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.
Q: What happens tax-wise when I trade in one business car for another? Do I have to pay the IRS any tax on the value negotiated with the dealer?
According to new IRS statistics, the top 1% of all tax return filers (i.e., those with an AGI of at least $369,691) paid 37.4% of all federal income taxes in 2010, the last year for which the IRS has analyzed data.
The IRS recently announced the standard mileage rates used to deduct driving costs for business, medical, moving and charitable purposes. Here's the standard mileage rate for the use of a vehicle, including cars, vans, pickups and panel trucks, beginning Jan. 1, 2013.
William Shakespeare said, “neither a borrower nor a lender be.” But sometimes it can’t be helped. Strategy: Tap into your IRA if all else fails. Admittedly, the IRS isn’t wild about the idea, but you’re in the clear as long as you meet the technical requirements under the law.
Did Hurricane Sandy or some other natural disaster damage your property last year? To add insult to injury, you may be liable for tax to the extent that insurance reimbursements or condemnation awards exceed your adjusted basis in damaged or destroyed property. Strategy: Repair the property or replace it quickly.