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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You may suffer a severe case of sticker shock the next time you’re shopping for a car. However, the federal income tax depreciation deductions available to business drivers for vehicles placed in service in 2006 have barely increased or stayed the same.
Suppose you slip on your basement steps and severely injure your back. You’re forced to stay home and can’t fend for yourself.
If property values have declined in the area of your recently-inherited loan, can you deduct the loss after you sell it?
Can you claim expenses for a non-dependent relative?
Can we regain S corp status for tax reasons?
The IRS continues to be inundated with tax-return claims that are ill-advised or flat out bogus.
We’re a construction company that specializes in fire- and water-damaged homes. Typical jobs consist of gutting residential homes and rebuilding. Our accountant told us that we wouldn’t qualify for the new manufacturing deduction because it applies only to new construction. Do you agree? L.S., Cincinnati
How are your children ever going to buy a nice home in a desirable area? One solution: Enter into an equity-sharing arrangement with your child.
With the alternative minimum tax (AMT) becoming a maximum nuisance for many taxpayers, it’s smart to recognize the AMT danger zones early. But the AMT “stealth tax” can also blindside investors who normally don’t face AMT problems.
The IRS has addressed the tax consequences of environmental cleanup costs in several rulings. Although the details differ, the basic thrust is the same: Cleanup costs generally must be capitalized, which means your business earns no current tax benefit for the expenses.