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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If you and your spouse run an unincorporated business together as the only two owners, the operation is generally treated as a partnership for tax purposes. In other words, you’re required to file a partnership tax return and otherwise comply with all the complicated federal income tax rules for partnerships. Strategy: Elect to treat the business as a “quali­­fied joint venture.”
The IRS has approved new “high-low” per diem rates for the federal government’s fiscal year 2016 spanning Oct. 1, 2015, through Sept. 30, 2016.
The person giving a gift, not the one receiving it, normally is liable for any gift tax. However, under Section 2801 of the tax code, gifts and bequests from covered expatriates are taxable to recipients, unless a special exception applies. Now the IRS has issued new proposed regu­­lations clarifying these rules.
Wealthy individuals can avoid dire estate tax consequences by shifting assets to a trust. But then the trust will likely be hit with sky-high income taxes during your lifetime. So think of setting up an “intentionally defective grantor trust.”
To paraphrase John F. Kennedy, it’s not what you do in your IRA, it’s what you can’t do.
I’ve been invited to join a nonprofit board; can I deduct my costs? ... Will my mandatory IRA distribution increase the tax on my Social Security benefits? ... Do we have to offer health insurance under Obamacare to employees we’re letting go?
To qualify as a professional gambler, you must show that you have a legitimate intention of turning a profit. But the IRS often takes a dim view of taxpayers who claim to be professional gamblers and the Tax Court usually sides with the IRS.
When a couple with minor children divorce or separate, one key consideration is the custody of the kids. But this raises an interesting question: Who gets custody of the kids’ dependent exemption deductions?
In a case of first impression, the 9th Circuit Court of Appeals reversed the Tax Court’s earlier ruling and concluded that the limits for mortgage interest apply on an individual (per-taxpayer) basis when homes are co-owned by unmarried individuals. As a result, an unmarried couple that owned homes together could write off the interest on a combined total of $2.2 million of mortgage debt.
Gear up for the Cadillac tax ... There's a new due date for FBARs ... It's getting tougher to qualify as an independent contractor.