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 little-noticed tax break in the American Taxpayer Relief Act of 2012 could provide a big boost for upper-income retirement-savers. It makes it easier to take advantage of a Roth 401(k) when an employer provides this option. Strategy: Switch money from your regular 401(k) account into the Roth 401(k) account.

Q. I'm age 55 and participate in my company’s 401(k) plan. Are catch-up contributions subject to percentage limits for elective deferrals? M.H., Buffalo, N.Y.
Do you own a boat that’s a virtual “home” on the water? Or are you looking to buy a seagoing vessel that can provide many of the same creature comforts as your main digs? Strategy: Don’t forget to claim “mortgage interest” deductions for the boat.
Q. Does the new tax law reduce the maximum tax rate for gains from sales of artwork?
Q. Can you deduct marijuana medically prescribed for an elderly person?
A taxpayer in Oregon claims that a female IRS agent propositioned him during the course of an audit and threatened to assess large penalties against him if he didn’t have sexual relations with her.
Unfortunately, you can’t claim a dependency exemption ($3,900 for 2013) for an elderly relative you help support, unless you pass a two-part test. Strategy: Take stock of your situation at midyear. Some smart tax planning might salvage an exemption without breaking the bank.
Momentum is building for legislation that would impose sales taxes on more online retailers.
Should you use the flat rate method for deducting business auto expenses or the actual cost method? The answer depends on your personal situation.
Do you want to save energy at home and at work? The new American Taxpayer Relief Act of 2012 (ATRA) restores the power to taxpayers. Strategy: Cash in on the credits for qualified energy-saving expenditures.
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