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 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.
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.
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!
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: 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
If you travel extensively on business, you know the drill: Airlines may offer lower rates if you stay over a Saturday night. The discount is usually worth it if you’re wrapping up business on Friday.
Q I plan to leave my organs to be used for research at a hospital. Can I deduct this gift as a current charitable donation or, at the very least, a gift at death? P.P., San Antonio
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