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.
Serving as the executor of an estate is a weighty responsibility… perhaps even more so than you might think.
No matter how far you travel on business, you can deduct auto expenses so long as the trip’s primary purpose is business- related. That’s true even if you derive secondary benefits from the trips.
The home-sale gain exclusion is probably the largest single federal
income tax break for individuals. If you qualify, you can pocket up to
a half-million dollars of tax-free profit from the sale of your home—no
Higher-income families who filed for an extension on their individual returns may still be able to slip through a newly discovered, unintended tax loophole to trim even more taxes. (Or, if the extra tax savings are worth it, you may want to file an amended return to secure those savings.)
Small business owners now have more time to bring their SIMPLE IRA plans up
The new IRS tables for business vehicles placed in service in 2006 set
the depreciation limits...
IRS audit rate continues to climb, especially for taxpayers earning
more than $100,000.
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.
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.