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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According to a new IRS information letter, college athletes who are treated as employees under federal labor law won’t be taxed on scholarships.
Are you planning to renovate an older building in a historic area? Before you start tearing down the walls, cash in on a unique tax break from your Uncle Sam.

Taxpayers once were able to use losses from real estate, cattle breeding, oil and gas and equipment leasing deals to offset highly taxed income. Then the government imposed “passive activity loss” rules that turned tax shelters into a dying breed. Strategy: Invest in Passive Income Generators (PIGs).

Expect correspondence audits rates to continue their downward spiral as the IRS struggles under budget cuts.
Q. We have a big job coming up and plan to hire temps. Are they treated as employees?
Are you worried about outliving your money in retirement? Here’s another option.
Should an outside worker be treated as an independent contractor or an employee? Traditionally, the courts use these seven key factors to decide.
Q. Does the change in the law for same-sex marriages apply to Social Security benefits?

At this point, it’s anybody’s guess if the Section 179 allowance will be increased this year. Small business owners can’t count on it so they might have to take regular depreciation deductions. Strategy: Buy qualified property before Oct.  1.

In a new report, the Government Accountability Office states that the IRS must improve its performance on correspondence audits.
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