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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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An eleventh-hour compromise in Congress pulled the nation back from the brink of the fiscal cliff—at least for the time being—with passage of the “American Taxpayer Relief Act." Here’s a roundup of 16 key tax-saving opportunities in the new law.

The IRS recently announced the standard mileage rates used to deduct driving costs for business, medical, moving and charitable purposes. Here's the standard mileage rate for the use of a vehicle, including cars, vans, pickups and panel trucks, beginning Jan. 1, 2013.

William Shakespeare said, “neither a borrower nor a lender be.” But sometimes it can’t be helped. Strategy: Tap into your IRA if all else fails. Admittedly, the IRS isn’t wild about the idea, but you’re in the clear as long as you meet the technical requirements under the law.

Did Hurricane Sandy or some other natural disaster damage your property last year? To add insult to injury, you may be liable for tax to the extent that insurance reimbursements or condemnation awards exceed your adjusted basis in damaged or destroyed property. Strategy: Repair the property or replace it quickly.

The IRS wants tax pros to know they can earn Continuing Professional Education (CPE) credits online through seminars filmed at the 2012 IRS Nationwide Tax Forums.

Q. Are political donations deductible? I keep getting different answers on this.

IRS agents must stop an interview if you ask to consult with a representative. But a new report from the Treasury Inspector General for Tax Administration (TIGTA) points out problems in this area.

If your company has handed out severance packages in recent years, of course it has deposited with the Feds all the requisite federal employment taxes on the severance payments. Strategy: File a “protective claim” to preserve your potential right to a federal employment tax refund for open tax years.

Have you lost money in an illegal investment scheme? Strategy: When it’s appropriate, claim an investment theft loss for your troubles.

Q. Did the new health care law eliminate COBRA and, if so, when does this take effect?
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