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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Non-qualified vs. qualified retirement plans.
The usual Work Opportunity Tax Credit (WOTC) is equal to 40 percent of the first $6,000 in wages paid to a qualified worker during the year. It’s a year-round proposition.
Be prepared to pay a hefty surtax on Medicare Part B premiums. As opposed to Part A, which covers hospitalization, participation in the Part B program for doctor bills is voluntary. But you certainly didn’t volunteer for a tax hike!
Some of the key provisions in the new tax law signed by the president last month won’t take effect for years to come. But that doesn’t mean you should sit on your hands in the meantime.
The new tax law includes several other changes that haven’t received much attention.
Sorry, but you can’t take a summer vacation from tax planning. Take your eye off the ball midway through the year, and you could miss out on valuable tax deductions and credits ripe for picking. Here are 11 summertime tax moves that could make you smile come tax-return time.
In addition to the Roth IRA and kiddie-tax changes described above, here are other key provisions of the new tax law passed last month:
Sorry, but you can’t take a summer vacation from tax planning. Take your eye off the ball midway through the year, and you could miss out on valuable tax deductions and credits ripe for picking.
Q: I’m starting an Internet-based business with my brother. Since our state of incorporation can be virtually anywhere, should we incorporate in Delaware as our home state for income tax purposes? D.J., Boulder, Colo.
Q: My business shares a warehouse with other tenants.We have five years remaining on our lease, but the building has 14 years left to be fully depreciated. If I expand my part of the building, do I depreciate the cost over 14 years instead of five? B.B., Cleveland
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