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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It’s back. The research credit, which had expired, was reinstated retroactive to Jan. 1, 2014, by the Tax Increase Prevention Act.
The IRS imposes strict substantiation rules for claiming charitable deductions for property donations. For instance, if you donated appreciated property last year, you must attach a qualified appraisal for a deduction exceeding $5,000. Generally, you can claim a deduction equal to the property’s fair market value.
Q. Our company bought used equipment for $35,000 in 2014. Can we depreciate it all?
Here are some of the major changes on 1040 schedules for 2014.
Another year, another series of changes on your federal tax return. Be prepared to deal with several new entries relating to the Patient Protection and Affordable Care Act, as well as a host of annual adjustments.
IRS Commissioner John Koskinen is on record as predicting that the 2015 tax filing season will be “a very complex one.”
If you want a private letter ruling from the IRS, the price tag has gone up, effective Feb. 1.
Are you ­filing your 2014 tax return electronically or on paper? IRS Commissioner John Koskinen warned that paper filers could face delays of a week or more on their refunds.
Q. I’m self-employed and pay for health insurance for myself (and my wife). Can we deduct this cost as a personal medical expense?
The IRS has set up a resource center for tax professionals dealing with the Patient Protection and Affordable Care Act on 2014 returns.
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