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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Besides federal income taxes, various state and local taxes can be a prime consideration, too.
The tuition deduction or a higher education tax credit—you can only claim one or the other—is likely just a drop in the bucket if you’re paying for a child to attend an elite school. And the deduction and credits phase out for higher-income taxpayers. But that doesn’t mean you can’t wring any tax benefits out of tuition payments.
You may not be celebrating, but this year is the 100th birthday of federal income taxes.
The IRS has revealed that the audit rate for individual returns dropped from 1.11% in 2011 to 1.03% in 2012. Businesses had it even easier ...
In a speech made to Congress in January, National Taxpayer Advocate Nina E. Olson—head of the office within the IRS that is charged with assisting taxpayers—cited the need for comprehensive tax reform as the main problem facing taxpayers today.

Do you have to tap into your qualified retirement plans or IRAs to pay unexpected expenses like alimony? There’s a “right way” and a “wrong way” to do it.

In early 2013, a federal district court enjoined the IRS from enforcing regulatory requirements for registered tax return preparers. But now the court has modified its order ...
Q. My small business just had to pay double the FUTA tax I normally pay. Did I miss a tax law change?

Q. A recent article about using a vehicle for business said a taxpayer will likely do better deducting actual expenses. But isn’t this misleading?

Frequently, owners of C corporations are accused of receiving excessively high compensation amounts, to avoid having profits taxed at both corporate and individual levels. Conversely, S corporation owners may attempt to keep their salaries low to avoid employment taxes on wages. Strategy: Arrange “reasonable” compensation for services actually rendered.

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