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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Don't count on the IRS to increase the standard mileage deduction rate.

Do you run a business through two or more related companies? These days, it's not unusual for people to own multiple operations. But you could be inadvertently paying more employment tax than required if some of your employees are "shared" by more than one company.

If you're challenging the IRS on a tax-return issue, pay the tax you owe now. Don't wait until the dispute is settled.

Q: I bought a car this year that I used for my sales rep job. My company reimburses me for travel but not the interest I'm paying on a car loan. Can I deduct the interest as a business interest expense? E.L., Islip, N.Y.

Uncle Sam wants your tax money ... now. So, if you aren't sending the IRS enough money in your quarterly tax installments, you may need to pay an extra interest-rate penalty.

Q: We run our business as an LLC (a husband and wife partnership) and have a SIMPLE retirement plan. The company deducts the contributions it matches for employees. Can it also deduct the matches for my husband and me? L.J.S.

Most people think of life insurance strictly as income replacement for their family if they suddenly die. But if you no longer need that big life insurance policy and you're looking for a big write-off this year, consider this strategy

Q: In a recent issue, you said that both engineering and architectural services qualify as "manufacturers" for purposes of the new manufacturing deduction (see 3/21/05 issue). Can you tell me if a laboratory that does tests (for physicians) created from raw materials qualifies for the deduction as this type of service? J.V.M., Md.

If you're like most people, you finally put your 2004 tax return to bed a few short weeks ago. But then comes a sinking realization that you missed a tax deduction or credit opportunity on your return. Or maybe you accidentally failed to report income, miscalculated a capital gain or forgot a business deduction. Should you file an amended return or not? That is the question.

Q: We own several acres of land in a rural area. The land includes a small house that will become our principal residence. If we sell off part of the land (but hang on to the house indefinitely), can we avoid gains taxes under the home-sale-gain exclusion rules? B.M., Burlington, Vt.

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