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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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The IRS is expanding its “Fresh Start” initiative for struggling taxpayers. (IRS News Release 2012-31) The updated program provides new penalty relief to the unemployed and opens up installment agreements to more taxpayers.

According to a new report from the Treasury Inspector General for Tax Administration (TIGTA), the IRS has not been fully compliant with a federal law requiring it to eliminate and report improper government payments to taxpayers.

Q. I’ve invested substantially in gold. Does the wash sale rule apply to gold transactions?

The U.S. tax code now runs 3.8 million words. William Shakespeare only needed 900,000 words to say everything he had to say ...

In some cases, your business is legally obligated to make the premises accessible to disabled individuals. Strategy: Build the "disabled access credit” into your plans. If you qualify, you can write off half the cost. What’s more, the disabled access credit covers more than you might think.

The tax law generally limits the annual amount you can deduct for depreciation of so-called “luxury cars.” Strategy: Buy a heavy-duty sports utility vehicle (SUV) for business use in 2012. If the vehicle meets certain requirements, you can sidestep the luxury car limits.

The IRS has released its annual list of “dirty dozen” tax scams. (IRS News Release 2012-23) The list for 2012 contains few surprises. Nevertheless, taxpayers should remain vigilant. Here’s a quick rundown.

The IRS has released its annual list of “dirty dozen” tax scams. (IRS News Release 2012-23) The list for 2012 contains few surprises. Nevertheless, taxpayers should remain vigilant. Here’s a quick rundown.

Q. I’m considering a Roth 401(k) for my company. Do employees have to take RMDs?

Small business owners often clash with the IRS over the classification of workers. Usually, the employers claim certain workers are independent contractors; the IRS says they’re employees. If you’re challenged by the IRS, don’t throw up the white flag so fast.

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