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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Giving lifetime gifts to family members is a tried-and-true method for reducing your taxable estate. The problem? You have to give up control over the assets. Strategy: Set up a Crummey trust.

Q. My main home is a shore house that declined in value after Sandy. If I sell it, can I claim a loss?
Q. I work for a nonprofit organization. Can I deduct home office expenses?
Q. I’ve just received an offer for prepaid funeral expenses. Can I deduct the cost?
In a recent case, a retired police detective claimed that a portion of his vacation time pay had accrued under a workers’ compensation law while he was on temporary disability leave, so it should be tax free. But the Tax Court had other ideas.
Q. My son was just downsized from his job. If he rolls over his 401(k) into a Roth IRA, is it taxable?
The IRS has announced that individual taxpayers will get a few extra days to file their 2015 federal income tax returns in 2016.

Are you looking for a tax-favored investment that serves a valuable public need? Strategy: Investigate real estate that generates low-income housing credits.

Q. We pay a live-in to help my elderly mom with daily living. Can we claim her as a dependent?
Q. I elected early Social Security benefits. If I withdraw money from my IRA, will this reduce my benefits? 
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