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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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
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?
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.
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.
The answer to the age-old question above depends on many factors, not just taxes. But now that first year bonus depreciation deductions are a thing of the past (they expired after 2004), the pendulum has swung in a new direction.
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