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 I give $1 million to my grandkids this year, will I have any estate tax exemption left next year?

The U.S. Supreme Court is hearing arguments about the constitutionality of the massive health care law. Most of the provisions in the new law won’t kick in until 2013 or 2014. Small business owners don’t have to wait. If you qualify, you can claim a special tax credit for pro­­viding health in­­surance to em­­­­ployees.
The federal government wants to give retirement plan participants more incentive to invest in annuities. In a new package of proposed regulations and rulings, the IRS and Treasury are reducing the administrative burdens for partial annuities by simplifying the benefit calculation.
The IRS is targeting “first-time homebuyer credits” erroneously claimed by taxpayers. To qualify for the version of the credit in question in the following case, you must have stopped using an old home as your principal residence for at least three years before buying the new home:
The IRS has launched a new online tool, Exempt Organizations (EO) Select Check, which makes it easier for charitable donors to research tax-exempt organizations.
What will the Social Security tax wage ceiling be next year? Using data provided by the Social Security Administration, the ceiling will rise to an estimated $114,000 for 2013.
A small business can often recover the entire cost of qualified business assets in just one year, thanks to the generous Section 179 deduction. But there a few key wrinkles to the rules:

Maybe you own a vacation home as a getaway for the family during summers and long weekends. But now that the kids are grown, you’re not using the place much anymore. Strategy: Rent out the home this summer. Although it can be a hassle, the tax benefits generally outweigh the inconvenience.

Are you planning to sell or donate a boat or car to charity? Don't be too hasty. Arrange a “bargain sale” to a qualified charitable organization. By combining a sale and donation, you get cash back from the charity, plus a write-off based on the property’s fair market value.

The IRS has ex­tended the deadline for estates of married individuals who died in 2011 to make the “portability” election for unused unified federal gift and estate tax exemptions.
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