Q. A recent article about using a vehicle for business said a taxpayer will likely do better deducting actual expenses. But isn’t this misleading?
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.
Frequently, owners of C corporations are accused of receiving excessively high compensation amounts, to avoid having profits taxed at both corporate and individual levels. Conversely, S corporation owners may attempt to keep their salaries low to avoid employment taxes on wages. Strategy: Arrange “reasonable” compensation for services actually rendered.
As the owner of the business, you may feel that you deserve more retirement plan benefits than other employees. But tough nondiscrimination rules can work against you … unless you’re clued in to one of the best-kept secrets in the tax law.
The new American Taxpayer Relief Act (ATRA) encourages small business owners to “put their money where their mouth is” by extending a unique tax break. Strategy: Inject additional capital into your corporation in exchange for shares of “qualified small business stock."
According to a new report by the Treasury Inspector General for Tax Administration, the IRS needs to get tougher on certain charitable donations.
Under the American Taxpayer Relief Act (ATRA), the $125 monthly tax exclusion for employer-provided mass transit and vanpooling benefits has been hiked up to match the $240 monthly exclusion for parking fees, retroactive to Jan. 1, 2012. But ATRA didn’t explain how employers should handle this retroactive increase for the 2012 tax year. Now the IRS has issued valuable guidance to employers.