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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A yet-to-be ­disclosed health care provider is suing the IRS and 15 of its agents, alleging that medical records of 10 million Americans were illegally seized. The lawsuit claims the IRS violated the Fourth Amendment when the agents executed a search warrant for financial information on just one employee, turning it into a raid of epic proportions.
Q. Can I convert a personal pickup truck into a business vehicle and be able to claim tax deductions? S.T., Laguna Beach, Calif.
Other troubles are mounting at the IRS while the “Tea Party” scandal continues to brew. In a new report released by the Treasury Inspector General of Tax Administration (TIGTA), it was revealed that the IRS spent about $50 million at more than 200 training conferences held between 2010 and 2012.
While the economy slowly recovers, your business may still have trouble collecting past due accounts. Fortunately, there’s a silver tax lining in the dark cloud.
If you’re improving your home—say, putting in a deck or finishing a basement—a little forethought can provide some big tax savings. Strategy: Keep detailed records of home im­­prove­­ments. The costs aren’t deductible, but you can add them to the home’s basis, thereby reducing the taxable gain on a future sale.

The new tax law enacted around the turn of the year—the American Taxpayer Relief Act of 2012—extends a unique tax break for charitably inclined retirees. But the window closes again at the end of this year. Strategy: Donate funds in your IRA to a qualified charity.

Q. I never hear about Coverdell IRAs anymore. Have they been repealed? L.P.S., Orlando, Fla.
Accord­­ing to a new report from the Government Accountability Office (GAO), the IRS has to shore up its internal controls.
It’s not related to global warming, but countries around the world continue to turn up the heat on scofflaws hiding income in offshore accounts.
Suppose you’ve just discovered a mistake on the 2012 tax return you just filed in April. Should you file an amended tax return? Although there may be extenuating circumstances, the outcome will usually depend on whether you owe Uncle Sam or he owes you.
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