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 yearround proposition.
If you qualify under special income limits, you can defray some college costs with an education tax credit. But it’s not only how much you pay that counts, it’s also when you pay it.
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
In a recent item, you stated that the IRS is cracking down on home-based businesses. Yet, your publication often touts deductions for home offices. Does this still make sense? A.L.T., Baltimore
I was audited for my 2003 return pertaining to self-employment tax. This was resolved in my favor. Now, the IRS is questioning the same aspect of my 2004 return. Don’t they have to drop this because of the prior result? E.L., via e-mail
On May 5, officials from 19 states signed on to the Streamlined Sales Tax Project (SSTP), a collective effort among 42 states and the District of Columbia to impose sales taxes on remote sellers of products and goods over the Internet.
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.
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——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.
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