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. I do noncompensated work for a charity. Can I deduct a portion of my car costs like gas, repairs and insurance?
For years, the IRS and taxpayers have sparred over whether certain expenses constitute “repairs” or “improvements.” At long last, the IRS has issued new temporary regulations on this subject. But these new regulations, a staggering 255 pages, are extremely complex in their own right.

The new cost basis reporting rules for mutual fund transactions took effect Jan. 1. Under the new rules, mutual fund companies will use a default method to calculate the basis of shares acquired and sold in 2012 and beyond. Strategy: Don’t assume the default method is best for you. Analyze all your options before you sell mutual fund shares.

According to new data released by the IRS, your chance of being audited increases dramatically if your annual earnings hit seven figures. Conversely, taxpayers earning less than $200,000 have less cause for concern.
The first test results are in for tax return preparers who took the new tax return preparer competency test in 2011.
Q. My son decided not to go to college. Will he pay tax if he takes cash from a Section 529 plan to buy a car?
We’re still waiting on new proposed legislation that would increase tax-free benefits of mass transit passes. The legislation would restore a monthly cap of $240 on tax-free mass transit passes provided by an employer.
If a tax return preparer files more than 10 individual tax returns in 2012, he or she must prepare the returns electronically. But tax pros can secure a “hardship waiver” when circumstances dictate.
Q. I’m self-employed with a SEP-IRA. Can I still postpone contributions for 2011 if I don’t file for an extension?
Q. When my wife left her job in September 2011, she spent more than she had in her health care FSA. Can the employer still recover the difference?
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