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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Beware contributing to your IRA after you claim it as a deduction.
Can beneficiaries of an estate exercise inherited stock options?
Can you deduct future organ donation as a current charitable donation?
It appears that high gasoline prices will be with us for some time, so don’t be shy about adding fuel fees to your prices.
Taxing online gambling is a tricky proposition
To figure what portion of a lump-sum distribution qualifies for the capital gains break, multiply the taxable amount by this amount: The number of months of pre-1974 plan participation divided by the total number of months of plan participation. (Any portion of a calendar year before 1974 counts as a full 12 months. Any part of a month of participation after 1973 counts as one full month.)
Much of the media attention on the new tax legislation passed by Congress focused on extending the tax breaks on capital gains and dividends.
If the 100 percent federal employment tax penalty doesn’t strike fear in the hearts of small business owners, it should. Why? That tax-code provision requires the person “responsible” for unpaid employment taxes to personally pay 100 percent of the amount withheld from employees’ paychecks.
Back in the ’90s, Congress wiped off the books one of the most hallowed tax breaks when it repealed five-year “income averaging” on retirement plan payouts. That tax break allowed you to calculate the tax on a lump-sum distribution as if the funds were paid out over five years instead of just one. But an even better tax break—10-year averaging—managed to avoid the ax.
With the summer approaching, it’s time to start planning some time on the beach or at the golf course. If you’re self-employed, you may be able to turn some of that typically nondeductible vacation time into a tax-saving getaway.
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