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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Put away the party hats: You won’t be celebrating a “payroll tax holiday” this year.

Q. My wife’s unemployed brother lives with us. Can we claim him as a dependent if he’s over age 25?

Does it absolutely, positively, have to be there overnight? A tax return or Tax Court petition is deemed to be filed in a timely manner if it is mailed on time through an IRS-approved delivery service. But not every service qualifies.

Under a special IRS program, an employee may choose to donate amounts owed for leave time—sick, vacation or personal days—in ex­change for cash payments made by the employer to a qualified charity on behalf of Hurricane Sandy victims.

Although high-income taxpayers entered 2013 with a cloud of uncertainty hanging over their heads, this much was clear: You’ll have to contend with a new 3.8% Medicare surtax on investment earnings. The new surtax was included in the 2010 health care law upheld by the U.S. Supreme Court.

Q. My brother and I own real estate jointly, but he made the down payment. Will the property be included in my estate if I die first? Las Vegas

Are you sure that your tax return preparer really has the credentials that he or she claims to have? The IRS is checking up on those who profess to be attorneys, certi­­fied public accountants or enrolled agents. Why?

Q. We couldn’t afford to pay a company officer while we worked on a project. Now that we’re paying him in 2013, can we call it a loan? R.B.T., San Mateo, Calif.

If your small business owes federal payroll taxes to the IRS and you’re still under the gun, don’t despair. The IRS doesn’t want you to shoot yourself in the foot.

A government watchdog is barking at the IRS for missing tax frauds relating to identity theft. The Treasury Inspector General for Tax Administration (TIGTA) has recommended that the IRS make the following changes in its procedures.

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