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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Don’t be caught off-guard by the next installment due date for estimated taxes. Fortunately, you can avoid tax penalties if you paid the amount required under one of three safe-harbor methods.
Does your business intend to hire military veterans this year? It may qualify for the Work Opportunity Tax Credit.
According to a new case decided by the 9th Circuit Court, you can’t use a Roth IRA to hold S corporation stock: The corporation must be taxed as a regular C corp.

Q. My wife, who never worked, reached full retirement age for Social Security last month. I will reach it in November, but won’t retire for a few years. Should I wait to apply for benefits?

Although you generally can’t deduct the cost of going to and from work, you may be able to write off certain “commuting” expenses. Here are five prime examples.

The IRS is warning taxpayers about an emerging scam. Under the scheme, promoters claim they can obtain a tax refund or nonexistent stimulus payment based on the American Opportunity Tax Credit (AOTC), even if the victim went to school decades ago.

The IRS has launched 12 virtual service workstations as part of a pilot program. At each of these locations, taxpayers can receive IRS assistance via teleconferencing.
Prepare for the possible loss of several critical tax winners at the end of 2012. These include the “Bush tax breaks” that were initially passed a decade ago. Here’s a rundown of nine key tax breaks for individuals and small business owners slated for the endangered list.

Q. How can money taken out of a payroll check for Social Security benefits be a payroll tax reduction? Doesn’t this reduce the funds for my Social Security benefit plan?

It’s only been a short time since you put your 2011 tax return to bed. Now you’ve discovered that you made an error that cost you hundreds or even thousands of tax dollars. Strategy: File an amended return. Simply use Form 1040X.

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