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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The impending “fiscal cliff” isn’t the only im­­por­­tant tax issue facing Congress. The tax breaks available for adopting a child will be drastically scaled back in 2013 unless the rules are changed.

Now that the dust has settled after President Obama’s re-election, what can we expect on the tax front for 2013? In particular, will a slew of tax increases sched­­­­uled to take effect this year be repealed, modified or allowed to stand? Here’s a bird’s-eye view of what you might see in 2013.

The IRS has announced more than two dozen inflation-based adjustments for retirement plans and other tax parameters for 2013, including the following.

Q. I’ve invested thousands of dollars in sound systems, instruments and equipment for my band. Can I use the expenses in past years to offset income in 2012?

If Congress doesn’t act, a tax break for hiring qualified vet­­erans will vanish.
Q. Can I deduct the cost of Jenny Craig food if my doctor told me to go on a diet?

Q. I gave each of my adult children $10,000 before the holidays. Can I increase these amounts without paying gift tax? C.G., New Britain, Conn.

The IRS says it will focus on these eight areas in small business audits in 2013:

With the prospect of higher taxes in 2013, plus the imposition of the new 3.8% Medicare surtax on investment income, it makes more sense than ever for well-off individuals to convert a traditional IRA to a Roth. Strategy: Set up multiple Roth IRAs based on the asset classes of the current investments in your traditional IRA.

Simply using tax preparation software won’t protect you from IRS penalties, the Tax Court rules.

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