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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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Real estate values are scorching hot in many parts of the United States. If you're sitting on some big-time appreciated property, check out the following three strategies for minimizing your tax bill

Q: I am the 50 percent owner of an S corporation. Can I deduct company-paid health insurance premiums on my personal return without forfeiting the expense due to the reduction in itemized deductions? J.L., via e-mail

Yes, the new 15 percent top rate on capital gains is good news for real estate investors. But if you sell investment property, your actual tax bill can be much higher than 15 percent of your gains, due to earlier depreciation deductions. (Gains from prior depreciation write-offs are taxed at a 25 percent maximum federal rate.)

Q: A friend of mine filed his 1996 return as a single status. He now realizes that he could have filed as a head of household status, making him eligible for the EITC. Can he amend his return? O.D., New York, N.Y.

Q: My company pays a flat 30 cents a mile rate for car expenses. Can I deduct the difference between my costs and 30 cents per mile? A.Z., Atlanta, Ga.

With the top individual federal income tax rate falling to 35 percent last year (down from 38.6 percent), now is a great time to consider converting your existing C corporation to an S corporation. In addition to taking advantage of the lower rates, such a switch lets you avoid double taxation of future corporate income and gains. This Special Report explains how a conversion would work and whether you should make the switch.

After you retire and the paychecks stop, you'll probably need to depend on your investments for cash flow. If you have a mix of investments, inside and outside a tax-deferred retirement plan, know which to tap into first.

For nonbusiness assets, you can deduct casualty losses from sudden usual events (storms, fires, etc.) once those losses exceed 10 percent of your adjusted gross income (AGI). Also, you can't write off the first $100 per event. Here are some tips to expand your write-off

Limited liability companies (LLCs) have become the entity of choice for many businesses. That's largely because LLCs combine the S corporation benefits of flow-through taxation and limited liability along with partnership-type flexibility for distributions and ownership interests.

Q: In the past, I twice rolled over employer plan account balances into two separate traditional IRAs. Now that I'm retiring for good, I'll once again be doing a rollover from my 401(k). Can I combine all three IRA rollover accounts into one account? C.T., Poughkeepsie, N.Y.

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