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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Are you sitting on a potential small fortune in stocks or real estate? Or maybe you own a business interest that you’re planning to sell at a tidy sum. You’ll have to pay the tax piper one way or another through income tax, estate tax or gift tax … or some combination of all three.
Despite some huffing and puffing last year, Congress made no major changes in the federal estate-tax law. For now, the law remains the same, but it still includes important changes for 2006.
For the first time, U.S. businesses will be able to write off expenses related to “qualified domestic production activities.” The so-called “manufacturing deduction” (or Sect. 199 deduction) is available even to many companies that wouldn’t normally consider themselves “manufacturers,” maybe even yours.

Estimated-tax penalties are equivalent to the interest you'd pay on tax underpayments.

The IRS just updated its per-diem rates for business travelers. After inching up by just a few dollars the past few years, the new rates reflect double-digit increases for both "high" and "low" areas. (IRS revenue procedure 2005-67)

Suppose you're staring down the barrel of a big estimated-tax payment coming due this year. You can lower that payment and avoid a penalty. How? If you can't bring Mohammed to the mountain, bring the mountain to Mohammed.

As a small business owner, your company's 401(k) plan is one of the best deals around. You can salt away part of your salary tax-free within generous limits, while the company matches all or part of your deferral.

If you're one of the big wheels at your company, you may be in line to receive either qualified or nonqualified stock options. Qualified options (also known as "incentive stock options") have a tax edge.

The first shot in Washington's tax reform battle was fired earlier this month when the President's Advisory Panel on Tax Reform issued its long-awaited list of tax-simplification suggestions.

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