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 IRS audit rate continues to climb, especially for taxpayers earning more than $100,000.
Q: 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
Q: 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.
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?
If you’ve invested a lot of your retirement plan funds in your employer company stock (including a company you own), you may be in line for a big future payday. When it comes time to retire, you can choose to cash out by having your retirement account sell the stock, or you might decide to simply take your payout in the form of company stock.
Q: 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.
Let’s compare the tax results of leasing a business building to a C corporation as opposed to the company owning the property outright.
Don’t close the books on the 2005 tax year just yet.
If your S corporation doesn’t have a valid business reason for using a fiscal year, it must pay the IRS a deposit based on its tax savings.
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.
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