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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According to new IRS statistics, the top 1% of all tax return filers (i.e., those with an AGI of at least $369,691) paid 37.4% of all federal income taxes in 2010, the last year for which the IRS has analyzed data.

Whoever says there are no more great tax shelters left hasn’t looked at life insurance lately. Strategy: Acquire permanent life insurance on the family’s main breadwinner. If you’re already insured, consider adding extra coverage.
You’ve probably seen the ads for “no-cost mortgages” on TV or heard them on the radio. The pitch often appeals to potential homebuyers who want to avoid closing costs. Strategy: Crunch all the numbers before you commit.
During the first week of January, the IRS released updated tax withholding tables for 2013 based on the income tax changes in the new law. New withholding tables also reflect the end of the payroll tax holiday for Social Security tax.
An eleventh-hour compromise in Congress pulled the nation back from the brink of the fiscal cliff—at least for the time being—with passage of the “American Taxpayer Relief Act." Here’s a roundup of 16 key tax-saving opportunities in the new law.

The IRS recently announced the standard mileage rates used to deduct driving costs for business, medical, moving and charitable purposes. Here's the standard mileage rate for the use of a vehicle, including cars, vans, pickups and panel trucks, beginning Jan. 1, 2013.

William Shakespeare said, “neither a borrower nor a lender be.” But sometimes it can’t be helped. Strategy: Tap into your IRA if all else fails. Admittedly, the IRS isn’t wild about the idea, but you’re in the clear as long as you meet the technical requirements under the law.

Did Hurricane Sandy or some other natural disaster damage your property last year? To add insult to injury, you may be liable for tax to the extent that insurance reimbursements or condemnation awards exceed your adjusted basis in damaged or destroyed property. Strategy: Repair the property or replace it quickly.

The IRS wants tax pros to know they can earn Continuing Professional Education (CPE) credits online through seminars filmed at the 2012 IRS Nationwide Tax Forums.

Q. Are political donations deductible? I keep getting different answers on this.

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