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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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In a controversial new case, the Tax Court ruled that the once-a-year limit on IRA rollovers applied to all the traditional IRAs owned by the taxpayer, instead of applying the rule separately to each IRA. This contradicted the IRS’ own position stated in Pub. 590, Individual Retire­­ment Accounts.
Suppose you own assets that you want to pass along to other family members. There’s an easy way you can do it.
Is morale down in your workplace? There’s a low-cost way you can start the creative juices flowing.

Are you planning to sink money into your own or someone else’s fledgling business venture? The rewards can be high, but so are the risks. And if the business eventually goes under, you could be saddled with a tax loss of somewhat limited value. On the other hand, you might ben­­efit from a unique tax break should the stock become worthless.

Q. We’re adding a deck to our principal residence. Is any of the cost deductible?

A Roth IRA can provide tax-free payouts to retirement-savers in the future. But you may not be able to make annual contributions to a Roth due to the tax law limits. Plus, if you convert funds in a traditional IRA to a Roth IRA, you’ll have to pay a hefty tax price. Strategy: Go in the “back door” instead.

Suppose your adult child needs a helping hand to launch a new business or buy a home. Give the child a low- or even no- interest loan. As long as you stay within the tax law boundaries, your family will have no tax worries. However, if you’re not careful, you could be blindsided by an unexpected tax bill.

Don’t tell your CPA anything you wouldn’t want the IRS to know. A 1998 law effectively authorizes a “CPA-client privilege,”  but the privilege is hardly bullet-proof. In fact, it’s riddled with exceptions.

The tax law favors real estate investors who rise to “real estate professionals.” Generally, they aren’t limited by the passive activity rules for other investors. Strategy: Elect to treat multiple activities as one real estate activity.

Do you own incentive stock options (ISOs) issued by your company? They can provide big tax benefits if you handle things right.
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