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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Q. I’m retiring soon. If I work into next year, can I deduct the maximum IRA contribution for 2014? E.H., Chicago

Under the so-called “100% penalty,” a person who is found to be responsible for withholding federal in­­come and employment taxes from employee paychecks and paying overwithheld amounts to the government can be held personally liable for any withheld amounts that are not paid over. The courts often side with the IRS on this issue, so higher-ups must stay on their toes.
You may have invested heavily in company stock through your 401(k) plan. Should the stock take off, you could be in line for an unprecedented payoff. Strategy: When you’re ready to retire, keep the payout in the form of company stock. Don’t convert it to cash or other securities.

Q. I’m self-employed and still working full time. Can I skip RMDs from my SEP? N.R., Ipswich, Mass.

The federal government postponed for one year the requirement under the Patient Protection and Affordable Care Act for businesses with 50 or more full-time employees to provide health insurance coverage to workers (the so-called employer mandate).
Initially, the IRS announced it would shutter its doors for a total of five days this summer due to the federal sequester. Then the agency found enough cash to stay open the last two scheduled furlough days.

Q. My son is in the military. Can he deduct upkeep for uniforms? J.M., Tucson, Ariz.

Do you find yourself often burning the midnight oil at the office? It takes long hours and hard work to make a business a success. At least you can salvage some tax fruits from your labor. Here are three common options.
Q. In your recent article on Section 529 plans, you mention state income tax on distributions. But don’t state taxes also affect contributions? A.C., via email
A taxpayer can claim deductions for bad debts that can’t be collected and become worthless. But the IRS often regards such deductions with a healthy dose of skepticism when transactions involve related parties, such as a purported loan from a business owner to his or her corporation. This type of arrangement proved to be the undoing of a taxpayer in a new Tax Court decision.