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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Q. If I donate blood to a nonprofit, can I take a charitable deduction for its value?
In a recent posting, the IRS announced several improvements to its offer-in-compromise program, including revisions to Form 656 and related documents.

Suppose you and your spouse attend a fundraising dinner for your favorite charity. The dinner cost you $100 each for a total of $200. But you can’t deduct any charitable donation to the extent you receive a benefit in return. The tax law calls them “quid pro quo contributions.” Strategy: Obtain a written statement from the charity.

Q. A family member won an SUV in a lottery. If we sell it right away, do we owe any tax?
As with certain other tax law provisions, another extension of the “charitable rollover” remains in doubt for the 2014 tax year. But you don’t have to wait around for Congress. Take matters into your own hands.
According to a new IRS information letter, college athletes who are treated as employees under federal labor law won’t be taxed on scholarships.
Are you planning to renovate an older building in a historic area? Before you start tearing down the walls, cash in on a unique tax break from your Uncle Sam.

Taxpayers once were able to use losses from real estate, cattle breeding, oil and gas and equipment leasing deals to offset highly taxed income. Then the government imposed “passive activity loss” rules that turned tax shelters into a dying breed. Strategy: Invest in Passive Income Generators (PIGs).

Expect correspondence audits rates to continue their downward spiral as the IRS struggles under budget cuts.
Q. We have a big job coming up and plan to hire temps. Are they treated as employees?
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