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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Small businesses think they need every customer they can get. Not true.

You're better off applying the "PIN," or pain-in-the-neck, test to identify customers who actually

damage

your bottom line.

Rebates allow you to promote a lower "after rebate" price. But at least half of rebates are never claimed because consumers lose or throw away the rebate form, or they never bother to complete the paperwork and mail it, according to the FTC.

With the top individual federal income tax rate falling to 35 percent last year (down from 38.6 percent), now is a great time to consider converting your existing C corporation to an S corporation. In addition to taking advantage of the lower rates, such a switch lets you avoid double taxation of future corporate income and gains. This Special Report explains how a conversion would work and whether you should make the switch.

THE LAW. Many organizations don't think twice about using independent contractors. They're an attractive labor source because you don't have to shell out payroll taxes or benefits for them, nor are ...

Tax-bill compromises are binding.

 

Beat back IRS challenge on company loans.

 

Don't let compensation deduction slip away.

You never want your tax return to stick out like a sore thumb at the IRS. That's why it's good to know whether your deductions fall within the national averages.

If you've created a trust or are a trustee or beneficiary, you need to pay attention to the IRS' newly revised definition of "income" for trusts.

Q. I retired earlier this year at 62 when I became eligible for Social Security benefits. During my career, I accumulated a big pension, which I rolled tax-free into an IRA. Now that the IRA's value has fallen due to the stock market, my accountant advised me to convert the IRA into a Roth IRA. This doesn't make sense to me because I'll be stuck paying tax on an account that can still lose money. What do you think?

If you're required to file your payroll taxes electronically, don't quibble with the IRS, even if you're more comfortable walking a check to the bank.

Q: We sold a residential rental property last year at a substantial gain. I know we can deduct the property taxes. Can we also deduct the selling fees and closing costs? L.C., Ormond Beach, Fla.

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