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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The IRS recently indicated that college athletes won’t be taxed on scholarships if they are treated as employees. But it doesn’t mean that tax-free treatment is automatic for scholarship recipients.

At this point, no one knows whether Congress will raise the Section 179 deduction or revive bonus depreciation for 2014. Strategy: Make a safe harbor election under the tangible property capitalization regulations.

Q. My father passed away with about a half million each in his 401(k) and IRAs. Can we convert these to a Roth?
A new Tax Court decision may give business people more room to maneuver on home office deductions.

Suppose you converted funds in a traditional IRA to a Roth IRA last year, but now you realize that you made a mistake. Strategy: Undo the Roth conversion. The IRS allows you to “recharacterize” a Roth back into a traditional IRA as long as you meet the timing requirements.

Despite the broad reach of the “kiddie tax,” income-splitting with family members is still a good tax idea for wealthy individuals.
Travel and entertainment deductions remain a top audit target because this area is considered ripe for abuse by taxpayers.
Q. If I donate blood to a nonprofit, can I take a charitable deduction for its value?
In a recent posting, the IRS announced several improvements to its offer-in-compromise program, including revisions to Form 656 and related documents.

Suppose you and your spouse attend a fundraising dinner for your favorite charity. The dinner cost you $100 each for a total of $200. But you can’t deduct any charitable donation to the extent you receive a benefit in return. The tax law calls them “quid pro quo contributions.” Strategy: Obtain a written statement from the charity.

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