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, it is better for taxpayers to label an activity a “business” than a “hobby.” But there’s more than semantics involved.

Congress has huffed and puffed, but it has yet to blow away a unique tax break for investing in your own company through your retirement plan. Strategy: With retirement account investments in company stock, keep the stock until you’re ready to retire. Don’t convert this nest egg to cash or other securities.

Under a separate tax provision for qualified small business stock, you can exclude 100% of the gain on the sale of the stock held more than five years. However, as the tax law currently reads, the 100% gain exclusion does not apply to stock issued after 12/31/13. Instead, a 50% gain exclusion applies.

Perhaps someone in your family is contemplating the adoption of a child. It’s an expensive undertaking, but the adopting parents may qualify for some tax relief.

According to a new report from the Government Accountability Office (GAO), the IRS would do a better job if it had more money.
Q. Can you transfer funds from a Roth to a grandchild within the first five years?
A new streamlined form for nonprofit organizations is stirring up controversy.
Unless you’re a novice investor, you’re probably aware of the “wash sale” rule.  But you may not know all the ins and outs.
The IRS is easing up on rules requiring disclosure of U.S. taxpayer information by banks in foreign countries under the Foreign Account Tax Compliance Act.
In essence, the IRS said that paying for goods or services in Bitcoin or some other virtual currency could result in a capital gain or loss.
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