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.
Q. Can I increase Coverdell contributions for my child by having my parents make separate contributions?
On April 9, 2014, the House Committee on Small Business held a hearing titled “The Biggest Tax Problems for Small Businesses.” Chairman Sam Graves, R-Mo., pointed out several issues hampering the small business community, including higher taxes, new concerns like the Medicare surtaxes, increased complexity, uncertainty for the future and the lengthy time required to resolve issues with the IRS.
Several tax breaks for charitable donations by corporations recently expired. It’s not yet clear if any of them will be extended into 2014. But at last one special tax deduction remains on the books.
The budget deficit remains daunting, but the IRS has fewer resources to close the estimated $385 billion “tax gap.” Don’t be surprised if Congress is compelled to implement the “Buffett rule” or a similar revenue-generating provision. If you’re a high-income taxpayer, take steps now to reduce your tax exposure if the Buffett rule becomes law.
Q. My father is 88 and in poor health. He has a $80,000 capital loss carryover from 2013. Can this be transferred to a relative?
Q. I filed my tax return late but I’m getting a refund. Will I be penalized?
According to a statement from IRS Commissioner John Koskinen to the Associated Press, the IRS audited less than 1% of individual tax returns in 2013, the lowest overall rate since 2005.
The U.S. government, in cooperation with foreign jurisdictions, is making it tougher for taxpayers to stash money in “offshore accounts” and similar hiding places without meeting their tax obligations.
As we head into summer, the outlook for taxes remains cloudy. Here are 10 midyear tax moves that can’t miss under the existing tax rules.
On March 18 the IRS announced that one of its staffers used a thumb drive to walk out of the office with personal information on about 20,000 IRS employees (past and present) and independent contractors.