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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Are you waiting until the last minute to file your tax return? Maybe you’re putting things off because you figure you’ll have to pay Uncle Sam a tidy sum. At least you can still put a good-size dent in your tax bill at this late date. Here’s a sampling of seven prime opportunities for tax-return procrastinators.
How can you get the most tax-free cash from a home sale?
The wash-sale rule.
If you’re doing your annual spring cleaning, remember that one person’s junk is another person’s treasure. Be tax smart when donating your used clothes, toys, furniture and other items to a local charity.
It’s tough to qualify for a medicalexpense deduction, but it’s not impossible.
A major 2004 tax-law change put some real teeth into the “constructive receipt” rules for nonqualified deferred-compensation plans. In short, it set new requirements for employees to be able to postpone federal income tax on future payments earmarked for them under deferred-comp plans.
The IRS can hit you with dozens of different penalties if you fail to follow the letter of the tax law. They’re often arcane and difficult to understand. And although many of the penalties are relatively small on their own, they can add up quickly. So, a single mistake could snowball into hundreds or thousands of dollars.
If the IRS audits your return, it can slap you with a back tax bill, interest and penalties. But you may be able to avoid the penalty portion if you can prove that you relied on the advice of a competent tax professional.
When it comes to avoiding IRS penalties, the best offense is a good defense: Avoid being assessed penalties in the first place.
You’ll owe more than just back taxes and penalties if you file late or incorrectly. The IRS can charge interest on your underpayment amount.
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