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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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.
With college and private school tuition continuing to soar, you may be helping to pay your grandchildren’s tuition. The problem: You’ll typically have to use part of your $1 million lifetime gifttax exemption when monetary gifts to one person exceed the annual gift-tax exclusion.
You know that word-of-mouth advertising is the best way to spread the good news about your company. But many small businesses ignore some of the easiest ways to increase the level and intensity of that type of free advertising.
Do reward points count towards taxable income?
Paying taxes on a 1099.
Should you name the beneficiary on your IRA document?
How contest winners should report their windfalls.
If you’ve filed your return and you’re anxious about the arrival of your refund check, check the IRS Web site to spot your refund’s location in the big bureaucratic pipeline.
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