earn tax deductions for preserving their open land, are rife with abuse, the IRS says. That's why the IRS is cracking down on these tax goodies for wealthy landowners. The IRS has already fingered 240 taxpayers for audits relating to this tactic, with another potential 100 donors on the hit list.

The tax law gives you plenty of leeway to deduct contributions within generous limits. In fact, if you're like most donors, you probably aren't even aware that any limits exist.

We can't overemphasize the need to keep the required records for charitable donations, especially because the IRS is turning up the heat on donation deductions.