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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If you own a vacation home or a boat, you may not be using it as much now that the summer is over.

Q: I'm interested in the strategy you wrote about regarding collecting rent when you lease personal assets to your company. (See 10/17/05 issue.) If I rent assets to the company, am I then subject to Social Security tax on the net income? J.C.K., Hood River, Ore.

Suppose a regular customer is experiencing economic difficulties. You've let that customer slide on several invoices, but now you're concerned you may never be paid. Should you aggressively pursue collection efforts or continue to gently remind the customer about the unpaid bills?

Q: I took out loans for college and grad school several years ago that I'm still paying off. My accountant says the interest isn't deductible in my situation. Is that true? L.G., New York

Q: I expect to receive a settlement from a securities firm relating to my IRA investments. Can I transfer the funds back into my IRA? K.H., Montclair, N.J.

For too many people, the tax season is a February-to-April affair. But trying to plan your tax strategies after Dec. 31 is as futile as a football team drawing up its game plan with two minutes left in the fourth quarter: You can't do much to affect the score.

Issue: More employers are offering voluntary supplemental medical insurance, and insurers are offering more products.
Benefit/risk: Such plans can fill gaps left by medical coverage cutbacks, but the strategy can ...

U.S. tax laws provide a variety of tax breaks for higher education expenses, but high-income people are usually shut out of these goodies. Example: Joint filers can't claim the above-the-line deduction for tuition expenses if their adjusted gross income exceeds $160,000 ($80,000 if you are unmarried).

Social Security taxes take a big bite out of your paycheck. That's why it's a huge relief to highly paid employees when autumn finally rolls around. Reason: Once they clear the Social Security wage base for the year, they won't need to pay any more Social Security tax for the year.

Question: My wife and I operate separate self-employed businesses. This year, I expect to show a big profit, so I plan on buying new machinery and tools before Jan. 1 that I can expense. My wife's business is likely to show a loss. Will her loss reduce the amount I can claim under Section 179? If so, what can I do about it? — C.S., Rochester, N.Y.