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 offer employees a tax-advantaged flexible spending account (FSA) program, the IRS recently said you can give them an extra 21/2-month "grace period" beyond the plan year to spend their FSA dollars.

When you started your small business, you poured most of your earnings back into the operation. Unfortunately, that didn't leave much cash for retirement savings. Now that your business is running smoothly, you may hope to make up for lost ground—and fast.

Q: My bank told me that it reports any cash deposits above $10,000 to the IRS. But that money doesn't represent taxable income from a job or an investment; it's nobody's business but my own. Does the bank have to report that? J.H., Plymouth, Mass.

With the rapid growth of e-filing and online assistance, the IRS will close 68 taxpayer assistance centers in 29 states by year-end.

In a recent article, we discussed several ways to chop down the rising property taxes on your personal residence. (5/30/05 issue) But escalating property taxes aren't limited to homeowners. Small business owners are getting socked lately as the value of their business property has gone up, too.

Suppose you're stuck in a financial pickle and can't scrape up all the money the IRS says you owe. That doesn't mean you need to sell the house or flee the country. If the IRS agrees to a compromise, you can work out a mutually beneficial deal that allows you to pay what you can, when you can.

Q: I started my own consulting business in 2004 after I lost my corporate job. Instead of accepting my state tax refund from 2004, I chose to apply it to my state taxes for 2005. Do I owe federal income tax on that amount? N.H., Tenafly, N.J.

The IRS recognizes that domestic abuse can cause financial, as well as physical and emotional, distress. It just issued Publication 3865, Tax Information for Survivors of Domestic Abuse.

Starting June 27, if you set up a charitable remainder trust (CRT), you'll need to jump through new IRS hoops.

Before you know it, summer will be over and another school year will be under way. In our last special report, we focused on deducting your child's education costs. But what if you are the one going back to school or enhancing your learning in conferences or seminars? As long as you make the tax grade, you can deduct the work-related education cost as a business expense. But it's easy to flunk out when you file your return. Read on to learn the rules.

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