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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Generally, the amount received in a lawsuit settlement is taxable, unless a specific tax law exclusion applies.
A new revenue-raising proposal on Capitol Hill bears watching. It would require emptying out many inherited IRAs within five years under a provision that Senate Democrats added to a student loan relief measure.
Q. Our local municipal government provides $25 gift cards for our employees at Christmas. Are these gift cards taxable? D.O., Martinsville, Va.
Q. I’m selling my home for $800,000 and downsizing. Am I still eligible for any rollover tax deferral? S.K., West Islip, N.Y.
Do you need to employ more workers for an expanding business? The tax law provides a generous Work Opportunity Tax Credit for hiring certain disadvantaged workers. But you might do even better than the regular credit. Strategy: Hire a qualified veteran.
How can you best obtain affordable health care coverage in 2013 if you’re self-employed? Depending on your situation, you might be able to go through the “back door.”
Upper-income taxpayers could face a potential tax nightmare in 2013 due to a new 3.8% Medicare surtax on net investment income. Strategy: Wake up to reality. If you take tax action now, you might be able to reduce, or even eliminate, your liability for the new 3.8% surtax.
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.
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