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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Q. My business partner says an important new ruling was issued on deducting the cost of certain capital improvements. Do you know what he is talking about? J.J., Lodi, N.J.
According to a news report from USA Today, in 2014 the odds of an individual taxpayer being audited dropped to its lowest level in a decade.

Generally, damages compensating you for a physical injury or illness (other than punitive damages) are exempt from income tax, including amounts attributable to pain and suffering. For instance, if you receive a legal settlement arising from physical injuries ­suffered in a car accident, you don’t have to pay tax on the award. However, in a new case, the Tax Court ruled that the payments to an egg donor for pain and suffering were taxable.

The IRS Large Business and International division has issued a directive listing several activities that don’t qualify for the Section 199 deduction.
So far, the MyRA—the much ballyhooed retirement savings vehicle pitched by the Obama administration last year—has received at best a lukewarm response from the public.
It has probably taken you a number of years to build up your small business empire. But now that you’re closing in on retirement, you’d like to preserve most of your assets for your family without paying an arm and a leg in taxes. Set up a “dynasty trust.”
This time, the Senate Finance Committee appears to mean business. It recently announced that it has launched five separate bipartisan “working groups” that will provide recommendations on comprehensive tax reform.
Q. I have a small apartment in a high-rent part of town. Can I qualify for home office deductions?
Q. I gave a long-time employee a gift of stock in 2014 valued at $10,000. Is this a problem?
Q. My Roth IRA balance has dropped since I converted last year. Can I still reconvert the account back into a regular IRA?
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