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 IRS says it will stop collecting the federal excise tax on long-distance telephone service and will refund excise taxes paid—plus interest—since Feb. 28, 2003.
This refers to your recent article on vacation homes. (May SBTS) In Example 1, it’s my understanding under Pub. 527 that, if the taxpayer fails the 14 day/10 percent usage test, the rental portion of the applicable mortgage interest and taxes would still be deductible, even if there is a net loss. Is this true? P.W., via e-mail
We bought U.S. Savings Bonds for my daughter when she was born, and she also received EE bonds as gifts. Now that she is in her freshman year at college, we want to use the bonds to pay for tuition. Should she cash in all the bonds this year? Isn’t the interest tax-exempt if the money is used to pay for college? A.R.S., Massachusetts
The IRS doesn’t want you to be hooked in a phishing expedition: It’s taking steps to scare away the anglers. The IRS has established an electronic mailbox—phishing@irs.gov—for you to forward suspicious-looking e-mail claiming to be from the agency. (IRS internal release 2006-49)
As a small business owner, you generally can deduct 100 percent of your family’s medical insurance costs even if you’re self-employed. But you can do better tax wise by taking an unusual approach.
Taxes may be the last thing on your mind when you’re bogged down in a messy legal battle. But errors in the way you draft a settlement agreement could mean thousands of dollars going to Uncle Sam instead of into your pocket.

Congress is considering reforming (permanently, this time) the confusing federal estate-tax law. But don't wait for Congress to act before revisiting your personal estate plan. Changes already scheduled to take effect at year-end hasten the need to dust off your family's estate plan later this year, regardless of Congress's actions.

Is income from a trust taxed as ordinary income?
Two separate studies have found that people aren’t taking advantage of two very basic breaks from work: lunch and vacation. A May survey of 1,000 office workers found that more than half of them take 30 minutes or less for lunch.
When you reach a certain point in life, you’re generally entitled to receive Social Security retirement benefits. Congratulations; you earned it. But it’s not as simple as cashing a check each month. If you don’t stay on top of things, you’ll have to give some of that money back to the government in taxes.
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