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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A government watchdog is barking at the IRS for missing tax frauds relating to identity theft. The Treasury Inspector General for Tax Administration (TIGTA) has recommended that the IRS make the following changes in its procedures.

In a landmark case decided last year, the Tax Court allowed a tax­­payer to use a formula clause to pass assets to heirs through a family limited partnership. The case was widely applauded by the tax community. Alert: Don’t count your chickens just yet.

Q: What happens tax-wise when I trade in one business car for another? Do I have to pay the IRS any tax on the value negotiated with the dealer?

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.

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