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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New legislation proposed by Sen. Connie Mack (R-Fla.) would allow children of any age to own a Roth IRA.

The proliferation of S corporations has not gone unnoticed by the IRS. S corporations are now the most common corporate entity, accounting for nearly 60 percent of all corporate returns filed.

The IRS plans to give you even more time to complete your 2005 individual Form 1040 next year.

The push to audit S corporations (described above) is part of a larger IRS initiative to examine more returns, particularly of small business owners. Don't think you're immune just because you've been able to fly under the radar so far.

Do you need extra cash to pay for your child's (or your own) college tuition? When you've exhausted other conventional sources, you can turn to your IRA in a pinch, even if you're younger than the age generally required for penalty-free distributions.

For busy businesspeople, cell phones, laptops, PDAs and other portable devices are essential. Usually, the company buys such devices and gives them to higher-ups and other employees who need them.

Despite the recent talk in Congress about alternative minimum tax (AMT) reform (see page 3), the "stealth tax" is still expected to hit millions of unsuspecting taxpayers this year ... maybe even you.

All work and no play can make Jack (or Jill) a disgruntled employee or client. So, you may decide to treat some of your top customers or valued employees to an outing as the summer draws to a close. By knowing the tax-law rules for entertainment costs, you can double your pleasure with top-dollar write-offs.

A business that operates heavy-duty vehicles must pay a heavy tax when it hits the road: the heavy-duty vehicle use tax (also called the federal "highway use" tax).

If you operate a manufacturing company and need to clean up land contaminated with hazardous waste, how do you treat the cleanup costs for tax purposes? The IRS clarified that issue in a new ruling last month. (IRS Revenue Ruling 2005-42)