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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Q. If my AGI for 2014 is $165,000, can I write off losses from an apartment building I own?
The Government Accountability Office is urging the IRS to move up its W-2 filing deadline for employers to Jan. 31 and to raise the threshold for mandatory electronic filing of W-2s.

If you’re paying pricey premiums for long-term care (LTC) insurance, don’t overlook the tax implications. Strategy: Add the allowable cost to other deductible medical expenses.

Q. I need to withdraw funds from my 401(k) to help pay my daughter’s last year in college. Is there a penalty?
The controversy over “tax inversion” continues to brew. This is the process of moving a corporation’s headquarters to a foreign location to avoid higher U.S. corporate tax rates.
If you take in a child under a foster care arrangement, the payments you receive from the government or other qualified agency are generally tax free. But the tax breaks don’t stop there for generous foster parents.
According to a recent report by the Treasury Inspector General for Tax Administration (TIGTA), severe budget cuts are hurting the IRS, but individual taxpayers may be the ones who are really suffering.
Q. Can you take a goodwill deduction when you buy an existing business?
Are state and local taxes taking a bigger bite out of your business revenue? A new study prepared by Ernst & Young, along with the Coun­­cil on State Taxation, reveals that businesses paid $671 billion in total state and local taxes in fiscal year 2013.

Can you deduct the cost of fancy clothing you must wear to company events? Gen­erally, the answer is “no.” Deductions for work clothes are permitted only if the following two conditions are met.

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