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.
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.
You can’t generally deduct the cost of commuting back and forth between your home and work; that’s treated as a nondeductible personal expense. But with a bit of creativity, you can still claim generous tax deductions for certain types of local driving.
The IRS just released official guidance on the 2005 energy-tax law that
revamps the type of tax credits you can earn for buying environmentally
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.
Do reward points count towards taxable income?