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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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 friendly vehicles.
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.
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?
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