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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In a new report, the Government Accountability Office states that the IRS must improve its performance on correspondence audits.

If you were thinking ahead, you may have established a Section 529 plan to help pay ­col­­lege expenses of your oldest child. But now that child is out of school and you still have money left in the 529 plan account set up for the child. Strategy: Roll over any unused funds into an account for another child.

National Tax­­payer Advocate Nina Olson has released her midyear report to Congress.
Now that the IRS registration and continuing education program for tax return preparers has been shut down in court, its proposed voluntary program is under attack.
Q. My son is paying off about $22,000 in student loans. Can he deduct all the interest?

Although the real estate market nationwide hasn’t returned to the “glory days” property taxes are still going through the roof. Strategy: Appeal a property tax assessment when you have reasonable grounds.

Q. Is it really true that a portion of your capital gains may be taxed at the 0% rate?
Responding to calls for action, including an impassioned plea from National Taxpayer Advocate Nina Olson in her annual address to Congress, the IRS has crafted a new “Taxpayer Bill of Rights.”

Normally, when the assets of a business are transferred, the transfer of goodwill from the original owner to the new owner constitutes a taxable event. However, it’s often difficult to quantify the value of goodwill or even establish that goodwill has been transferred. Take a new Tax Court decision, for example.

Q. I’m getting married this year (second marriage). Can we sell her home and get the full home sale exclusion for a couple?
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