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.
I am a contractor in the graphic design business.One of my clients went broke and can’t pay me. I’ve read that I can deduct bad business debts. But my accountant says I can’t claim a loss. Who’s right? V.M., New Canaan, Conn.
I’m currently involved in an acrimonious divorce proceeding. Both of our attorneys are advising us to stay in the home. Since the house is in my name alone, can I claim alimony deductions for the value of this benefit? Anonymous
I recently inherited my deceased father’s house. It’s located in an area where housing prices have actually declined. If I sell it for less than he paid for it, can I deduct the loss? J.L.S., Schenectady, N.Y.
Small business owners have more time to bring their SIMPLE IRA plans up to date.
The new IRS tables for business vehicles placed in service in 2006 set
the depreciation limits at a paltry $2,960 for the first year, $4,800
for the second year, $2,850 for the third year and $1,775 for each
The IRS audit rate continues to climb, especially for taxpayers earning more than $100,000.
Surveys show that consumers believe business services are worse than ever. That makes it easier for a top-notch service guarantee to stand out as a drawing point for your product.
If your promotion strategy includes rebates, make sure that they’re legally sound. Reason: Federal and state regulators are increasing the oversight of these incentive strategies and cracking down on misleading deals.
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
You’ve spent years building up your C corporation business into a successful operation. But how can you take more cash out of the company now without facing a tax disaster?