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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Are you planning to go to school to sharpen your business skills or chart a new career path? Depending on your situation, you may be able to deduct the cost of your course load. 
A key "Obamacare" provision was scheduled to take effect in 2014, but now the U.S. Department of the Treasury says penalties won’t be assessed before it issues comprehensive guidance on the new rules.

The Coverdell Education Savings Account, formerly the Education IRA, usually isn’t the absolute best way to quickly build a college fund for children. The annual contribution limits are relatively paltry when compared to the Section 529 plan alternative. Strategy: Take advantage of a little-noticed tax loophole.

The so-called passive activity loss rules limit the write-offs that certain real estate investors are able to claim. Now, the same investors could get socked by the new 3.8% Medicare surtax on their net rental income. But a real estate professional isn’t restricted by the PAL rules and their rental in­­come generally isn’t subject to the new surtax.
Q. Are the new rules for flexible spending accounts retroactive to 2013?
On Jan. 9, National Taxpayer Advocate Nina Olson delivered her annual report to Congress. Central to Olson’s theme this year was a renewed call for a comprehensive “Taxpayer Bill of Rights,” modeled after the Bill of Rights in the U.S. Constitution.
Are you at loggerheads with the IRS over a tax return from years ago? It may be weighing on your mind, but there’s a way you can put the matter to rest for good.
Do you think it was difficult to qualify for medical expense deductions in the past? It’s harder than ever due to new rules taking effect on 2013 returns.
Typically, a married couple benefits from filing a joint tax return, but not always. In some limited cases, you may do better overall by filing separate returns.
The latest “newfangled” retirement plan being pushed by the IRS is the Roth 401(k) plan. Typically, a company will add the Roth feature to an existing traditional 401(k) plan. The IRS has issued new guidance on in-plan Roth 401(k) rollovers.
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